By Everyone has their reservations when it comes to starting a business. Starting your own business and creating your own job at the same time? Even scarier. If you want to start your own business and also protect yourself, it would be a wise move to be in the life insurance business.
As a matter of fact, there are many different businesses that revolve around life insurance, such as being an advisor, broker or agent in this field or even starting your own agency.
If you’ve been a life insurance agent in Canada and want to start your own business, we’ll show you how to get started with it to create a new business venture around life insurance instead of working for one. Let’s dive in!
What is a Small Business Life Insurance Company?
A small business life insurance company is a company that offers life insurance as an investment rather than as a protection or savings vehicle. The insurance is usually term-based, which means it will expire after a certain amount of time.
Why Start a Small Business Life Insurance Company?
Life insurance is big business. In the United States alone, there are roughly $10 trillion in individual life insurance policies.
It is also a great way to protect yourself and your family in case something happens to you. Life insurance is also a great way to start your own business.
When you are an agent, broker or advisor at an existing insurance company, you will be limited to what products and services you can offer your customers.
How to Start a Small Business Life Insurance Company?
There are various kinds of policies for life insurance that you can find. But in order to start a small business life insurance company, the first thing that you have to do is to decide on what policies you wish to offer to your target market.
There are many different types of policies you can choose from, such as term life insurance, term life insurance with a cash-value option, whole life insurance, universal life insurance and more. You can also choose to offer a combination of policies.
After you have chosen the type of policies you want to offer, the next step is to get your insurance licenses. In most states, you will need a broker license and a sales agent license to start a small business life insurance company. These licenses will allow you to sell and issue policies to individuals.
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