Like any other industry, health insurance agents often wonder about the future of their industry and the job outlook. Economic changes such as high inflation and unforeseen circumstances such as Covid-19 can often cause huge disruption in the job marketplace. We are here to help breakdown the job outlook for the health insurance industry in 2022.
With many people now working from home or looking for other career opportunities, the health
insurance industry can be an attractive job market. Regardless of what goes on in the economy,
insurance products are most often still a need and disruption is more minimal in this industry. The
bottom line, the health insurance industry job outlook is good!
2022 Projected Growth
According to the Bureau of Labor Statistics, the insurance industry is expected to grow 10% by the end of 2022 from where it was 2012.
We can breakdown the numbers further:
Total insurance sales agent jobs are projected to grow by 10%
Total jobs for related occupations are projected to grow by 7%
The BLS notes that demand for insurance with a rising economy is expected to increase, which in turn
will increase the demand for more insurance agents. They also note the demand for independent
insurance agents is likely to grow the most. This is due to many people moving away from the
Affordable Care Act to something where they have more control over their costs. The largest concern
among insurance agents is technology. The large insurance corporations have utilized technology in a
way that can help sell insurance and minimize the roles of insurance agents. Not to worry, most people
who have been polled say this simply is not the case. When it comes to insurance products, consumers
want human interaction because the industry is challenging for them to understand.
How Much Money Can You Make?
Like anything sales related, the amount of money you can expect to earn is all relative to your work
ethic. Most people prefer to control their own destiny when it comes to their income levels. We have a
wide range of earning for our agents but we tend to set them up for more success than other agencies
through our products, training and support. It is common and very realistic for our agents to earn well
into the six-figure income range. For the industry as a whole according to the BLS:
The median annual salary for an insurance agent is around $56,000
The best-paid insurance agents earn more than $125,000 annually
The least-paid insurance agents earn less than $28,000 annually
Again, this is all relative to your work ethic and motivation. The insurance industry as a whole has
historically high turnover. This is mainly due to the commission nature of income and people seeking
other ways to gain more stability. At Catalyst Insurance Group we strive to create an environment that
sets our agents up for long-term success. Our turnover rates are very low and earning potentials
continue to rapidly grow.