How Do Insurance Agents Make Money?

Do insurance agents make good money?

The most recent government data regarding the average income of American insurance agents was compiled in 2012.

According to that data from the Bureau of Labor Statistics: The median annual wage for insurance agents was $48,150.

The highest paid 10% of insurance agents earned more than $116,940 annually..

Who is the highest paid insurance agent?

Gideon du PlessisMeet the world’s highest earning insurance agent. Gideon du Plessis failed in the 10th standard and never went to college. He is today the highest earning insurance agent in the world, with annual commissions amounting to Rs 7 crore (Rs 70 million) plus.

Why do insurance agents quit?

The number one secondary reason agents quit selling insurance was that they ran out of money. The second most common secondary reason agents failed selling insurance was that they ran out of prospects to sell to. The third reason was the agency wasn’t a good fit. And the fourth was personal issues.

How much do insurance agents make a month?

How Much Do Life Insurance Agent Jobs Pay per Month?Annual SalaryHourly WageTop Earners$130,000$6275th Percentile$99,500$48Average$79,730$3825th Percentile$50,000$24

What is the best insurance company to work for?

The Best Insurance Companies to Work For, As Rated by Women (2019)The Zebra. 4.5 stars. … Assurance Agency. 4.3 stars. … BlueCross BlueShield of Massachusetts. 4.1 stars. … Independent Health. 4.0 stars. … Progressive Insurance. 4.0 stars. … Allianz Global Corporate & Speciality (AGCS) 3.9 stars. … CareFirst BlueCross BlueShield. … Freeman.More items…•

How do I start selling insurance?

How to Become an Insurance AgentStep 1: Decide What Kind of Insurance You Want to Sell. … Step 2: Understand the General Requirements. … Step 3: Decide on a State and Find Out Its Requirements. … Step 4: Research Agencies. … Step 5: Pass Your State Exam and Apply at Insurance Agencies.

How much do insurance agents make per policy?

Commission Structure The average insurance carrier gives captive agents a 5-10% commission of any policy sold, while the average independent agent makes around 15% commission.

Do insurance agents make a base salary?

The salaries of insurance agents are often made up of base salary plus commissions and/or bonuses. Independent insurance agents are usually paid commission only, while captive insurance agents are usually offered a base salary and smaller commissions or bonuses.

Is insurance sales a good career?

Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. … A college degree is preferred but is not required in many insurance firms. Unlike many other finance-related positions, prior experience is also not required.

Is selling insurance hard?

So yes, it is a difficult job, but it can be tremendously lucrative if you get out daily, treat it as an opportunity not to sell but to HELP as many individuals and their families as possible, and HAVE FUN.

Is insurance agent a stressful job?

Though not listed among the 10 worst jobs in America, insurance agents ranked a dismal 155 out of 200. … Though stress for agents is relatively average (36.540), work environment suffers (62.7) and the occupation ranks below such professions as casher (with an overall score of 415) and dishwasher (458).

Is it easy to sell life insurance?

Selling life insurance is a tough way to make a living and an even more difficult way to sustain a lucrative, long-lasting career. … The difficulties facing new life insurance agents are great in number. The pay is usually straight commission.