Are insurance agents in demand?

Asked by: Ryleigh Bechtelar  |  Last update: February 11, 2022
Score: 4.3/5 (62 votes)

Employment of insurance sales agents is projected to grow 7 percent from 2020 to 2030, about as fast as the average for all occupations. About 50,400 openings for insurance sales agents are projected each year, on average, over the decade.

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.

Is selling insurance a good career opportunity?

According to the U.S. Bureau of Labor Statistics, the job outlook for insurance sales agents is positive, with an estimated growth rate of 5% between 2019 and 2029. This number amounts to 27,500 new jobs, marking a higher growth estimate than average for all occupations.

Do insurance sales agents make good money?

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.

Why do insurance agents quit?

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online. They don't care who answers their question, as long as they get answers.

Why Do So Many Insurance Agents Quit?

45 related questions found

Are insurance agents happy?

Insurance sales agents are one of the least happy careers in the United States. ... As it turns out, insurance sales agents rate their career happiness 2.3 out of 5 stars which puts them in the bottom 2% of careers.

Is being an insurance agent stressful?

CareerCast ranked being an insurance agent 155th out of 200 on the worst jobs list. They rank the stress as “average,” whatever that means. A good income makes up for a lot of stress for many people, so that helps. ... That doesn't mean you won't be making warm calls.

Is insurance a good industry to work in?

Working for an insurance company can be a rewarding and exciting profession that may allow you to make a positive impact on people's lives. Insurance companies typically offer several benefits, including employee perks, team collaboration and a diverse work culture.

Is selling insurance hard?

On the bright side, selling life insurance offers a few benefits difficult to find in other careers. First, life insurance sales jobs are abundant and easy to find. ... However, even when you locate a good prospect, the product itself is hard to sell. People are loath to discuss or even acknowledge their own mortality.

What is the average age of an insurance agent?

The average age of an employed Insurance Sales Agent is 45 years old. The most common ethnicity of Insurance Sales Agents is White (69.0%), followed by Hispanic or Latino (16.1%) and Black or African American (8.7%).

What skills do you need to be an insurance agent?

Below are some of the characteristics a successful insurance agent needs to complete their puzzle:
  • People Skills. People skills are the number one characteristic of a successful insurance agent. ...
  • Good Salesmanship. ...
  • Customer Service Skills. ...
  • High Energy Level. ...
  • Honesty. ...
  • Knowledge on a Variety of Products. ...
  • Choose the Right Carrier.

What does an insurance agent do on a daily basis?

The daily tasks of an insurance agent

Ensure all paperwork is filled out and properly filed in order to put policies in place. Customize insurance policies to meet your client's needs. Ensure all policy requirements are fulfilled. Inspect properties to evaluate current conditions and decide on potential risk.

Can insurance agents make millions?

Insurance agents can make more than a million dollars per year, but most don't because they focus on marketing to people they know and rely heavily on referrals. Insurance agents that obtain online insurance leads open the door to becoming financially free.

Why do insurance agents earn so much?

Because the amount of money insurance agents earn is comprised largely of commissions and bonuses, the number of sales an insurance agent makes is the biggest factor that contributes to the disparity between the highest and lowest paid of insurance agents.

Is working in insurance difficult?

Insurance offers hard-working graduates a challenging, long-term career. It offers the opportunity to achieve valuable and globally-recognised professional qualifications and play an influential role in one of the UK's most significant professions.

Why did you choose insurance career?

You Will Enjoy Job Benefits, Security, and Good Pay

Insurance is more stable than other industries during a recession. This is because, regardless of the economy, people and businesses require risk protection at all times. ... Insurance is a lucrative industry, therefore you should expect excellent compensation.

What do you think of career in insurance?

An insurance career can help satisfy this desire for meaningful work and community involvement. At its roots, the insurance industry is about protecting members of a community. For example, insurance can pay to rebuild a home after a fire, provide for loved ones after a death, or help workers injured on the job.

What career is the happiest?

The firm's data shows the happiest career sector is information technology, with a majority (73%) of workers reporting positive feelings. And surprisingly, some workers on which the pandemic took the heaviest toll were also among the happiest, such as doctors and teachers.

How do life insurance agents get paid?

Most professionals who sell insurance are paid largely on a commission basis. In fact, most agents aren't even employees of the carrier. More often than not, they're independent contractors who are compensated based on how much they sell, with higher commissions for certain types of products.

What are the best sales jobs?

Here are the best sales jobs and best marketing jobs:
  • Marketing Manager.
  • Sales Manager.
  • Insurance Sales Agent.
  • Sales Representative.
  • Real Estate Agent.
  • Telemarketer.
  • Retail Salesperson.

What are the challenges of being an insurance agent?

4 Common Challenges Facing Insurance Agents
  • The Pressure to Produce. ...
  • Not Enough “Luxury” Coverage Demand. ...
  • Being Cut Out of the Process. ...
  • Overcoming Negative Stereotypes. ...
  • Insurance Pre-Licensing Courses.

Why do so many insurance agents fail?

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.

Which insurance company is best to be an agent for?

Here are some of the best insurance carriers that accept independent insurance agents.
  • National General Insurance.
  • Nationwide Insurance.
  • Markel Insurance.
  • Progressive Insurance.
  • Selective Insurance Group.
  • The Hanover Insurance Group.
  • Travelers.
  • West Bend Mutual Insurance Company.