How much does an insurance agent make? While the insurance field may be a field that you got into out of a desire to help others, as you enter the field, it's important to set your expectations for earnings. How much can you expect to make, and what factors influence an insurance agent's earnings?
Median Wages of Insurance Agents
While there are no annual statistics of insurance agents' earnings, America's Professor states that the median earnings of an insurance agent are approximately 80 percent more than the median American worker's $26,695 per year salary. Of course, this is the median amount, and insurance agents can certainly make much more or less than $48,000 a year. Some make over $100,000 a year.
Influences on Insurance Agent Pay Rates
How can you edge yourself up beyond the usual pay rates for insurance agents?
The insurance field is one in which you can grow into your job very quickly. You can expedite this process by developing your sales skills. A strong connection with clients allows you to bring in more and more clients, and this, in turn, improves your insurance income. Consistently work on the development of your sales skills, focusing on weaker areas so that you can improve your sales strategies over the course of your career.
Don't just take the first job that's offered. Do research on the agency first. Examine the complaint history of any company that you're considering as a possible workplace. If it has a lot of complaints from clients, it may not be a place where you want to work, and you probably won't be able to build on successful sales year after year.
Work in a company that is strong and growing – one that offers you opportunities to grow in your education and skill development. The wrong company will burn you out. The right one will help you excel. When you're going after a new job, show how much effort you'll put in as an agent. According to Investopedia, "many insurance company recruiters won't even interview a potential agent who doesn't first make a follow-up call, because this is a strong indicator of a potential agent's tenacity."
Stick to your work. It can take several years to develop your client base, but if you work hard and commit to your clients, they can commit to you in the long term as well. Don't give up in year one, because you won't see all of the benefits of your work until much later.
Prospects for the Insurance Field
As a field, insurance is growing. As people age, areas such as insurance grow, as people need more insurance such as medical insurance. Also, regulations related to medical insurance such as the Affordable Care Act have brought insurance to the forefront in the minds of many consumers. The insurance field is one with a lot of job prospects, and it's also one in which you can expect to get paid more than average.
Are you ready to advance your insurance career? At American Agents Alliance, we offer an annual Alliance Convention to help you deepen your understanding of a variety of insurance issues. Contact us today and see how joining an insurance agent association can advance your insurance career and insurance knowledge.