How old are most insurance agents?
Insurance agents make on average $51,936 per year. The average age of an Employed insurance agent is 45.9 years old. In the next 10 years, the number of insurance agents is expected to grow by 8%.
The average insurance sales agent age is 46 years old. The most common ethnicity of insurance sales agents is White (65.8%), followed by Hispanic or Latino (16.1%), Black or African American (9.4%) and Asian (4.9%). In 2022, women earned 91% of what men earned. 7% of all insurance sales agents are LGBT.
Retiring Insurance Workforce and the Young Professionals
The average age of an agent or a broker, according to industry statistics, is pushing 60, and a white paper published by McKinsey puts the median age of insurance agents at 59 years old.
That is a 90% failure rate for new agents.
Most independent marketing organizations will train insurance agents on all the products they want them to sell.
One of the biggest reasons that insurance agents quit is the fact that they have unrealistic expectations. The insurance industry is huge, which leads many people to think they can easily make a large income by selling insurance.
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.
It is not easy to make a living in insurance, but it is not as hard as you might think. As with any type of sales, becoming an insurance agent can be one of the best paying hard jobs or a terrible paying easy job. Dedicated agents will become successful at insurance sales, just like at any other job.
The insurance industry is known for providing job stability due to its steady demand for professionals skilled in assessing and managing risk.
Did you know that working in the insurance industry is one of the most stressful jobs in America? And while we love the many capabilities provided by technology, there's one thing insurance professionals face that can't be solved by efficient software solutions, and that's STRESS.
Older workers are increasingly open for work, too. More older job candidates are applying for roles, including entry-level positions, according to a recent report by Express Employment Professionals. In this case, hiring managers said they appreciate the additional experience and work ethic.
What is the hardest part of being an insurance agent?
An agent who is only out to earn a commission, regardless of the needs of the client, is not likely to last long in the business. 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.
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.
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.
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.
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.
You Can Help Others
A good insurance professional has the potential to help those in need, such as victims of natural disasters and people enduring a health crisis. Insurance professionals also help make it possible for an individual to buy a home or start a business. Wherever there is value, you can help protect it.
The hiring pool is limited for entry-level and experienced talent, with 65% of people leaving an insurance job also exiting the industry. The leading reason why employees quit is a need for more career development and advancement.
Nearly 400,000 employees are expected to retire from the insurance industry workforce within the next few years, according to the U.S. Bureau of Labor Statistics.
In the past 10 years, most insurance companies operated with roughly an 8-9% staff turnover rate, whereas now, it's more typical for companies to operate in the 12-15% range, with voluntary turnover spiking at more significant levels.
It isn't the most glamorous profession, and it often gets associated with pushy salespeople that force their products down your throat. But here is the reality: there is a lot of money in the money business! The financial services industry has created more millionaires than any other industry.
Is selling insurance a good career path?
Yes, selling insurance can be a good career for independent workers with strong sales skills. Sales agents often earn bonuses and commission, so their income potential depends on their talent.
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $98,197 | $8,183 |
| 75th Percentile | $76,000 | $6,333 |
| Average | $59,733 | $4,977 |
| 25th Percentile | $43,900 | $3,658 |
As an insurance agent, you may think that being an introvert is a disadvantage when it comes to selling insurance. However, being introverted can be an advantage in this industry, as introverts often excel at building deep relationships and listening to the needs of clients.
There is no one answer to this question as the insurance industry can be affected by a number of factors, including economic recession. In particular, it can be difficult for companies to find new customers and compete against larger companies when the market is off its normal path.
- Occupational therapist.
- Mechanical engineer.
- Psychologist.
- Statistician.
- Speech-language pathologist.
- Insurance underwriter.
- Dentist.
- Surgeon.
