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yearsA lot of people have their first contact with an insurance company through an insurance policy sales agent. These workers help individuals, families, and businesses choose insurance coverage policies that provide the very best protection for his or her lives, health, and property.
Insurance coverage sales agents, commonly referred to as "producers" within the insurance industry, sell one or more types of insurance coverage, such as property and casualty, life, health, disability, and long-term care. Property and casualty insurance agents offer policies that safeguard individuals and companies from financial losses resulting from car accidents, fire, theft, storms, along with other events that can damage property. For businesses, property and casualty insurance can also cover injured workers' compensation, product liability claims, or health-related malpractice claims.
Life insurance agents specialise in offering policies that pay beneficiaries whenever a insurance policy holder passes away. Based on the policyholder's circumstances, a cash-value policy can be designed to supply retirement income, money for the education of kids, and other benefits, also. Life insurance agents also sell annuities which promise a retirement income. Health insurance coverage representatives sell health insurance coverage policies that cover the costs of health-related care and loss of income as a result of illness or injuries. They also might sell dental insurance and short-term and long-term-disability insurance policies. Representatives may specialize in any one of these products, or operate as generalists, offering multiple products to a single customer.
For insurance coverage sales agent jobs, numerous companies and independent agencies choose to employ college graduates-especially those who've majored in business, finance, or economics. High school graduates might be hired if they have proven sales ability or have already been successful in other kinds of work.
College training can help agents grasp the technical areas of insurance policies as well as the fundamentals of the insurance industry. Many colleges and universities offer classes in insurance coverage, and a number of colleges provide a bachelor's degree in the field. University courses in finance, math, accounting, economics, business law, advertising, and business administration enable insurance coverage sales agents to know how social and financial circumstances relate towards the insurance industry. Classes in psychology, sociology, and public speaking can prove helpful in improving sales techniques. Additionally, familiarity with popular software packages has become extremely important because computer systems supply immediate information on a wide variety of financial products and greatly improve an agent's efficiency.
Representatives learn many of their job duties on the job from other agents. Numerous employers have their new representatives shadow an experienced agent for a period of time. This allows the representative to find out the best way to perform their business, how the company interacts with clients, and how to write insurance policies.
Insurance coverage sales representatives must obtain a license in the States where they plan to work. Different licenses are needed for agents to offer life and health insurance coverage and property and casualty insurance. For most States, licenses are usually issued only to applicants who complete specified prelicensing classes and who pass State exams covering insurance fundamentals and State insurance coverage laws. Most State licensing authorities also have mandatory continuing education requirements every two years, focusing on insurance coverage laws, customer protection, ethics, and the technical details of numerous insurance coverage policies.
Employment estimate and mean wage estimates for this occupation:
| Employment | Mean hourly wage |
Mean annual wage |
|---|---|---|
| 318,800 | $30.06 | $62,520 |
Percentile wage estimates for this occupation:
| Percentile | 10% | 25% | 50% (Median) |
75% | 90% |
|---|---|---|---|---|---|
| Hourly Wage | $12.47 | $16.02 | $22.48 | $34.43 | $55.45 |
| Annual Wage (2) | $25,940 | $33,330 | $46,770 | $71,620 | $115,340 |
Industry profile for this occupation:
Industries with the highest levels of employment in this occupation:
| Industry | Employment | Hourly mean wage | Annual mean wage |
|---|---|---|---|
| Agencies, Brokerages, and Other Insurance Related Activities | 228,920 | $30.25 | $62,910 |
| Insurance Carriers | 74,570 | $29.85 | $62,090 |
| Management of Companies and Enterprises | 3,170 | ||
| Travel Arrangement and Reservation Services | 1,910 | $27.48 | $57,150 |
| Depository Credit Intermediation | 1,290 | $25.73 | $53,510 |
Industries with the highest concentration of employment in this occupation:
| Industry | Employment | Hourly mean wage | Annual mean wage |
|---|---|---|---|
| Agencies, Brokerages, and Other Insurance Related Activities | 228,920 | $30.25 | $62,910 |
| Insurance Carriers | 74,570 | $29.85 | $62,090 |
| Insurance and Employee Benefit Funds | 760 | $33.02 | $68,690 |
| Travel Arrangement and Reservation Services | 1,910 | $27.48 | $57,150 |
| Securities and Commodity Contracts Intermediation and Brokerage | 870 | $30.84 | $64,150 |
Top paying industries for this occupation:
| Industry | Employment | Hourly mean wage | Annual mean wage |
|---|---|---|---|
| Insurance and Employee Benefit Funds | 760 | $33.02 | $68,690 |
| Outpatient Care Centers | 340 | $32.92 | $68,470 |
| Nondepository Credit Intermediation | 830 | $32.09 | $66,750 |
| Automobile Dealers | 120 | $31.27 | $65,050 |
| Securities and Commodity Contracts Intermediation and Brokerage | 870 | $30.84 | $64,150 |
Geographic profile for this occupation:
States with the highest employment level in this occupation:
| State | Employment | Hourly mean wage | Annual mean wage |
|---|---|---|---|
| Florida | 30,860 | $29.49 | $61,330 |
| Texas | 25,160 | $27.52 | $57,240 |
| California | 22,690 | $37.46 | $77,920 |
| New York | 18,260 | $36.96 | $76,880 |
| Illinois | 15,320 | $31.21 | $64,910 |
How much do insurance agents make depends on many factors.