Insurance Sales Agent Median Salary and Career Opportunities

As an insurance sales agent, you can expect a median salary of around $50,000 to $70,000 per year, depending on factors like location and experience.

The Bureau of Labor Statistics reports that the median annual salary for insurance sales agents was $51,320 in May 2020.

This career path can be a great option for those who enjoy working with people and have strong communication skills.

According to the article, the top 10% of insurance sales agents earned over $110,000 per year, while the bottom 10% earned less than $25,000 per year.

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Insurance sales agents can earn a wide range of salaries, from around $31,000 to over $130,000 per year. The mean annual salary for insurance agents is $79,650, according to the Bureau of Labor Statistics.

Industry veterans with an established client network can easily earn a six-figure salary, while starting wages can be significantly lower. The median annual salary for insurance agents is $57,860.

Insurance agents can earn an hourly rate of up to $62.67, depending on their experience and location. The highest hourly rate is typically found in states with high average salaries, such as New York and California.

Here's a breakdown of the average salaries for insurance agents in different states:

These figures are based on data from the Bureau of Labor Statistics and other sources, including ZipRecruiter.

Commission structure is a major factor that impacts how much insurance agents make, with rates ranging from 40% to 100% of the first-year premium.

The rate is set by the insurance company and can vary depending on the policy type, state, and insurance company being represented.

Independent agents can earn income only through commissions, whereas captive agents may receive a base salary, commissions, and benefits.

Commission structure is a major factor in how much insurance agents make. It's like a sliding scale, where the more policies sold, the higher the earnings.

The commission rate can range from 40% to 100% of the first-year premium. That's a big chunk of change!

The type of policy also plays a role, with some policies offering higher commissions than others. For example, life insurance policies typically have higher commissions than other types of insurance.

The state where the policy is being written can also impact earnings, as each state has its own commission limits. It's like a regulatory framework that affects how much insurance agents can earn.

Whether an agent is independent or captive also affects their earnings. Independent agents can sell policies for multiple companies and earn commissions, while captive agents may receive a base salary, commissions, and benefits.

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Commission is a critical factor in determining how much an insurance agent earns. The rate can range from 40% to 100% of the first-year premium, set by the insurance company and varying by state.

Independent agents can sell policies for multiple companies and earn income only through commissions. Captive agents, on the other hand, can be paid a base salary, commissions, and benefits, but their commission percentage is typically lower.

The size of commissions after the first year depends on the policy type, state, and insurance company. Independent agents aggressively seek clients and go the extra mile to meet their needs, as they live on commissions from sales alone.

Some insurance companies pay between 5 to 10 percent on the policy sold, while others may pay more or less. Captive agents may not help clients if their insurance company doesn't have the exact product they're looking for.

As you gain experience in the industry, you can earn more. For instance, entry-level agents in State Farm earn $13.22 per hour, while those in the 75th percentile make $16.83 hourly.

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If you're an insurance sales agent, your salary can vary greatly depending on where you live.

New York City is one of the highest-paying locations for insurance agents, with an average annual salary of $58,872.

Insurance agents in Sunnyvale, California, earn an average of $64,761 per year.

In contrast, insurance agents in Michigan earn the lowest average annual salary of $56,989.

The top 5 highest-paying cities for insurance agents are Sunnyvale, California, Santa Rosa, California, Cambridge, Massachusetts, New York City, and Fairfield, California.

Here are the top 5 highest-paying cities for insurance agents:

Additionally, the top 5 highest-paying states for life insurance agents are New York, Vermont, Maine, Pennsylvania, and D.C.

Here are the top 5 highest-paying states for life insurance agents:

Keep in mind that these figures are based on data from February 2024 and may have changed since then.

Insurance sales agents can earn varying salaries depending on the industry they work in. In fact, the average salary for an insurance sales agent can range from $41,957 in the Professional industry to $46,564 in the Finance industry.

The industry with the highest average salary for insurance sales agents is Finance, with an average salary of $46,564. This is followed closely by the Insurance industry, which has an average salary of $44,659.

Here's a breakdown of the average salaries for insurance sales agents by industry:

The average salary for an insurance sales agent varies significantly across different industries.

In the finance industry, the average salary is $46,564 per year, which works out to an hourly rate of $22.39.

Insurance industry employees earn an average of $44,659 per year, with an hourly rate of $21.47.

Retail industry insurance sales agents have a slightly lower average salary of $44,371 per year, with an hourly rate of $21.33.

Agriculture industry employees earn an average of $44,217 per year, with an hourly rate of $21.26.

Professional industry employees have the lowest average salary on this list, at $41,957 per year, with an hourly rate of $20.17.

Here's a breakdown of the top 5 industries for insurance sales agents by average salary:

The Automobile Club of Southern California pays its insurance sales agents a whopping $100,000 a year in both Slidell, LA and Ridgeland, MS.

Kemper Corp also offers a competitive salary, with life insurance sales agents making $27,131 in several locations including Sikeston, MO, Jackson, TN, Ontario, CA, and Little Rock, AR.

A few companies stand out for their high salaries, including the Automobile Club of Southern California and Kemper Corp.

Here are some of the top-paying companies for insurance sales agents:

Note: These salaries are based on data from February 2024 and may have changed since then.

The median salary for insurance sales agents has been on the rise over the past decade, increasing by $4,495 annually.

According to recent data, insurance sales agents earn a mean annual salary of $79,650 or an hourly rate of $37, according to the Bureau of Labor Statistics (BLS).

Industry veterans with an established client network can easily earn a six-figure salary, while starting wages can be significantly lower.

The average insurance sales agent salary has risen by 4% over the last decade, from $45,092 in 2014 to $49,587 in 2024.

Here's a breakdown of the percentile wage estimates for insurance agents based on BLS' most recent Occupational Employment and Wage Statistics (OEWS):

Insurance sales agents' salaries vary by state, with the highest average salary found in New York at $100,025 per year.