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Insurance Agent Salary
- 1. Insurance Agent Salary Excel In Your Insurance Career
- 2. How Do Insurance Agents Make Money? An insurance agent usually makes money via commissions. The commission amount depends on the type and quantity of insurance sold. There are four specific models of earning for an insurance agent: • Salary-only model • Salary and commission model • Commission only model • Salary-plus-bonus model Fact: As per Insure.com a captive agent receives 5% to 10% commission in the first year’s premium, whereas an independent agent’s rates average around 15%.
- 3. How Much Does An Insurance Agent Make Annually? • The median annual wage for insurance sales agents was $52,180 as of May 2020. - Bureau of Labor Statistics • A talented insurance agent can earn more than $100,000 in their first year. • The lowest 10% of earners in the industry made less than $29,000. • The highest 10% earned more than $127,840.
- 4. What Determines an Insurance Agent’s Salary? Several factors are essential in determining an insurance agent’s income. Such as: • Type of Insurance Agent • Type of Insurance Policy • Location • Commission structure
- 5. Necessary Qualifications For An Insurance Agent • High school diploma • State-issued insurance license • Product sales experience • Business management skills • Good communication skills • Patience and a positive attitude Note: Some employers can also seek a bachelor's degree Fact: The total estimated cost of becoming an insurance agent is $625. - AGA
- 6. If you have good work ethic, willingness to learn, and actively put yourself out there, you could be earning more than sufficiently as an insurance agent. Feel free to reach out to us with any insurance career questions.