{"id":86,"date":"2024-04-08T23:59:10","date_gmt":"2024-04-08T23:59:10","guid":{"rendered":"https:\/\/salarieshub.com\/index.php\/2019\/07\/18\/insurance-agent-salary-guide-and-career-outlook-2019-salaries-hub\/"},"modified":"2024-04-08T23:59:10","modified_gmt":"2024-04-08T23:59:10","slug":"insurance-agent-salary-guide-and-career-outlook","status":"publish","type":"post","link":"https:\/\/salarieshub.com\/insurance-agent-salary-guide-and-career-outlook\/","title":{"rendered":"Insurance Agent Salary Guide and Career Outlook"},"content":{"rendered":"

Based on statistics, the median insurance agent salary in the US is around $37,371<\/strong> per year, meaning $14.42<\/strong> per hour. While in Canada the annual pay stays at C$40,397 ($33,111)<\/strong> and in the UK even lower, at \u00a318,214 ($24,707)<\/strong>. Meanwhile, Australia reaches the highest annual median pay for its insurance brokers, at AU$62,216 ($49,847)<\/strong>, with New Zealand coming behind it with NZ$56,576 ($41,349)<\/strong> per year. However, the lowest salaries for this professionals register in South Africa with R79,326 ($5,996)<\/strong> and in India with barely Rs 246,694 ($3,851)<\/strong> per year. Below, we will take a look at the main factors influencing the salary of insurance agents.<\/p>\n

How Much Does an Insurance Agent Make per Year by State?<\/h2>\n\n\n\n\n
Insurance Agent Salary<\/strong><\/td>\nUS<\/strong><\/td>\nCanada<\/strong><\/td>\nUK<\/strong><\/td>\nAustralia<\/strong><\/td>\nNew Zealand<\/strong><\/td>\nIndia<\/strong><\/td>\nSouth Africa<\/strong><\/td>\n<\/tr>\n
Hourly Pay<\/td>\n$14.42<\/td>\nC$18.10 ($14.84)<\/td>\n\u00a0\u00a38.75* ($11.87)<\/td>\nAU$25.38 ($20.33)<\/td>\nNZ$27.20* ($19.88)<\/td>\nRs 118.60* ($1.85*)<\/td>\nR38.13* ($2.88*)<\/td>\n<\/tr>\n
Annual Pay<\/td>\n$37,371<\/td>\nC$40,397 ($33,111)<\/td>\n\u00a318,214 ($24,707)<\/td>\nAU$62,216 ($49,847)<\/td>\nNZ$56,576 ($41,349)<\/td>\nRs 246,694 ($3,851)<\/td>\nR79,326 ($5,996)<\/td>\n<\/tr>\n<\/table>\n

A (*) indicates that the hourly rate was not available and was extrapolated from the annual salary.<\/p>\n

<\/p>\n

Source<\/p>\n

Insurance Agent Salary Influencing Factors<\/h2>\n

Payscale reports different values for insurance agent salaries by country, so the major influencing factors and job outlook in each country differ, as well as the benefits and bonuses for this profession. Therefore, the information present below intends to highlight the specifics of each country.<\/p>\n

1. Location<\/h3>\n

In Canada, the total pay for this job can go from C$30,109<\/strong> to C$54,401<\/strong> per year. While in the UK it can go from\u00a0\u00a315,417<\/strong> to \u00a326,791<\/strong> per year. The median annual pay for this job in India starts at\u00a0Rs\u00a0119,844<\/strong> and it can go as up as Rs\u00a0715,166<\/strong> per year.<\/p>\n

Insurance agents have the highest salaries in Seattle<\/strong>, where the median salary is around $40,000<\/strong>\u00a0per year.\u00a0Phoenix and San Diego<\/strong> come second as in these locations the insurance agent salary is about $42,000<\/strong> per year.\u00a0It is worth mentioning that when working in Atlanta, Tampa<\/strong>, and Los Angeles<\/strong>, agents have an annual income of around\u00a0$38,000<\/strong>.\u00a0Last but not least, the lowest salaries are\u00a0in Chicago, San Antonio, and Houston<\/strong> as the mean pay for insurance agents ranges between $33,000<\/strong> and $38,000<\/strong> per year.<\/p>\n

How Much Does an Insurance Agent<\/strong> Professional make in the US?<\/h4>\n\n\n\n\n\n\n\n
Insurance Agent Salary USA<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\n$24,278<\/td>\n$61,961<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\n$58,466<\/td>\n$20.16<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\n$11,881<\/td>\n$253.68<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\n$14.82-$30.68<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\n$23,826 to $60,503<\/td>\n<\/tr>\n<\/table>\n

Below, we have prepared a table highlighting the annual median insurance agent salary across the United States:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Arizona<\/td>\n$18,000<\/td>\n<\/tr>\n
Arkansas<\/td>\n$23,000<\/td>\n<\/tr>\n
California<\/td>\n$24,000<\/td>\n<\/tr>\n
Colorado<\/td>\n$24,000<\/td>\n<\/tr>\n
Connecticut<\/td>\n$26,000<\/td>\n<\/tr>\n
Delaware<\/td>\n$20,000<\/td>\n<\/tr>\n
District of Columbia<\/td>\n$23,000<\/td>\n<\/tr>\n
Florida<\/td>\n$21,000<\/td>\n<\/tr>\n
Georgia<\/td>\n$26,000<\/td>\n<\/tr>\n
Hawaii<\/td>\n$14,000<\/td>\n<\/tr>\n
Idaho<\/td>\n$15,000<\/td>\n<\/tr>\n
Illinois<\/td>\n$26,000<\/td>\n<\/tr>\n
Indiana<\/td>\n$26,000<\/td>\n<\/tr>\n
Iowa<\/td>\n$22,000<\/td>\n<\/tr>\n
Kansas<\/td>\n$21,000<\/td>\n<\/tr>\n
Kentucky<\/td>\n$19,000<\/td>\n<\/tr>\n
Louisiana<\/td>\n$20,000<\/td>\n<\/tr>\n
Maine<\/td>\n$20,000<\/td>\n<\/tr>\n
Maryland<\/td>\n$23,000<\/td>\n<\/tr>\n
Massachusetts<\/td>\n$27,000<\/td>\n<\/tr>\n
Michigan<\/td>\n$23,000<\/td>\n<\/tr>\n
Minnesota<\/td>\n$20,000<\/td>\n<\/tr>\n
Mississippi<\/td>\n$24,000<\/td>\n<\/tr>\n
Missouri<\/td>\n$22,000<\/td>\n<\/tr>\n
Montana<\/td>\n$19,000<\/td>\n<\/tr>\n
Nebraska<\/td>\n$16,000<\/td>\n<\/tr>\n
Nevada<\/td>\n$17,000<\/td>\n<\/tr>\n
New Hampshire<\/td>\n$22,000<\/td>\n<\/tr>\n
New Jersey<\/td>\n$24,000<\/td>\n<\/tr>\n
New Mexico<\/td>\n$20,000<\/td>\n<\/tr>\n
New York<\/td>\n$34,000<\/td>\n<\/tr>\n
North Carolina<\/td>\n$21,000<\/td>\n<\/tr>\n
North Dakota<\/td>\n$20,000<\/td>\n<\/tr>\n
Ohio<\/td>\n$22,000<\/td>\n<\/tr>\n
Oklahoma<\/td>\n$21,000<\/td>\n<\/tr>\n
Oregon<\/td>\n$22,000<\/td>\n<\/tr>\n
Pennsylvania<\/td>\n$22,000<\/td>\n<\/tr>\n
Puerto Rico<\/td>\n$22,000<\/td>\n<\/tr>\n
Rhode Island<\/td>\n$20,000<\/td>\n<\/tr>\n
South Carolina<\/td>\n$22,000<\/td>\n<\/tr>\n
South Dakota<\/td>\n$17,000<\/td>\n<\/tr>\n
Tennessee<\/td>\n$21,000<\/td>\n<\/tr>\n
Texas<\/td>\n$22,000<\/td>\n<\/tr>\n
Utah<\/td>\n$17,000<\/td>\n<\/tr>\n
Vermont<\/td>\n$20,000<\/td>\n<\/tr>\n
Virginia<\/td>\n$23,000<\/td>\n<\/tr>\n
Washington<\/td>\n$23,000<\/td>\n<\/tr>\n
West Virginia<\/td>\n$21,000<\/td>\n<\/tr>\n
Wisconsin<\/td>\n$20,000<\/td>\n<\/tr>\n
Wyoming<\/td>\n$18,000<\/td>\n<\/tr>\n
US Annual Wagw<\/strong><\/td>\n\u00a0$37,371<\/strong><\/td>\n<\/tr>\n
US Hourly Wage<\/strong><\/td>\n$14.42<\/strong><\/td>\n<\/tr>\n<\/table>\n

How Much Does an\u00a0Insurance Agent<\/strong> Professional make in Canada?<\/h4>\n\n\n\n\n\n\n\n
Insurance Agent Salary Canada<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\nC$29,879<\/td>\nC$13.36<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\nC$52,291<\/td>\nC$24.42<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\nC$498.33 \u2013\u00a0C$5,135<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nC$26.23<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\nC$30,109 to C$54,401<\/td>\n<\/tr>\n<\/table>\n

How Much Does an\u00a0Insurance Agent<\/strong> Professional make in the UK?<\/h4>\n\n\n\n\n\n\n\n
Insurance Agent Salary UK<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\n\u00a315,211<\/td>\n\u00a37.31*<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\n\u00a330,000<\/td>\n\u00a314.42*<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\n\u00a33,425<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\n\u00a315,417 to \u00a326,791<\/td>\n<\/tr>\n<\/table>\n

A (*) also indicates that the hourly rate was not available and was extrapolated from the annual pay.<\/p>\n

How Much Does an\u00a0Insurance Broker<\/strong> Professional make in Australia?<\/h4>\n\n\n\n\n\n\n\n
Insurance Broker Salary Australia<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\nAU$42,716<\/td>\nAU$21.17<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\nAU$120,563<\/td>\nAU$39.38<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\nAU$1,922 \u2013 AU$15,456<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\nAU$44,114 to AU$106,836<\/td>\n<\/tr>\n<\/table>\n

How Much Does an\u00a0Insurance Broker<\/strong> Professional make in New Zealand?<\/h4>\n\n\n\n\n\n\n\n
Insurance Broker Salary New Zealand<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\nNZ$43,055<\/td>\nNZ$20.69*<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\nNZ$92,662<\/td>\nNZ$44.54*<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\nNZ$511 \u2013 NZ$7,450<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\nNZ$43,777 to NZ$93,637<\/td>\n<\/tr>\n<\/table>\n

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.<\/p>\n

How Much Does an\u00a0Insurance Agent<\/strong>\u00a0Professional make in India?<\/h4>\n\n\n\n\n\n\n\n
Insurance Agent<\/strong> Salary India<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\nRs\u00a0118,783<\/td>\nRs 57.10*<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\nRs\u00a0545,475<\/td>\nRs 262.247*<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\nRs\u00a0232,699<\/td>\nRs\u00a021.75<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\nRs\u00a0119,844 to Rs\u00a0715,166<\/td>\n<\/tr>\n<\/table>\n

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.<\/p>\n

How Much Does an\u00a0Insurance Sales Agent<\/strong> Professional make in South Africa?<\/h4>\n\n\n\n\n\n\n\n
Insurance Sales Agent<\/strong> Salary South Africa<\/strong><\/td>\nPer Year<\/strong><\/td>\nPer Hour<\/strong><\/td>\n<\/tr>\n
Minimum<\/strong><\/td>\nR37,461<\/td>\nR18.01*<\/td>\n<\/tr>\n
Maximum<\/strong><\/td>\nR199,135<\/td>\nR95.73*<\/td>\n<\/tr>\n
Bonus\/Tip<\/strong><\/td>\nR79,463<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Overtime<\/strong><\/td>\nNo additional pay<\/td>\nNo additional pay<\/td>\n<\/tr>\n
Total Pay<\/strong><\/td>\nR41,349 to R252,435<\/td>\n<\/tr>\n<\/table>\n

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.<\/p>\n

2. Experience<\/h3>\n

Based on the person\u2019s experience, the median insurance agent salary varies. For instance, people with 0 to 5 years<\/strong> of experience earn a median annual income of around $33,000<\/strong>.\u00a0Furthermore, more experienced agents with\u00a05 to 10 years\u00a0<\/strong>in the field can make up to\u00a0$38,000<\/strong>, whereas the ones with\u00a0over 10 years<\/strong>\u00a0of experience earn\u00a0$41,000<\/strong>\u00a0per year.\u00a0Also, insurance agents with an experience of\u00a0over 20 years<\/strong>\u00a0have an annual wage of about\u00a0$44,000<\/strong>\u00a0<\/strong>in the US.<\/p>\n

While in Canada entry-level<\/strong> insurance agents get a median annual pay of around C$37,000<\/strong>, notably much higher than the ones from the US. The salary rises over years ending at around\u00a0C$51,000<\/strong> for late careers of 20 years<\/strong> experience on the job and more. In Australia, entry-level insurance brokers can win as much as AU$52,000\u00a0<\/strong>per year; while the same beginners<\/strong> in Nea Zealand make around NZ$52,000<\/strong>. The median annual pay grows once with experience reaching around\u00a0AU$100,000<\/strong> for experienced professionals with more than 20 years<\/strong> on the job in Australia; while in New Zealand the salary flattens at NZ$65,000<\/strong>\u00a0after 5-10 years<\/strong> of experience, remaining the same even further after 20 years<\/strong> in the field.<\/p>\n

3. Industry<\/h3>\n

Insurance agents generally work for insurance companies, although some of them work for brokerage firms as well, such as TD Ameritrade Brokerage<\/strong>. However, insurance companies offer the most generous salaries according to PayScale latest review.<\/p>\n

    \n
  • New York Life Insurance<\/strong> offers a median annual pay of\u00a0$48,980<\/strong>.<\/li>\n
  • Horace Mann<\/strong> is the second best-rated insurance company with salaries between $22,000<\/strong> and $74,000<\/strong> per year.<\/li>\n
  • American Family Life Assurance Company (AFLAC)<\/strong> and Farmers Insurance Group<\/strong> offer salaries for insurance agents between $12,000<\/strong> and $122,000<\/strong> per year.<\/li>\n
  • Allstate Insurance Company, State Farm,<\/strong> and Erie Insurance Group<\/strong> come with the lowest salary packages ranging between $20,000<\/strong> and $55,000<\/strong>.<\/li>\n<\/ul>\n

    Schedule & Working Hours<\/h2>\n

    Insurance agents usually work full time<\/strong> in an office environment on a standard business schedule<\/strong>, even though sometimes they might need to schedule evening and weekend appointments<\/strong> for the convenience of clients. Or some might meet with clients during business hours and afterward spend their evenings doing paperwork or preparing presentations.\u00a0On the other hand, experienced and self-employed agents work from a home office<\/strong> and have a flexible schedule<\/strong>.<\/p>\n

    Bonuses & Benefits<\/h2>\n

    The table below shows percents of the healthcare benefits by country. A (\u2013) indicates that there is no health care information available.<\/p>\n\n\n\n\n\n\n
    Country<\/strong><\/td>\nUnited States<\/strong><\/td>\nCanada<\/strong><\/td>\nUnited Kingdom<\/strong><\/td>\nAustralia<\/strong><\/td>\nNew Zealand<\/strong><\/td>\nIndia<\/strong><\/td>\nSouth Africa<\/strong><\/td>\n<\/tr>\n
    Medical<\/strong><\/td>\n45<\/td>\n84<\/td>\n\u2014<\/td>\n10<\/td>\n42<\/td>\n67<\/td>\n37<\/td>\n<\/tr>\n
    Dental<\/strong><\/td>\n32<\/td>\n77<\/td>\n\u2014<\/td>\n2<\/td>\n\u2014<\/td>\n\u2014<\/td>\n7<\/td>\n<\/tr>\n
    Vision<\/strong><\/td>\n26<\/td>\n60<\/td>\n33<\/td>\n2<\/td>\n\u2014<\/td>\n\u2014<\/td>\n7<\/td>\n<\/tr>\n
    None<\/strong><\/td>\n52<\/td>\n14<\/td>\n67<\/td>\n89<\/td>\n58<\/td>\n33<\/td>\n61<\/td>\n<\/tr>\n<\/table>\n

    Career Outlook<\/h2>\n

    To be able to get this job and perform new hires must have great sales and customer service skills<\/strong>, as well as a certain level of expertise in a range of insurance and financial services products<\/strong>. Moreover, multilingual agents<\/strong> can serve a wider customer base so they might be at an advantage.<\/p>\n

    Many beginners fail to earn enough from commissions to meet their goals so they eventually transfer to other careers, therefore job openings result from the need to replace agents who leave the occupation or retire.\u00a0According to BLS statistics, the employment rate for\u00a0insurance sales agents is expected to increase by 9 percent until 2024<\/strong>, which means that there will be 43,500<\/strong> more jobs in this career field in the US.<\/p>\n

    Future possible promotions<\/strong> for the carreer path of the insurance agent could be positions such as manager, account manager, or even account executive. Or they can choose to venture in a related field, becoming a financial advisor for example.<\/p>\n

    Conclusion<\/h2>\n

    Given the above, this career choice is more rewarding for experienced insurance agents, who can always consider self-employment as an alternative. Also, besides commission, the insurance agent salary is quite motiving in countries like Australia and Canada, and even the US, especially in locations such as Phoenix, San Diego, or Seattle.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Based on statistics, the median insurance agent salary in the US is around $37,371 per year, meaning $14.42 per hour. While in Canada the annual pay stays at C$40,397 ($33,111)<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/posts\/86"}],"collection":[{"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/comments?post=86"}],"version-history":[{"count":1,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/posts\/86\/revisions"}],"predecessor-version":[{"id":117,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/posts\/86\/revisions\/117"}],"wp:attachment":[{"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/media?parent=86"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/categories?post=86"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/salarieshub.com\/wp-json\/wp\/v2\/tags?post=86"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}