Pros
You definitely learn the basics of running a business and driving income, as well as customer service techniques and sales. If you are good a selling insurance to customers that usually don't want it, and can do so at a very high level then you will be successful and have a great chance at promotions within a reasonable amount of time.
Cons
The pay is awful for amount of work. The company justifies this by saying that if you put in your time in the beginning the pay structure for management will be so great that you will easily earn back all the money in the long run. Unfortunately, due to very stiff competition and lack of movement due to the recent economy promotions are not easy to come by as of late. Also, promotions are mostly based on insurance sales, and that does not usually result in a qualified manager that is successful in running a business.