How many licensed life insurance agents are there in the US?
Asked by: Fermin Kuphal | Last update: April 24, 2025Score: 4.3/5 (25 votes)
How many licensed life insurance agents are in the US?
There are 927,600 licensed agencies and brokers working in the US. 2023 totals show 902,500 life and health insurance agents and 686,300 property/casualty insurance agents. On average, 57.9% of first-time insurance exam takers pass the test. Insurance agents make on average $51,936 per year.
Is there a shortage of life insurance agents?
But as the need for life agents intensifies, the industry last year—particularly in the early months of the pandemic—saw its number of agent recruits fall 6%, according to LIMRA.
What is the turnover rate for life insurance agents?
The burnout rate for life insurance sales agents is high. More than 90% of new agents quit the business within the first year. The rate increases to greater than 95% when extended to five years.
Is there a high demand for life insurance agents?
Job Outlook
Employment of insurance sales agents is projected to grow 6 percent from 2023 to 2033, faster than the average for all occupations.
Life Insurance License test HACK in 30 min / types of policies #lifeinsurance
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).
Can you become a millionaire being a life insurance agent?
If you have a great work ethic and are willing to place yourself out there to establish relationships with clients, you will get more opportunities to earn a higher income. Selling insurance may even make you a millionaire.
Can you make 6 figures selling life insurance?
How Much Money Can You Make Selling Life Insurance? Annual income for a life insurance agent can vary from as little as $28,000 per year to as much as $125,000 per year.
Who is the highest paid life insurance agent?
- Meet the world's highest earning insurance agent.
- Gideon du Plessis failed in the 10th standard and never went to college. ...
- A record he has maintained over the last 12-14 years, selling 700 policies yearly. ...
- What is Plessis' secret of success?
What is the average age of a life insurance agent?
The average age of an insurance agent was 45. The number of male and female insurance agents is fairly balanced, with slightly more women than men in the industry. In 2019, the insurance agent industry was 49% men and 51% women. The insurance agent industry workforce is not particularly diverse.
Why is life insurance so hard to sell?
Why Is Life Insurance So Hard To Sell? It's hard to sell because it deals with the topic of death. That's something many people find difficult to consider or discuss. Furthermore, it's hard to keep trying to sell because agents find that they can't make enough money to support themselves.
How many hours a week do insurance agents work?
How many hours per week does an insurance agent work? Most agents work full time and some work over 40 hours per week.
Who is the biggest insurance agent?
Marsh McLennan
Marsh McLennan stands as the world's largest insurance broker, offering a comprehensive suite of risk management, insurance brokerage, and consulting services. With a history dating back to 1871, the company has built a reputation for innovation and thought leadership in the industry.
What is passive income for insurance agents?
Residual income is also called passive or recurring income. These are commissions tied to premium payments. The insurance company receives a commission by the time of the sale, then the agent receives an additional payment every time the policy holder renews the policy.
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.
Who is the largest life insurer in the US?
Northwestern Mutual, New York Life, and MassMutual are the largest life insurance companies in the US. State Farm, Nationwide, and MassMutual rank the highest in life insurance customer satisfaction.
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.
Which insurance license makes the most money?
- Insurance Agent.
- Insurance Underwriter.
- Actuary.
- Personal Finance Advisors.
- Claims Adjusters, Appraisers, Examiners, and Investigators.
How much can you sell $100,000 life insurance policy for?
A typical life settlement is worth around 20% of your policy value, but can range from 10-25%. So for a 100,000 dollar policy, you would be looking at anywhere from 10,000 to 25,000 dollars.
Is selling life insurance stressful?
Insurance sales jobs are highly stressful with little pay guarantee and is an industry with a high quit rate. To be successful in the industry, new agents should understand the skills and attributes that are common among top producers.
What is the average commission for a life insurance agent?
Commission structures vary by policy and company. But typically, life insurance agents receive as commission 60% to 80% of the premiums you pay in the first year. They collect smaller commissions in subsequent years. Added up, 5% to 10% of all the premiums you pay over the life of the policy could go to commissions.
Are life insurance agents in demand?
According to projected economic data, the demand for insurance agents will not only stay steady, through 2022, it will grow. To get right to the point, the job outlook for people working in the insurance industry is good.
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.
What is the most lucrative 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.