So much has changed over the course of the past few months in our country and worldwide. One of the things that remains is the value of life insurance and the invaluable importance of having a diverse group of knowledgeable professionals in the industry.
Wes Thompson, President and CEO at M Financial Group, reminds us that now is still a great time to be in insurance, not just despite, but also because of, the effects of the current state of the world.
“What we’re seeing is a byproduct of COVID-19 – and that’s been the renewal of extensively valuable financial tools like life insurance. One of the values of life insurance is the ability to provide economic stability in unexpected environments, and that’s been elevated in today’s society,” Wes said.
While traditionally life insurance has been viewed as something that isn’t much of a concern until later in life, younger people are investing in policies sooner, offering financial professionals a wider range of clientele.
According to Wes, “There’s been an increased interest in life insurance in younger individuals under the age of 44, when traditionally it’s 50 to 60 plus. Business continues to be financially strong despite challenges of other industries, and that contributes to the value of being in this business.”
Shifting Your Mindset Toward a Career Change
In the climate of today’s society, more and more individuals are seeking careers that provide them with the opportunity to build a path to financial stability with as much flexibility as possible.
“There are a couple of ways to think about it – Magnet is really about helping people build a path to entrepreneurship. If you’re entrepreneurially inclined, want to build a business, and desire long-term independence, it’s a great time to move to this industry while reducing traditional risk,” Wes continued.
“Starting a business usually comes with enormous risk because there usually is no clear path. The factors to success are usually so daunting that an individual can’t take it on, and if they do, there is a higher failure rate. Magnet provides people with an entrepreneurial adventure that comes with a clear view of what must go right in order to be successful.”
The Magnet Program was designed to lead individuals from different backgrounds, such as banking, pharma, law, and education, on a successful path to becoming a financial professional.
“As long as they have the desire to build business, we have the structure and funding,” he added.
When it comes to being successful in this industry, Wes says it’s more about you and less about your experience.
Reframing Public Perception
Holistically, people have many different ideas when it comes to the industry. At a macro level, Wes believes a distorted perception of insurance is one of the biggest risks that current and up-and-coming financial professionals must work to mitigate. The perception of the industry is that it’s old school, for older people, and that it’s antiquated.
“This is an industry that has a wide range of uses and benefits,” Wes continued. “It establishes continuity plans for small businesses, it provides opportunity to fill gaps in retirement savings, and overall it’s a very broad and modern solution to a very broad set of needs people have. It’s about overcoming perception – and when people actually come in to build a career, they find it’s an exciting and interesting place to be.”
You may be asking yourself what can be done to help reshape these beliefs and ideals. Wes has an answer.
“We can do a better job of demonstrating the wide range of solutions that are offered by our business and the emergence of tech, fitness, health, and its implications for its needs and uses of insurance. People have to think in a more modern way.
“So much can be done in terms of financial empowerment, particularly in communities of color. We have a majority of people who have utilized life insurance that have really leveraged the capabilities to create and sustain wealth in the next generation and in a way that communities of color haven’t figured out yet,” Wes said. “Life insurance can and should be used in the creation of wealth for the next generation. That generation can take proceeds to start a business, attend Ivy League schools, and do many other things, but in communities of color we look at it as something to be able to bury someone. Life insurance can sustain wealth and create legacy; that has been a core strategy in other communities.”
Millennials continue to find ways to change and shape what modern philanthropy looks like. According to The Street, 76.2 million millennials live in the U.S. and 84% of them contribute to charities. So, for philanthropic millennials, a career in insurance could be one that they find great purpose in.
“A lot of young people think about their role in society. The basic value of life insurance is about giving. There’s a selflessness to it – you don’t benefit because you personally have something to gain; your business partners, family, and charities benefit most. Many university endowments are funded through life insurance,” Wes continued. “For candidates of color, it’s a great way to help that type of advocacy around giving back and creating legacy. You can balance giving, earning, and building your own business. It’s a great environment for young people who value the importance of being in a role where you can give back.”
The Magnet Difference
If giving back and creating legacy are important to you, the advantages the insurance industry offers likely resonate with you. Whatever your individual purpose is, insurance can help bring meaning to that. This industry offers a clear path to independence and an opportunity to expand financial literacy, especially in undeserved communities. A career through Magnet isn’t one that limits you to cookie cutter solutions.
“You can balance giving, earning, and building your own business. It’s a great environment for young people who have the desire to be in a role where they can give back,” Wes concluded.
Learn more about the Magnet Program for financial professionals.