Insurance Sales Agent Salary

Insurance Sales Agents aren't exactly in the most profitable line of business; these folks earn a belt-tightening average of $36K per year. Individual bonuses, profit sharing and commission for Insurance Sales Agents — as high as $15K, $10K and $32K, respectively — each contribute to the degree of variation within overall compensation, ranging from $23K to $62K. The most important factor affecting compensation for this group is the company, followed by the particular city and years of experience. Women make up the majority of Insurance Sales Agents (68 percent) who completed the questionnaire. Some workers in this field — a little more than half — are not awarded benefits. Medical coverage is reported by more than two-fifths and dental plans are enjoyed by slightly less than a third. Job satisfaction is reported as high by the vast majority of workers. The data for this synopsis comes from respondents who took the PayScale salary survey.

$23,372 - $62,857
$23K
$36K
$63K
MEDIAN: $36,171
10%
50%
90%

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$10.01 - $18.75
$10
$14
$19
MEDIAN: $14.31
10%
50%
90%

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$0$62K
Salary $23,372 - $62,857
Bonus $391.49 - $14,528
Profit Sharing $302.01 - $10,304
Commission $996 - $33,802
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$23,008 - $61,940
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 1,232
Hourly Data $0$28
Hourly Rate $10.01 - $18.75
Hourly Tips $2.75
Overtime $9.70 - $28.26
Annual Data $0$61K
Bonus $391.49 - $14,528
Commission $996 - $33,802
Profit Sharing $302.01 - $10,304
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$23,008 - $61,940
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 725

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Insurance Sales Agent

An insurance sales agent is a person who helps individuals choose a policy that most closely fits their needs. The sales agent will typically represent and work for an individual company, but independent agents who represent many smaller insurance entities exist as well. In any event, these sales-oriented employees help to match up individuals with home, car, and life insurance policies that offer acceptable coverage to the consumer and provide a profit to the company. In some cases, the sales agent may also be the first contact when an insured person needs to file a claim.

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Insurance Sales Agent Tasks

  • Sells products that protect businesses or individuals from financial loss.
  • Maintains relationship with clients, and advises of changes in coverage.
  • Prepares reports, seek out new business, and maintains records.
  • Serves as a first contact with the customer.

Common Career Paths for Insurance Sales Agent


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Insurance Sales Agents' salaries may rise greatly for those who assume a higher-end position such as an Insurance Broker. The average Insurance Broker brings home $58K per year. An Insurance Sales Agent may also move into a role as an Insurance Agent or an Insurance Office Branch Manager.

Insurance Sales Agent Job Listings

Popular Employer Salaries for Insurance Sales Agent


Known for taking on a considerable number of Insurance Sales Agents, State Farm Insurance Company, Allstate, Farmers Insurance Group, Geico, and Allstate Insurance Company are leading firms in the industry. Heading up the field in terms of compensation, Liberty Mutual Insurance Group offers the most; Insurance Sales Agents earn $60K on average there. Other leaders in compensation levels are New York Life Insurance Company at $59K, Usaa Insurance at $46K, and Humana, Inc., where Insurance Sales Agents annually earn $45K.

Other low-paying employers include All State at $31K and Allstate at $32K, though some Insurance Sales Agents there earn up to $49K.

Popular Skills for Insurance Sales Agent


Survey results imply that Insurance Sales Agents deploy a deep pool of skills on the job. Most notably, facility with Field Sales, Sales Management, and Marketing Communications are correlated to pay that is significantly above average, leading to increases of 42 percent, 7 percent, and 5 percent, respectively. Skills that pay less than market rate include Office Administration, Spanish Language, and Customer Service. For most people, competency in Insurance indicates knowledge of Customer Service.

Pay by Experience Level for Insurance Sales Agent

Pay by Experience for an Insurance Sales Agent has a positive trend. An entry-level Insurance Sales Agent with less than 5 years of experience can expect to earn an average total compensation of $32,000 based on 1,175 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Insurance Sales Agent with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $38,000 based on 391 salaries. An experienced Insurance Sales Agent which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $42,000 based on 347 salaries. An Insurance Sales Agent with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $46,000 based on 165 salaries.

Pay Difference by Location

National Average: $35,725

Larger city markers indicate a job is popular in that location.

For Insurance Sales Agents, busy New York offers a higher-than-average pay rate, 35 percent above the national average. Insurance Sales Agents will also find cushy salaries in Phoenix (+33 percent), Los Angeles (+19 percent), Charlotte (+13 percent), and Indianapolis (+11 percent). Place of residence plays a huge part in an Insurance Sales Agent's salary, with Corpus Christi Insurance Sales Agents earning salaries that are 20 percent less than the national average. Orlando and Atlanta are a couple other places where companies are known to pay below the median — salaries tend to be 7 percent less than the median.

Related Job Salaries

Key Stats for Insurance Sales Agent

Gender

Female
68 %
Male
32 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 284 votes.
Less than 1 year
14%
1-4 years
45%
5-9 years
16%
10-19 years
16%
20 years or more
9%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Insurance Sales Agent Salaries

▲30%

▲18%

▲7%

National Average
$36,000

▼10%

Skills That Affect Insurance Sales Agent Salaries

▲42%


▲4%



▲2%

National Average
$36,000

Insurance
▼2%

Sales
▼2%

▼2%

Customer Relationship Management (CRM)
▼2%






Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 284 votes.

Gender

Female
68 %
Male
32 %

Years of Experience

Less than 1 year
14%
1-4 years
45%
5-9 years
16%
10-19 years
16%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 44%
dental benefits
Dental: 31%
vision benefits
Vision: 26%
no benefits
None: 54%
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