How much does an insurance agent earn per year?

Question

How much does an insurance agent earn per year?

Answer 1

Both answers, above, are correct.

If you are in a company that allows you to earn overrides on people you bring into the industry, WOW!

The overrides can really make you happy.  Last Tuesday I attended a speech by guy with eleven years in our company.  If he stopped selling right now, his continued income would be over $235,000 a year.  

Since he is continuing to sell, his income is clearly much, much, much greater.

You may wish to consider a few different companies to see their compensation plans with an eye toward the residuals.  (Each year a policy holder renews, do you receive a nice portion of the premium?  One, two, three, five percent???

Recruiting others into our industry will make the difference for you.  Most people quit.  I have had people who did not finish the week.  Almost all are out within a month.  But the ones that continue:  Income, income, income.   And I get an override for everything they earn.  (Smiles.)

Answer 2

It varies dramatically.

When I started three years ago, I got hired with a base salary with bonuses based on sales, and made around $30k.  I make a lot more than that now, and I only work with Employee Benefits.  I have coworkers selling liability, general liability and Workers Comp policies and some of them are making a few hundred thousand a year.

It depends on sales success, industry, and how much you are willing to sacrifice your free time.  With discipline, you can make bushels of money.  Without it... less so.

Answer 3

It's usually a straight commission job.  An established agent usually earns around $50K to $80K, but it can be a lot more.