What is the average salary for an insurance broker?

Question

Im trying to become a successful insurance angent and want to become a broker.

Answer 1

I think you mean income and not salary.

Insurance is a tough business Brokers can struggle making 20K or thrive making 100K+ it greatly depends on the individuals ability to produce.

The keys to success are PROSPECTING, PROSPECTING, then KNOWLEDGE , read everything you can get your hands on. Subscribe to life insurance selling and any other industry magazines you can get. You need to constantly read. If you are selling health insurance learn as much as possible about the major carriers in your state. Understand each companies strengths and weaknesses.

You need to spend money to make money. Purchase leads from people looking for the products you are selling. I suggest Vimo.com, they have websites that prospects visit to request quotes and then the lead is sent to you in real time.

But with that said if you don't have the skills you will not close very many sales. I found these very helpful:

CD's "How to master the art of selling anything" by Tom

Hopkins

http://www.tomhopkins.com/store/product....

"Prospecting you way to sales success" by Bill Good

http://www.billgood.com/bills_book/

Remember listen to your clients, help them fill a need with what they need not what you need to sell.

Answer 2

Brokers typically get paid commissions.  The keys to making a very good living as a broker are to (1) sell commercial lines (not personal lines like auto and homeowners insurance), (2) choose a niche or two or three that you are interested in (restaurants, non-profits, professionals, building contractors, apartment buildings, retail malls, etc.) and learn them like the back of your hand, (3) be professional and work well with underwriters, and (4) always do right by your insured and become a valued resource for them.  Brokers can easily make $200K and higher.  I know many that make well over $1M a year.  The sky's the limit, really.

Answer 3

$0

You must produce to eat.

Answer 4

As far as I know there is normally not a salary but strictly a commission.  As a caveat to that, some exclusive agents who sign with a specific company sometimes get a salary for the first few years until they build up a book of business enough to have a commission base to support them.