Do insurance careers pay well?

Asked by: Kiel Runolfsson  |  Last update: February 11, 2022
Score: 4.7/5 (2 votes)

Insurance is a fast-growing career field. ... There's a wide range of jobs, across a broad spectrum of career paths, within the insurance industry, and compensation is higher than average. Entry-level professionals can expect to earn more than $50,000 a year, and that number only increases as you gain experience.

Which insurance jobs pay the most?

High Paying Insurance Jobs
  • Consulting Actuary. Salary range: $79,000-$208,000 per year. ...
  • Pricing Actuary. Salary range: $97,500-$150,500 per year. ...
  • Automotive Finance and Insurance Manager. Salary range: $94,500-$140,500 per year. ...
  • Claims Director. ...
  • Life Insurance Actuary. ...
  • Actuary. ...
  • Underwriting Manager. ...
  • Casualty Underwriter.

Is selling insurance a good career choice?

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.

Is insurance a good career path?

Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. ... A college degree is preferred but is not required in many insurance firms. Unlike many other finance-related positions, prior experience is also not required.

Can you make good money working in insurance?

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.

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Are insurance agents rich?

The median annual wage for insurance agents was $48,150. The highest paid 10% of insurance agents earned more than $116,940 annually. The lowest paid 10% of insurance agents earned less than $26,120 annually.

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.

Is working in insurance stressful?

The most stressful jobs by profession

Those employed in the legal profession reported the greatest amount of stress, according to the survey. Jobs in insurance ranked as the second most stressful. IT professionals reported the lowest stress levels.

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.

Is insurance a growing industry?

As an industry, insurance is regarded as a slow-growing, safe sector for investors. This perception is not as strong as it was in the 1970s and 1980s, but it is still generally true when compared to other financial sectors.

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.

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.

How much do insurance agents make per policy?

Annual commissions for auto insurance range from 10 to 12.5 per cent, although a few firms pay up to 13.5 per cent. Property insurance offers commissions of 20 to 23 per cent. So if you use an insurance broker and pay $1,000 annually to insure your home, upward of $200 a year would be going to the broker.

What insurance jobs are in demand?

Most In-Demand Insurance Jobs in 2020
  • Customer Service Representative. Between 2012 and 2022, the number of customer service jobs will increase by eight percent. ...
  • Insurance Sales Agent. The number of sales agent jobs is expected to increase by 12 percent between 2012 and 2022. ...
  • Business Analyst. ...
  • Claims Adjuster. ...
  • Actuary.

What is the easiest job in insurance?

Getting Into the Insurance Industry is Easy with These 5 Careers
  1. Customer Service Representative. ...
  2. Marketing Assistant. ...
  3. Risk Analyst. ...
  4. Claims Representative. ...
  5. Junior Underwriter.

What jobs have most benefits?

Want a career with benefits? The finance and tech industries have the best employee benefits on average, a new study from review site Glassdoor found. The retail and food services sectors offer the worst benefits on average, the study revealed.

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.

Is Family First life a good company to work for?

Is Family First Life a good company to work for? Family First Life has an overall rating of 4.6 out of 5, based on over 1,599 reviews left anonymously by employees. 90% of employees would recommend working at Family First Life to a friend and 88% have a positive outlook for the business.

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 most stressful industries?

The 10 industries in which workers experience the most stress are:
  • Military and public safety: 3.35 days.
  • Hotel, food services and hospitality: 3.31 days.
  • Technology: 3.25 days.
  • Publishing, broadcasting and journalism: 3.24 days.
  • Finance and insurance: 3.23 days.
  • Information services and data processing: 3.2 days.

What job is the least stressful?

Some low-stress jobs come with good to excellent annual salaries.
  1. 10 Low-Stress Jobs. In its annual report, CareerCast considered 11 stress factors when ranking the jobs. ...
  2. Data Scientist. ...
  3. Dietitian. ...
  4. Medical Records Technician. ...
  5. Massage Therapist. ...
  6. Appliance Repairer. ...
  7. Librarian. ...
  8. Diagnostic Medical Stenographer.

What jobs cause the most stress?

These are some of the most stressful jobs:
  • Physician.
  • IT Manager.
  • Anesthesiologist.
  • Financial Manager.
  • Marriage and Family Therapist.
  • Lawyer.
  • Surgeon.
  • Compliance Officer.

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.

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.

What are the benefits of being an insurance agent?

Let's dive into the top five benefits of being an insurance agent.
  • You can give back to your community. ...
  • You'll find an abundance of opportunities. ...
  • You can develop a broad skill set. ...
  • You'll enjoy job security. ...
  • It's easy to get started.