Most of Gen Y are now in the middle of their working lives. Many have families and instalments to pay, and are starting to ask whether their salaried job is really the right road. Being an insurance agent often comes up at this moment. Here is a straightforward look at who it suits.
Where it answers a Gen Y life
- Flexible time. You set your own schedule, which suits people with young children or parents to care for — a real issue at this age.
- Income based on results. Not capped by a salary band and an annual review cycle: do more and you genuinely earn more.
- Low start-up cost. Compared with opening a business of your own, this requires little capital — mainly effort and time.
- Existing skills carry over. Years of work experience, a network of former colleagues, and an understanding of what people your own age are going through are valuable capital in advisory work.
What to think hard about before leaving a salaried job
Early income is uncertain, while Gen Y's obligations are usually very certain: the mortgage, school fees, the family's own insurance premiums. Jumping in full-time without a reserve is therefore risky. The benefits you had from the company — group insurance, a provident fund — must also be replaced entirely by your own planning.
Ways to start
Many people study the field and sit the licence exam while still in a salaried job, to test whether they genuinely enjoy advisory work, and only then decide when to make the transition. Any outside work should of course follow the rules of the organisation you belong to and the conditions of the licence. The prudent approach is to have a reserve covering several months to a year for the transition.
A three-question self-check
- Am I comfortable with income that rises and falls with results for the first year or two?
- Do I genuinely enjoy listening to people's problems and helping find a way through — or do I just want to escape my current job?
- How well does my family understand and support this change?
Answer those three with confidence and this becomes a serious option.
In short
For Gen Y, becoming an agent means trading the certainty of a salary for an open ceiling and time that belongs to you. There is no right or wrong answer, only each person's readiness. If you want a realistic picture, arrange to talk with an agent doing the work — ask about both the good parts and the hard parts — and then decide.