Insurance Agent Salary Statistics
Are you looking to become an insurance agent? This job can pay well but in the beginning of your career you can expect to struggle until you can make sales and prove yourself to the insurance company. In the coming years the profession is expected to grow by 22 percent which is faster than the average for other occupations.
The Economy
The demand for insurance agents grows with the economy so economic growth fuels demand for insurance policies. The online sale sof insurance policies isn’t expected to reduce the need for insurance agents anytime soon as people still like to speak with someone with knowledge about insurance. Insurance companies are always in need of new agents so the salary for this type of job is going to remain high and above the average salary seen in the workforce by a wide margin.
Independent agents will see the most growth as companies are looking to cut costs in this economic climate currently. People will search online for insurance companies but still have a need to speak with agents so there’s a demand for new agents with most insurance providers.
Growth Areas
In addition to independent agents the growth areas will be in the long-term care and health care insurance sectors as the “baby boomer” generations age. This area will see explosive growth as there are plenty of new clients in need of insurance policies. These people need advice from agents so these jobs will be in demand. The federal regulation of health care will bring more clients into the market for health insurance coverage. There is also major growht in the retirement planning field and many agents are getting additional training and certification in order to help people save for retirement.
Jobs
If you have sales ability or good customer service skills this is the type of job that you want. Candidates also need to have the right personality for this type of job as this can be critical to getting hired. If you can speak multiple languages this is even more of a benefit to you. Agents will also need to understand how insurance works and be up-to-date on all the terms to be hired.
Salary
In 2010 the median salary was $46,770. The top 10 percent earned $115,340 or higher while the lowest percent earned $25,940 or less. Wages are usually paid in the following ways salary plus commission, salary only, or salary plus bonus. Independent agents are paid by commission. Commissions are usually the most common form of payment and this depends on the type of insurance bough by the client. When the agent meets their sales goals for the company a bonus is usually given. The job is usually full time with 40 hour weeks and sometimes work is done on weekends to meet the needs of clients. Here are some statistics for salaries in various US cities. Just remember that the wages made can vary greatly depending upon the company worked for and the experience of the agent.
Sample Insurance Agent Statistics
• Bloomington, IL Average Salary: $114,320
• St. Joseph, MO Average Salary: $107,200
• El Centro, CA Average Salary: $103,870
• Glens Falls, NY Average Salary: $98,430
• Santa Rosa, CA Average Salary: $97,710