Insurance Broker Question?

Question

On average how much does an insurance broker make in california? Or how much just a well rounded guess nationwide it does not matter...

When an insurance broker gets commision from a company for helping them get more customers...around how much percentage does he cut from the company?

Answer 1

Well, the commission depends on the line of business.  Workers Comp can be as low as 5%.  Life insurance can be as high as 100% of the first year.  

MOST brokers - maybe 95% in their first year, can't make $1,000.  So they wash out.  The majority of the rest, bring home between $30K and $50K the first year, working massive weeks.   One or two stars will bring home six figures.

Answer 2

Probably $100k to $175k per year for the good ones - find one and be willing to have them mentor you.

Companies pay based on the line of business - from 5% to 10% to 20% to 30% (bonds) on the P&C side.

If you are willing to learn and stick it out for a few years - very lucrative!