Popular Careers in the Insurance Industry: What You Can Do with Your License
- Life Insurance Agent: One of the Most Popular Insurance Careers.
- Health Insurance Agent: Helping Clients Get Healthcare.
- Property and Casualty Insurance Agent: A Great Entry-Level Choice.
- Claims Adjuster: An Investigative Insurance Career.
- 1 How much does a life insurance agent make a year?
- 2 What can you sell with a life insurance license?
- 3 What is the highest paying job in insurance?
- 4 How much do life insurance reps make?
- 5 Why do insurance agents quit?
- 6 Do you need a degree to sell life insurance?
- 7 Do life insurance agents make good money?
- 8 What type of insurance agent makes the most money?
- 9 How hard is the life insurance exam?
- 10 What is the easiest job in insurance?
- 11 Is insurance a good career path?
- 12 What degree is best for insurance?
- 13 Why is selling life insurance so hard?
- 14 Can you make a lot of money selling insurance?
- 15 How do I become an independent life insurance agent?
How much does a life insurance agent make a year?
According to that data from the Bureau of Labor Statistics: The median annual wage for insurance agents was $48,150. The highest paid 10% of insurance agents earned more than $116,940 annually. The lowest paid 10% of insurance agents earned less than $26,120 annually.
What can you sell with a life insurance license?
A life insurance license permits you to sell annuities, term, and cash value (commonly called whole or universal) life insurance.
What is the highest paying job in insurance?
5 Highest Paid Insurance Careers
- 1.) Actuary — $161,759.
- 2.) Insurance Claims Adjusters — $114,976.
- 3.) Insurance Underwriter — $108,957.
- 4.) Risk Analyst — $104,421.
- 5.) Financial Analyst — $103,204.
How much do life insurance reps make?
But many reps offer products that are more complex and often pay significantly higher commissions. That doesn’t mean most life insurance reps make massive incomes. According to the Bureau of Labor Statistics, the 2020 median salary for insurance agents was a modest $52,180.
Why do insurance agents quit?
The number one secondary reason agents quit selling insurance was that they ran out of money. The second most common secondary reason agents failed selling insurance was that they ran out of prospects to sell to. The third reason was the agency wasn’t a good fit. And the fourth was personal issues.
Do you need a degree to sell life insurance?
You don’t need a college degree to become an insurance agent; some agents just have a high school diploma. However, completing a bachelor’s degree in a business-related field can prepare you for your career in insurance. “They might consider hiring a high school graduate who has proven sales ability.”
Do life insurance agents make good money?
Life insurance agents can make good money, because their salary is often largely based on commission, even when an employer pays them a base salary. If you are an independent insurance agent, commission rates become even more important because you will only be paid based on commission.
What type of insurance agent makes the most money?
Overview of the Insurance Field While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
How hard is the life insurance exam?
Though it may seem somewhat overwhelming at first, preparing for and taking the state health and life insurance exam is NOT that difficult. In fact, most agents who take the exam admit that it was easier than they imagined.
What is the easiest job in insurance?
Getting Into the Insurance Industry is Easy with These 5 Careers
- Customer Service Representative.
- Marketing Assistant.
- Risk Analyst.
- Claims Representative.
- Junior Underwriter.
Is insurance a good career path?
Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. A college degree is preferred but is not required in many insurance firms. Unlike many other finance-related positions, prior experience is also not required.
What degree is best for insurance?
With a bachelor’s degree in economics, finance, computer science, marketing, or communications, you will gain proper skills that will help you succeed in a career at an insurance company.
Why is selling life insurance so hard?
Difficulty #1: Commission-Based Pay The majority of life insurance companies classify their agents as independent contractors. They offer neither base salaries nor benefits. This means an agent can work a full week, but if the agent puts no sales on the books, they go without a paycheck.
Can you make a lot of money selling insurance?
There’s no limit to how much you can make selling insurance provided you have the passion and commitment to put in the extra work. However, insurance sale is a lucrative business that can earn you substantial profit margins once everything is up and running.
How do I become an independent life insurance agent?
Below are the exact steps you need to follow to become an independent insurance agent and succeed in the financial services industry.
- Choose a career path and focus.
- Complete your licensing requirements.
- Get errors and omissions (E&O) Insurance.
- Get Contracted.
- Create a business plan.
- Stay Compliant.