We get it: when you’re looking into a career, one of the first things you want to know is how much money you can expect to make. After all, you want to make a good living, even if the profession is your passion. So if how much money you make is a top priority for you, and you have chosen to become an insurance agent, we have good news. Not only can you make a good living as an insurance agent, but right now insurance agents are in high demand, and the need for them continues to grow, so you’ll always have work and shouldn’t have any problems earning your commissions. But just how much do insurance agents make? Well, you can make six figures, but you need to know what factors come into play when determining how much you will earn.
How Much Can You Make?
According to the U.S. Bureau of Labor Statistics, an insurance agent makes an average of $50,600 per year as of 2018. The position’s pay can vary drastically, with the lowest 10% earning less than $27,500, and the highest 10% earning more than $125,610.
What Determines How Much You Make?
The figures above show that how much money you’ll make as an agent can vary wildly. So what factors go into determining the actual amount you’ll make? How much you earn will depend on what type of agent you are: independent agents and captive agents will often earn different salaries. In addition, the products you sell come into play: for example, do you sell just health insurance, or do you sell Medicare Supplement Plans as well?
The factors that come into play when figuring out what you might earn include:
- What type of agent you are- Captive agents work for an insurance company and have leads generated for them, but they can only sell that insurer’s plans and nothing more. Independent agents, on the other hand, have the freedom to work with whatever companies they want to, but have to find ways to generate their own leads.
- Type of insurance you sell– If you sell life and health insurance, you can expect to make a percentage of each policy’s premium, as well as a percentage of the policy renewal. In addition, if you sell Medicare products, you’ll find that those leads are the leads that keep on giving, because you get a guaranteed 7-year renewal with them.
- Location– Where you live can play a big role in how much you make. The amount an agent makes in a small town is different from the amount an agent makes in a big city filled with more people and with a higher cost of living.
How Can You Maximize Your Earnings?
If you’re an independent agent, the best way to make a good salary is to put a lot of effort into growing your business and customer base. You will have to focus your efforts on marketing yourself, and generating as many leads as possible through your marketing, customer service, and referrals. And if you are having problems finding leads, or would like to generate more ready-to-buy leads, working with Benepath will help you reach your commission goals, even if you’re hoping for six figures!
We offer exclusive leads who are ready to buy – all you have to do is tell us when you are available to work with them. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry, not to mention the best leads available. To get more information, fill out the form above, or call 866-368-0377.