The salary for State Farm agents, who work as independent contractors, is based on commission. The higher your sales volume and the more personal and commercial lines of insurance you sell – the more money an agent will make.
The State Farm Agent salary is highly determined by the location and the region where you’re working. Apart from this, there are other small factors that also determine your income like being on different tracks, filing personal claims and commercial services, etc.
State Farm Salaries are highly competitive, and offer a complete variety of benefits to ensure that you have the best quality of life possible. Whether you’re looking for a great team environment or a more autonomous role, State Farm offers plenty of options.
A State Farm agent’s salary can vary depending on location, setting, and years of experience. A new agent can typically earn around $48,000 per year, while more experienced agents typically earn between $58,000 and $61,000. Average annual earnings for all state farm agents range from $56,642 to $78,494.
Salary For State Farm Agent Overview
State Farm Agents are often the most visible face of the company. They deal with customers’ insurance needs, including sales, service and claims. They also provide valuable advice to help customers protect their homes and families.
State Farm agents are independent contractors who generally work full-time hours, although some work part-time. The majority of agents work for one company and receive commissions on policies they sell. However, some agents work for several companies and sell policies from each one as an independent contractor.
State Farm agents must be licensed in their state before they can sell State Farm products. This is not an entry-level position and requires at least a bachelor’s degree (preferably in business) along with previous sales experience.
State Farm Overview
State Farm is a large group of insurance companies throughout the United States. State Farm participates in many online communities they want these to be places where people can share, discuss and discover great information and ideas. In keeping with the spirit of these communities they have a core set of guidelines for everyone to follow. These will make their State Farm online communities a place everyone can enjoy.The staff at State Farm come from unusually diverse demographic backgrounds. The company is 62.4% female and 41.9% ethnic minorities. Despite its diversity in other areas, State Farm employees are noticeably lacking in political diversity. It has an unusually high proportion of employees who are members of the Republican Party, at 65.0%. Employees seem to enjoy working in an otherwise diverse workplace that is dominated by members of the Republican Party. State Farm has great employee retention with staff members usually staying with the company for 4.8 years. The average employee at State Farm makes $40,411 per year. Pay at State Farm is significantly lower than some of its highest paying competitors, like USAA, MetLife, and Nationwide Mutual Insurance, which pay $62,538, $55,795, and $53,034, respectively.State Farm is an industry leader with 57,672 employees and an annual revenue of $87.6B that is headquartered in Illinois.
The Organization’s Mission To help people manage the risks of everyday life, recover from the unexpected, and realize their dreams.
The Culture At State Farm
Information provided by the company
This micro-urban community is wonderfully diverse and offers recreational parks, fine dining, festivals and other events hosted by the State Farm Center. Champaign offers low commute times and is within a reasonable commute to our Corporate Headquarters.
How Much Does State Farm Pay?
As an employee at State Farm in the USA, you can expect to earn an average salary of $40,411 per year, or $19.43 an hour. However, there’s a significant range between the top 10 percent of earners and the bottom 10 percent of earners. While the highest-paid employees at State Farm can earn over $73,000 a year, the lowest-paid employees earn less than $22,000. The department you work in can have an impact on your salary as well. For employees in the Engineering department, the average yearly salary is $98,420, and employees in the IT department earn an average yearly salary of $71,504. Geographic location can impact salary for employees at State Farm as well. Based on our data, State Farm employees in New York, NY and San Francisco, CA get paid the most. Competitors of State Farm include USAA and MetLife, where the employees earn an average of $62,538 and $55,795 respectively. State Farm is considered to be in the Agriculture industry, with an estimated yearly revenue in the > $1B range.
Highest Paying Jobs At State Farm
How Much Do State Farm Insurance Agents Make?
According to PayScale, the average State Farm Agent base salary is $34,646 a year, which is pretty reasonable when you consider that you’ll be getting commissions and benefits on top of that.
How Much Commission Do They Make?
Just like the agents from other fields, you can also receive commissions from the policies you sell as a State Farm Insurance Agent. This is where you’ll make the bulk of your income.
As a State Farm agent, you can expect a generous commission of 40 – 90% of the annual premium during the first year of any plans that you sell.
For the next 2 to 4 years, your follow-up commission on those same sales will be between 2% to 5%.
The actual commission you will receive during your term as an agent could vary based on your agreement with State Farm.
If you think your client will keep the purchased policy longer than expected, you can request a commission rate renewal.
Though you should also know that there will be a commission refund in case your client suddenly decides to cancel the policy during the first year.
Bonuses
On top of your commission, you can also receive potential bonuses with an average of $5,000 dollars annually.
Other Benefits On Top Of Salary
On top of their salary offer, State Farm also has a list of Outstanding Benefits. The said benefits serve as a reward, for the agent’s hard work and perseverance.
Training
By being a State Farm Agent, you will gain opportunities to widen your knowledge and practice your skills through the training that they will provide.
The provided training usually lasts for about 17 weeks and it includes State Farm Product training, Business Management, and Team Leadership training, and Field Development Training.
