Can you make decent money selling insurance?
Asked by: Eden Pacocha | Last update: June 14, 2025Score: 4.2/5 (54 votes)
Is selling insurance a good way to make money?
A career selling insurance can be a good way to make money. It provides many opportunities to earn a high income with strong potential for growth. Because your income will mostly come from commissions, there can be no limit to how much you earn.
Can insurance agents make good money?
The average insurance agent salary is about $48K. The top 10% average about $120k. But, just like with any profession, you'll have a few who just break the mold and make megabucks. I know attorneys who have more money than they could ever spend, and I know attorneys who are barely making a living.
What is the most profitable insurance to sell?
Life insurance is the most profitable—and the hardest—type of insurance to sell. With the highest premiums and the longest-running contract, it brings in cash over a long period of time. In the first year, agents make the largest annual sum on a policy, bringing in anywhere from 40–120% of the policy premium.
Why do most life insurance agents quit?
Research shows (opens in a new window) that 80% of finance and insurance agents feel they aren't valued at work; they feel they are “only evaluated on what went wrong or could have been done better.” This is a major issue for finding and retaining top talent, which is more important than ever (opens in a new window).
How To Make $1,000,000 Selling Life Insurance In 1 Year! (Insurance Sales Training!)
Why is it so hard to sell insurance?
The hardest part of being an insurance agent often revolves around the constant need for lead generation and sales. Many agents struggle with the cold calling aspect, where rejection is frequent, and maintaining a steady stream of new clients can be challenging.
How many people fail at selling life insurance?
A more accurate statement is that 93% of agents choose to leave within three years.
Can I become a millionaire selling insurance?
Some agents, advisors, and multi-line agents made a million dollars in the first year they worked with us selling life insurance! While most of the others it took 2, 3, or more years to make a million dollars per year selling life insurance.
How many policies does an insurance agent sell per month?
How many policies does an insurance agent sell? According to the financial reports, the Official Number is 2.5 policies per month. However, many people just do it part-time.
What type of insurance sales makes the most money?
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.
Can I sell insurance part-time?
By selling insurance part time, you can learn which carriers and products you prefer to sell and begin developing lasting relationships with clients. If you have friends or family members who need Medicare plans, helping them get coverage would be a great place to start.
How do state farm agents get paid?
With multiple income streams, State Farm gives each agent the flexibility to determine their own income goals. Our independently contracted agents don't receive base compensation* but can earn commission, potential travel and other compensation by helping customers.
Is it hard to be a successful insurance agent?
Selling insurance can be a lucrative proposition, with relatively high-paying commissions and a high degree of autonomy with flexible work hours. However, it is not an easy job. You can expect a high rate of customer rejection, stress, and attrition rate.
Do insurance agents get a base salary?
Insurance agents usually make money through commissions, with the commission amount often depending on the type and number of insurance policies they have sold and whether these policies are new or renewals.
Why are insurance agents so rich?
One of the primary reasons insurance agents can accumulate wealth is their commission-based income structure. Unlike salaried employees, agents earn a percentage of the premiums they sell to clients. As they build a client base and generate more sales, their income potential increases.
Is insurance agent a stressful job?
Insurance agents often face pressure to achieve their goals while simultaneously providing exceptional customer service, meeting sales quotas, and staying abreast of industry regulations. This, combined with the responsibility of safeguarding clients' financial well-being, can make for a stressful work environment.
How many insurance agents quit?
In fact, many agents new to insurance are fearful, knowing they face a high risk of failure. How many agents quit selling insurance? There isn't an exact number. But we figure somewhere between 90% and 95% of agents quit in their first 12 months of receiving their license.
How many hours do insurance agents work?
Insurance Agents generally work between 40 to 50 hours per week, but this can fluctuate depending on client needs, policy renewals, and sales goals. Many agents have the flexibility to set their own schedules, which can lead to working evenings or weekends to accommodate clients.
What is the turnover rate for insurance agents?
The industry is finding ways to replenish its ranks because of a high agent turnover rate. Nearly 90% of agents across various lines of insurance, including life, quit within three years, according to life insurance agency management system provider AgencyBloc.
What are the cons of being an insurance agent?
Cons of working in insurance sales
For some people, the thought of earning commissions is appealing. For others, it can cause stress and worry about their future financial situation. New insurance agents often work long hours to build and strengthen relationships and get their names out in the industry.
How hard is it to sell insurance?
Life insurance is a very difficult product to sell. Simply getting your prospect to acknowledge and discuss the fact they are going to die is a hard first step. When and if you clear that hurdle, your next task is creating urgency so they buy right away.
What is passive income for insurance agents?
Residual income is also called passive or recurring income. These are commissions tied to premium payments.
Is selling life insurance a good hustle?
In our opinion, it doesn't hurt that insurance is a lucrative business. You can gain commissions on the plans that you sell, so it's entirely up to you how much you want to hustle. You can also make more money with consistent renewals, so it pays in the long run to have loyal clients.
What is the biggest insurance company to fail?
Executive Life Insurance Company is regarded to be the biggest bankruptcy of an insurance company in the United States in the course of recent years. Based in California, the life company had to file for bankruptcy in 1991 following disastrous investments in junk bonds.