The national average salary for insurance sales agents is somewhere between $50,000 and $60,000 per year. The exact number you can expect to earn, however, depends on where you live and your experience level.
When it comes to selling insurance products, experience and education gives you an upper hand when competing with other sales candidates. Insurance sales agents are typically paid a salary, commissions, or a mix of the two. A typical insurance sales agent salary ranges from $40,000 – $80,000. Annual income can vary depending on whether you’re employed by a single company or working as an independent contractor.
A sales agent’s salary is determined by their experience and the type of insurance they sell. A sales agent for a large corporation with many clients can earn $50,000 per year or more. Salaries for sales agents who work for smaller companies tend to be lower, with $30,000-$40,000 per year being more typical.
Insurance sales agents are paid an hourly rate, and the average hourly rate for insurance sales agents is $35.00
Salary for insurance sales agent
Insurance agents sell auto, health, home and life insurance. Commercial insurance agents also sell property damage and liability policies, employee and executive coverage and product liability. Insurance is a heavily regulated field, and agents must be licensed by their state.
Insurance agents are the men and women represented by some of TV’s most unforgettable ad campaigns. Who can forget Geico’s gecko with that adorable British accent, Allstate’s memorable “Mayhem” character or the catchy jingle “Nationwide is on your side”?
About half of insurance agents work for an independent insurance agency or brokerage, and sell the products of many insurance companies. Nearly 20 percent are self-employed. Others work for direct insurance carriers. Commissions are an important source of income for most agents, although a smaller number hold salaried positions. Agents spend considerable time developing and pursuing sales leads. Consumer policy agents do a lot of telephone and office work, while commercial agents are more likely to be out in the field with customers. Independent agents who work for a brokerage may have irregular hours, but they also have more control over their work schedules than agents who work for an insurance company or spend most of their time in an office. There tends to be a lot of turnover in this career because many new agents struggle to earn sufficient commission income and switch to other occupations.
Prospects for insurance agents are closely tied to the growth of the broader economy.The Bureau of Labor Statistics projects 7.0 percent employment growth for insurance sales agents between 2020 and 2030. In that period, an estimated 35,500 jobs should open up.
