How many life insurance agents are there in the US?

Asked by: Merritt Hodkiewicz  |  Last update: February 11, 2022
Score: 4.1/5 (11 votes)

There are over 104,985 Life Insurance Agents currently employed in the United States. 44.9% of all Life Insurance Agents are women, while 50.3% are men.

How many insurance agents are there in the United States?

Number of insurance agents, brokers and service personnel in the U.S. 1960-2018. In 2018, there were approximately 1.2 million insurance agents, brokers and service employees in the United States.

How many insurance agents are there in the US in 2020?

Of these, 1.5 million were employed with insurance companies, while the remaining 1.2 million were insurance agents or brokers, or they worked for other insurance-related enterprises.

How many independent life insurance agents are there in the US?

There were an estimated 36,000 independent agencies in the United States in 2020 (latest data available), about the same as in 2018 when the previous study was conducted, according to the Independent Insurance Agents and Brokers of America's (IIABA) 2020 Agency Universe Study.

How much do life insurance agents make per policy?

Commission Structure

If you are a captive agent, you will receive a smaller percentage of the policy price. The average insurance carrier gives captive agents a 5-10% commission of any policy sold, while the average independent agent makes around 15% commission.

Life Insurance agents and their taxes

32 related questions found

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 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.

How many life insurance agents are there in the US in 2021?

There are over 104,985 Life Insurance Agents currently employed in the United States. 44.9% of all Life Insurance Agents are women, while 50.3% are men.

How many Medicare agents are there in the US?

Vast Agent Support

AGA Medicare Options has over 4,000 experienced agents across the U.S., making it easy to find a knowledgeable, nearby agent to fully inform you on all your local Medicare plan options, including possible cost savings.

How many insurance agents and brokers are there in the US?

There are 424,564 Insurance Brokers & Agencies businesses in the US as of 2022, an increase of 0.8% from 2021.

What percentage of the population has life insurance?

Life insurance ownership

In 2020, 54 percent of all people in the United States were covered by some type of life insurance, according to LIMRA's 2020 Insurance Barometer Study.

How big is the life insurance industry?

Revenue-wise, the life insurance industry generated $922 billion in 2019, a 2% increase from 2018's $904 billion. About four-fifths of the revenue from life insurance premiums came from ordinary, direct policies.

Do insurance agents make good money?

According to that data from the Bureau of Labor Statistics: 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.

How many mutual life insurance companies are there?

In 2018, there were 109 mutual life insurance companies in the United States.

How many life insurance agents are there in California?

The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.

What is the largest black owned insurance company?

North Carolina Mutual proclaimed itself the largest black-owned insurance business in the world.

What is insurance inclusion?

The concept of financial inclusion is the process through which a society has access to different financial services (credit, savings, insurance, payment and pension services), as well as fi- nancial education mechanisms, with the goal of improving its material conditions of well-being.

On which date General insurance Corporation and its 4 subsidiaries become operative in India?

The GIC was incorporated in the year 1972 and the other four companies became its subsidiaries. In November 2000, GIC was notified as the Indian Reinsurer, and its supervisory role over its subsidiaries was brought to an end.

What race buys the most life insurance?

Its 2021 Barometer Study says that 56 percent of Black Americans have now purchased life insurance policies in the last year, which is the highest rate among all racial groups.

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%).

How many life insurance agents quit?

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 selling life insurance difficult?

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.

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.