Community Magazine January 2016

44 COMMUNITY MAGAZINE New York Life Presents... For additional information on the topics discussed, please contact David Hoory CLF LUCTF, the Managing Partner of New York Life Insurance Company located at the Riverview General Office in Brooklyn. Tel. 718 486 4601 / email: dhoory@ft.newyorklife.com CONSIDER A “RECESSION-PROOF” CAREER W h ile stability can be a hard thing to promise in an age of volatile markets, life insurance sales remains one of the few careers relatively unaffected by the economic turmoil of the last fewyears. One reasonmay be that the financial crisis increased people’s awareness of the need to make well-thought-out decisions with their money — resulting in an increased demand for highly-trained life insurance agents. Consider this: As the first wave of the nation’s 77 million baby boomers reaches retirement, many of them will be facing a new set of risks and investment decisions. People are living longer, traditional pensions are disappearing, and savings rates could be better. Many Americans are doing far too little to prepare financially for retirement, without knowing if their savings are going to last. According to a recent study conducted by The Futures Company, only 22% of Americans have enough life insurance coverage to meet their needs.* That means more than 75% of Americans need more life insurance - that’s a large target market with ever-increasing needs. These findings, coupled with the reality of an aging population, have created unprecedented opportunities for life insurance companies, and significant earnings potential for those looking to build careers as life insurance agents. While nothing is completely recession proof, this is one career that may offer real security and increased opportunity for growth - just by nature of demographic trends. Plus it also provides a real chance to make a difference in people’s lives. If you’re interested you should contact an industry recruiter today to find out just how rewarding a career in life insurance sales can be — in any market environment. *New York Life's Life Insurance Gap - Survey Methodology: The 2013 survey was conducted by The Futures Company, an independent third party research company. A total of 1,004 (unweighted) nationally representative online surveys were conducted. Participants had to be at least 25 years of age, married or with financial dependents and/ or have sole or shared household financial decision making power, and had to have annual household income of at least $50,000. "Many Americans are doing far too little to prepare financially for retirement, without knowing if their savings are going to last." The Great Recession forced many companies, especially those in the financial services sector, to downsize. Even though the unemployment numbers are showing signs of improvement, overall job security remains a big concern for those seeking employment.