What is the average age of a life insurance agent?
Asked by: Wallace Kovacek | Last update: March 2, 2025Score: 4.2/5 (5 votes)
How old are most insurance agents?
There are over 179,738 insurance sales agents currently employed in the United States. 48.5% of all insurance sales agents are women, while 51.5% are men. The average insurance sales agent age is 46 years old.
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).
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.
What percentage of life insurance agents fail?
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.
My First 90 Days To Six Figures As An Insurance Agent
Is it worth it to be a life insurance agent?
Is Selling Life Insurance a Good Way to Make Money? 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 average income in the life insurance industry?
The estimated total pay for a Life Insurance Agent is $121,661 per year, with an average salary of $73,067 per year. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.
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.
What is the average age in the insurance industry?
The latest U.S. Bureau of Labor Statistics data show that the median age of the insurance industry workforce is 44 years. Currently, 538,000 employees in the industry are aged 55-64 and 186,000 are 65 and older.
What is the hardest part of being an insurance agent?
What is the hardest part of being an insurance agent? 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.
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.
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.
Which life insurance agents make the most money?
If you are looking for the best-paying companies for life insurance agents, you should consider AIG with a median life insurance agent salary of $105,529 or Family First Life with a median salary of $80,185.
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 age group pays the most for insurance?
On average, teens pay over three times more than the average driver, making them the most expensive age group to insure. So, if you're a parent with a teen driver, you understand the struggle of finding affordable insurance for your young driver.
Can a insurance agent be a millionaire?
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.
How old are insurance agents?
The average age of an Employed insurance agent is 45.9 years old.
What is the age group for life insurance?
As we age, we're at increased risk of developing health conditions, which can result in higher mortality rates and higher life insurance rates. You'll typically pay less for life insurance at age 25 than at age 40. Waiting until age 60 may mean an even bigger rate increase and limited policy options.
How much do life insurance agents make per policy?
Typically, a life insurance agent receives anywhere from 30% to 90% of the amount paid for a policy (also known as the premium) by the client in the first year. In later years, the agent may receive anywhere from 3% to 10% of each year's premium, also known as "renewals" or "trailing commissions."
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.
Is it hard to be a life insurance agent?
“Being an insurance agent is not easy – at least if you want to be a good one,” he explains. “Most people become agents because they think it will be easy to make a ton of money and have a passive income stream. But that is incorrect. To be a successful agent, you must work harder than you ever expected.”
Is it hard to make money as a life insurance agent?
A life insurance agent's income potential is uncapped. Some of the highest earners make well over six figures each year, while others choose to work as part-time insurance agents to earn some extra cash.
What is the average life insurance pay?
The average life insurance payout in the U.S. is about $168,000, according to Aflac. However, the payout of your life insurance policy will depend on the face amount (death benefit) you choose and any money accelerated, borrowed against or withdrawn from the policy prior to the payout.
What is the commission of 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.