How fast can I make money selling insurance?

Asked by: Dennis Deckow III  |  Last update: May 18, 2025
Score: 4.3/5 (51 votes)

Most businesses don't make any profit in their first year of operating. It could take anywhere from 18 to 24 months for your insurance sales to actually provide profit. Don't feel discouraged. Every small business owner has to clear this hurdle.

Can you make good money selling insurance?

While it is possible to earn a significant income by selling insurance, becoming ``rich'' solely from insurance sales is not guaranteed. Insurance agents earn commissions on policies they sell, and building a strong client base and specialization can contribute to higher income potential.

What is the most profitable insurance to sell?

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.

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.

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).

The Fastest Way To Make 10k Per Month As A New Life Insurance Agent

42 related questions found

How many people fail at selling life insurance?

A more accurate statement is that 93% of agents choose to leave within three years.

What are the cons of being an insurance agent?

Cons of a career selling insurance
  • Unpredictable income. Working in a commission-based role has its drawbacks. ...
  • High-pressure work environment. Selling insurance can be stressful. ...
  • Finding new leads can be challenging. ...
  • Limited paid time off. ...
  • Experiencing a lot of rejection.

How many hours a day 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.

How many insurance agents fail in the first year?

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.

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.

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.

Who is the richest insurance agents?

Insurance Billionaires
  • Berkshire Hathaway's, Warren Buffet. ...
  • Patrick Ryan of the Ryan Specialty Group. ...
  • Erie Indemnity Chairman, Thomas Hagen. ...
  • W.R. Berkley's William R. ...
  • Mark and Robyn Jones of Goosehead Insurance. ...
  • Brown & Brown's, J. ...
  • Mercury General's, George Joseph. ...
  • Henry Engelhardt of the Admiral Group.

Which insurance is most profitable?

An analysis of financial statements of insurance companies shows that LIC India, SBI Life and HDFC Life are the most profitable life insurance companies in FY 2024.

Why is selling insurance so hard?

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.

Which insurance is best 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.

Is it hard to start selling insurance?

You can make a good living selling life insurance, especially if you continue to earn commissions on policies you have already sold. However, it is not an easy career, as it requires constantly working to find leads, build relationships, and make sales.

What is the hardest part of being an insurance agent?

Agents and brokers who listen carefully to what their clients and prospects say will be able to earn their trust, which is the hardest part of their job.

Do insurance agents get commission every month?

ACA commissions are paid on a monthly basis and carriers typically pay out early in the month, though it can vary. Commissions earned in the last month are distributed as long as the member has paid their premium and the payment has been posted to their account.

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.

Do insurance agents make their own schedule?

Flexible Schedule

Typically, insurance agents do not sit at a desk all day long. Your schedule will likely involve meetings and appointments with clients to help them find the right plan. The beauty in this is that you get to choose your own schedule and don't have to stay in one place.

Are insurance agents in demand?

Job Outlook

Employment of insurance sales agents is projected to grow 6 percent from 2023 to 2033, faster than the average for all occupations. About 47,100 openings for insurance sales agents are projected each year, on average, over the decade.

How to become an insurance agent from home?

How to Become an Online Insurance Agent. The minimum qualifications to become an online insurance agent include a high school diploma and strong interpersonal communication skills. You also need a state license to sell insurance, which entails completing coursework and taking exams.

Is it hard to make money as an insurance agent?

According to the most recent data from the Bureau of Labor Statistics (BLS), the median income for insurance sales agents (all types) in the US is $49,840 per year, or $23.96 per hour. This is 37% more than the national median income ($31,133) for workers in all other industries.

How do I sell my insurance policy?

How to sell your life insurance policy
  1. Find an experienced life settlement provider. ...
  2. Meet the qualifying factors. ...
  3. Take a detailed health questionnaire. ...
  4. Provide authorization to the provider. ...
  5. Share your policy details with the life settlement provider. ...
  6. Wait for the underwriting process to be completed. ...
  7. Receive an offer.

Why do most life insurance agents fail?

The most commonly cited reason insurance agents fail is that they fail to listen to their customers and take the time to find the best product to suit their needs. Agents who bring the right solutions to customers build trust, and that helps them build a book of loyal customers.