My Dad has long had dreams of one of his children taking over his insurance business when he wants to stop working. Only thing was neither my brother nor I felt insurance was our calling. Yet Dad kept hoping one of us would change our mind. A month ago I changed my mind.
My jewelry business had a bad holiday season in 2014 and it became clear in 2015 that it was going to happen again. The last couple years I have made changes to how the business runs and I knew if I didn’t do one more thing, I would risk a third bad holiday season. So I chose to temporarily stop paying myself and only pay my one employee. This decision left me to consider where I could earn my income until my business improves.
Why I chose insurance:
Reason one:My Dad would still let me run the jewelry business. He would just expect I split my time between insurance and selling jewelry. The second reason: I want to keep my financial stability intact. I know what it is like to not have it and I have no wish to repeat it.
For the time being it will be easy to handle both jobs but later I will have to make adjustments. Like hiring someone else to fill in for me in the afternoon while I go work on insurance. Or I could decide to temporarily split my time between the two until a new hire is trained then I leave to work insurance full-time.
But before I can even consider either of these or other possibilities, I had to study and learn the material. This included insurance basics, policy types, group insurance, annuities, Indiana insurance laws and more. I studied between 28 and 30 hours a week till I was ready to try the licensing exam. (An applicant can’t apply for a license without first passing the test. It requires a 67% passing rate or higher to do so. The life and health test has 160 questions.)
I took the exam for the first time in early December and I got more than half the test right but not enough to pass. So I went back to studying and two weeks later tried again. I did better than the first time but once again didn’t pass the test.
Both times I was very encouraged by the fact that I got so much right but it was also frustrating to be within reach of passing and not getting there.
On December 30th, I tried again and this time I passed. I got 110 questions right and 50 wrong. My passing percentage was 69%. I think bearing down in my studying helped and the added benefit of getting the key to a locker a woman used while she took her own test gave me luck; she passed by the way.
Within twenty-four hours after submitting my application for a license I received approval. There will be a few more steps to go before I can begin looking for prospects to sell insurance to and I am in no hurry. It will be at least another month.
I hope this is my last career adventure unless of course my writing career takes off then I would quickly change my mind.