FAQ: Top Questions About Being a Farm Bureau Insurance Agent
August 10, 2020
If you’re reading this article, it’s likely you’ve been considering finding a new professional opportunity. As you decide whether insurance is the right move, you probably have some questions that you need answered before you make the switch to becoming an insurance agent.
At Farm Bureau, we get many questions from people wondering how to be an insurance agent and specifically, the steps needed to become an insurance agent. We’ve compiled a list of our most frequently asked questions to help you as you decide to embark on a new professional path!
Frequently Asked Questions About Being a Farm Bureau Insurance Agent
1. Does Farm Bureau provide training for new agents?
Absolutely. Farm Bureau has an award-winning training program because we understand that jumping into a new business opportunity can be daunting. All potential new agents or people considering joining the insurance industry go through our Developing Agent Program. With this program, you can begin gaining the skills you need to build an insurance business without leaving your current job.
During this three-month period when you’re getting started at Farm Bureau, you will begin building relationships with potential clients and selling auto, home and life insurance by arranging sales appointments around your current schedule. This training program helps you understand what it takes to be a Farm Bureau agent first-hand and gives you the comfort of testing out this new path before you quit your current job. Once you graduate from the Developing Agent Program, you are ready to become a contracted insurance agent.
2. Do I need to have insurance licenses to join Farm Bureau? Does Farm Bureau provide insurance licenses?
Yes. In order to sell insurance for Farm Bureau Financial Services, a person must be licensed. Getting your state licensing upon completion of the Developing Agent Program is a required step to becoming an insurance agent. You will be responsible for covering your own licensing fees.
3. Will I be on my own as a Farm Bureau insurance agent? Who else will I be working with?
At Farm Bureau, you’re never alone. You’ll have access to a full support team that wants to see you succeed. Each department is set up to make the process of managing your insurance business as seamless as possible while providing your clients with helpful services.
When you start out as a new full-time insurance agent, you’ll work with an Agency Manager to provide you with additional guidance. Your Agency Manager can teach you everything you need to know about how to become a successful insurance agent and will be the person you turn to if you have any questions. Think of your Agency Manager as your built-in professional mentor who will share industry trends and tips, provide advice on how to grow your business and more.
Just in Time Team
If you’re feeling stuck and can’t find the best insurance plan for a client, the Just in Time team will have the solution you’re looking for. Their goal is to shorten the learning curve of our new agents. These individuals are very experienced in the insurance industry, and they focus in knowing the ins-and-outs of the different coverages we offer. When you give the Just in Time sales support team a call, they can quickly talk through a situation and give you advice on how to proceed with the client.
Once you’ve hit the ground running, you’ll start setting up meetings with a sales coach near you. Based on the skills you already have and the areas where you could use improvement, they’ll set up a customizable plan to help you build your business and become a better salesperson. A Marketing Coach helps agents with:
- Creating a website and agent social media profiles
- Providing branded marketing materials and recommendations
- Training on our Customer Relations Management (CRM) system
- Best practices to connect with customers
- and much more!
Wealth Management Advisors
Farm Bureau offers a unique opportunity to grow your business by working with local Farm Bureau Wealth Management Advisors. By taking advantage of this extension of our team, you can provide your existing client base with wealth management services in addition to insurance coverage, offering . This makes the process of finding quality financial advice much simpler for our customers, and it builds their trust in you for helping them find a solution to their future financial needs.
Ag Marketing Underwriters
Farm Bureau’s history is rooted in the agriculture sector, but we understand that not all insurance agents are very familiar with this industry. We have a team of ag marketing underwriters that accompany local agents when they have sales meetings with their farm/ranch clientele, whether that be out on the farm or in the office. It is their focus to know what our agriculture clients’ needs are and how we can help cover their assets. Your marketing underwriter will be there to help in any unique ag situation.
Regional Financial Consultants
As a Farm Bureau agent you'll have the opportunity to partner with a Regional Financial Consultant for client/members with more complex financial planning needs. Together you and a Regional Financial Consultant will go to appointments and discuss advanced insurance and financial situations to help develop a customized strategy for your client/members' individual needs.
4. What kind of ongoing training and support does Farm Bureau offer?
To stay on top of industry trends, changing technology and remain competitive, we offer continuing training and education to our insurance agents. This can include:
- Online learning
- Classroom training
5. Do Farm Bureau agents make commission?
A Farm Bureau agent’s earning potential is unlimited. Agents earn a residual income as well as commission from sales of different products, such as life insurance, annuities and other Farm Bureau products. Simply put, the harder you work to sell more products, the more you’ll earn. In fact, our agents in the top 50% earned an average of $323,119 in the 2019 tax year.¹
6. What types of products do Farm Bureau agents sell?
Farm Bureau offers a wide variety of insurance products to our clients/members. Insurance products include:
We also have different investment products our Wealth Management Advisors can recommend to our clients:
- Mutual funds
- College funding
- Retirement funding
- Estate strategies
With so many products to offer clients, there are many benefits to becoming an insurance agent at Farm Bureau. Not only are you able to offer your clients the comfort of knowing they are protected in a variety of ways, but you’re also able to increase your earning potential.
7. Are there additional incentives besides commission for sales?
Each year, we offer agents multiple opportunities to qualify for monetary bonuses and incentive travel as a way to thank you for your hard work. Agents who have earned the travel incentive can journey to beautiful destinations like Spain, Italy, Europe, Australia, Mexico and more.
For example, in 2018, agents who have earned Super All American and All American status will have the opportunity to travel to London to spend several days exploring the city and some of its most historic sites.
8. What kind of financing is offered to new agents?
It’s not easy joining a new industry, and we want our agents to succeed. Because of this, we offer additional compensation during an agent’s early years with Farm Bureau.
9. Where are Farm Bureau agents located?
Our products and services are built for people in all stages of life, in both rural and metro communities. Today, we do business in 8 Midwestern and Western states, Specifically:
- New Mexico
- South Dakota
10. How does being a Farm Bureau agent compare to other insurance companies?
Farm Bureau was founded over 80 years ago to serve the needs of farmers and Farm Bureau members. As times have changed, we’ve expanded our coverage to protect people from all walks of life. Furthermore, our agents are actively involved in their communities. Because of this, they understand that their clients are more than just policies. They’re friends and neighbors with families who need protection, and that’s what drives us.
Join the Farm Bureau Team Today
Don’t be afraid to take the leap towards a new and exciting opportunity with a team that will support you along every step of the way. At Farm Bureau, you could have unlimited potential. Find your new opportunity with Farm Bureau Financial Services today.
1Based on active agents of the 2019 tax year. Figure includes anything taxable; bonuses, trips, etc. along with commissions.