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If you're considering working as an insurance agent, there are a few important facts you should be aware of regarding the industry’s job market and how it will ultimately affect you. First of all, because the United States is a very insurance-dependant society, there's little threat of the job market suffering any significant decline in the near future. In fact, over the next ten years, it's projected that career opportunities in this field will expand by 13%. If you’re thinking about going into field, it should still be a growing and expanding option if you choose to take some classes before pursuing a career as an insurance agent.
Typical Insurance Agent Salaries
| It's important to note that trying to estimate an independent insurance agent’s prospective salary is very difficult, since most agents work on a strict commission-only basis. Therefore, the amount of money you'll make is directly proportional to the sales you make in a year year. However, if you're considering whether or not to become an insurance agent and are simply looking for some generalized median averages of what people in the field are making, consider the following figures to help give you an idea of what you can potentially earn in this line of work. |
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In 2006, the average earning of insurance agents was around $45,000/year. However, many of the people whose salaries went into this figure made anywhere from $30,000/year to $70,000/year. This may seem like a pretty big variance between the high- and low-level earners, but much of that is due to the problems associated with trying to pin down an accurate salary range based on commission. Earnings in this field can fluctuate quite a bit – good salespersons' find that they can make a great part-time income working just a few days a week. Others may put all their effort into the job and come up with quite a bit more money to show for their effort.
In addition, the survey demonstrated that the lowest 10% of insurance agents earned less than $25,000/year, while the 10% earned more than $115,000 in a single year. The difficult part is discerning what reasons may lie behind these numbers in order to accurately predict where your income might lie on this spectrum if you choose to go down this career path. There are many different factors that impact your potential earnings, including where you live, what type of insurance you sell, whether you work full- or part-time and whether you work for an established company or start your own office.
Typically though, the better you understand the complicated legal jargon and contract terms, the better you'll be at explaining them to your clients. This can up your sales and make it possible for you to earn more money. In addition, you'll find that personality matters. Most people claim that they just want a personable and reliable individual to be their insurance agent, so that when they go to the insurance company, they feel as if they have an ally – not a barrier – within the company.
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