How Much do Insurance Agents Make?

Well, that's a tough question, and of course, you want to know how much you will make as an insurance agent, or you wouldn't be here.  Becoming an insurance agent is not only a monetary investment but one into your time as well. However, it can be well worth it as being an insurance agent has quite a few benefits in addition to your salary.

Benefits of Being an Insurance Agent

If you are considering taking the plunge to becoming a licensed P&C agent, the good news is you are starting a career that offers many rewards. However, it's important to remember you are choosing a career that enables you to rebuild people’s lives and it's a role that shouldn't be taken lightly. If you feel that you have it what it takes to help others, here are a few of the benefits of being an insurance agent:

  • Building relationships with customers.

  • Using various programs/systems to track and manage sales.

  • Set sales presentations in the office or meet your client where they’d like (field).

  • Above average pay.

  • Markets are similar so that you can take your experience anywhere.

  • You learn in-demand skills like lead generation, sales development, marketing, and closing.

  • There are several career paths you can choose, including owning your own agency or moving into a corporate position like market or segment management.

Insurance Agent Salaries

While you can earn more than other industries, the role you take on will influence your earnings the most.  Some positions will offer you a base pay + commission, and some compensation plans may offer a higher annual salary. It will just depend on what you are doing.  As an insurance agent, your salary may rise significantly if you assume a higher-end position such as an Insurance Broker. On average, an insurance broker brings home $58K per year.

Other career paths you could choose as a licensed insurance agent:

  • Senior Underwriter-average $78k annually

  • Insurance Underwriter-average $55k annually

  • Senior Account Manager - average $72k annually

  • Account manager- average $55k annually

  • Account executive-average $51k annually

And these are just a few of the opportunities you will have as a licensed insurance agent. It’s not suited for everyone, or for the faint of heart, but then again, the harder you work, the more your reward. Every career has its downsides and being an insurance agent isn't any different.  A couple of things to consider include; if you decide to work for a captive, you might not have total control when it comes to marketing yourself. Some carriers monitor which companies you work with and decide whether you can do business with them. On the flip side being an independent agent, you must start your agency from the ground up, and it could take a while to build your book of business.

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