The insurance agent salary in the United States is $49,990 per year. While in Canada the median annual salary for this job is C$40,550 ($31,389 USD). The same professional in the United Kingdom makes £17,182 ($22,178 USD) per year. While in Australia the median yearly pay is AU$52,700 ($40,102 USD).
In Switzerland, the annual pay for the insurance agent job is CHF 102,500 ($102,531 USD), while in Norway is NOK382,000($44,283 USD) per year.
Insurance Agent Salary Influencers
If you are a persuasive individual who can seal the deal with various types of clients, the insurance agent job might be of interest to you. While the median salary insurance agent professionals receive is fairly pleasing, those with experience in this field will most likely be interested in the commissions that can boost their income.
Nevertheless, most insurance agents don’t rely only on their monthly paycheck. In our guide for insurance agent salary, we will talk all about the factors that influence the salary of an insurance agent.
1. Industry
The most significant factor that affects the insurance sale agent salary is the industry and way they work. In other words, the independent insurance agent’s salary might be just from commissions, while those who work for insurance companies can work in one of these 3 ways:
- Just their salary
- Salary and commissions
- Just commissions
- Salary and bonuses
To help you get a better idea about insurance agent salary ranges, here are a few examples of employers and the wages they offer.
- Farmers insurance agent salary – $24,628 – $35,184
- State Farm insurance agent salary – $19,652 – $62,548
- Aflac insurance agent salary – $22,558
- Allstate insurance agent salary – $25,825
- Bankers life insurance agent salary – $35,556
- AAA insurance agent salary – $41,000
- Farm Bureau insurance agent salary – $46,777
- Knights of Columbus insurance agent salary – $21,853
- Liberty Mutual insurance agent salary – $41,753 – $73,181
2. Geographical Area
| Insurance Agent Salary | US | Canada | UK | Australia | Switzerland | Norway |
| Hourly Wage | $23.95 | C$19.49 | £8.26 | AU$25.33 | CHF49.27 | NOK183.65 |
| Annual Wage | $49,990 | C$40,550 | £17,182 | AU$52,700 | CHF102,500 | NOK382,000 |
The licensed insurance agent salary also strongly depends on the state that you work in. While states like Minnesota have a median salary of $94,040 for an insurance agent, others like Wyoming are just $45,660. In addition to Minnesota, the states that have the greatest salary for insurance agents are:
- New York life insurance agent salary – $82,540
- Life insurance sales agent salary in Massachusetts – $78,160
- Life insurance agents salary in Wisconsin – $76,500
- California insurance agent salary – $74,420
- Insurance agent salaries in Pennsylvania – $72,430
The states with the smallest insurance agent salary estimates are:
- Commercial insurance agent salary in Wyoming – $45,660
- South Carolina life and health insurance agent salary – $46,830
- New Mexico title insurance agent salary – $48,690
- Insurance agent salary in Oklahoma – $49,660
- West Virginia licensed health insurance agent salary – $50,530
Insurance Agent Salary in the US
According to the Bureau of Labor Statistics, the yearly median pay for insurance agents for 2016 in the US was $49,990, meaning about $24.03 per hour. While Payscale states a yearly pay of $$37,379 for an insurance agent.
Insurance Agent Salary by State
| State | Annual mean wage($) |
| Alabama | 58220 |
| Alaska | 54340 |
| Arizona | 57470 |
| Arkansas | 58820 |
| California | 74420 |
| Colorado | 53870 |
| Connecticut | 68490 |
| Delaware | 66350 |
| District of Columbia | 63420 |
| Florida | 68110 |
| Georgia | 65320 |
| Hawaii | 69230 |
| Idaho | 61700 |
| Illinois | 60650 |
| Indiana | 55640 |
| Iowa | 52400 |
| Kansas | 66460 |
| Kentucky | 55010 |
| Louisiana | 53470 |
| Maine | 54810 |
| Maryland | 61860 |
| Massachusetts | 78160 |
| Michigan | 60340 |
| Minnesota | 94040 |
| Mississippi | 52870 |
| Missouri | 61790 |
| Montana | 59260 |
| Nebraska | 53360 |
| Nevada | 54970 |
| New Hampshire | 62240 |
| New Jersey | 71370 |
| New Mexico | 48690 |
| New York | 82540 |
| North Carolina | 58820 |
| North Dakota | 63900 |
| Ohio | 64470 |
| Oklahoma | 49660 |
| Oregon | 62190 |
| Pennsylvania | 72430 |
| Puerto Rico | 31780 |
| Rhode Island | 70110 |
| South Carolina | 46830 |
| South Dakota | 63520 |
| Tennessee | 58290 |
| Texas | 59890 |
| Utah | 53480 |
| Vermont | 62330 |
| Virginia | 61230 |
| Washington | 58980 |
| West Virginia | 50530 |
| Wisconsin | 76500 |
| Wyoming | 45660 |
Insurance Agent Salary in Canada
According to Payscale, insurance agents from Canada make about C$40,550 yearly. So, the pay per hour is C$19.49.
Insurance Agent Salary in the UK
In the United Kingdom, the median salary per year is at £17,182, with salaries generally ranging between £14,407 and £24,730.
Insurance Agent Salary in Australia
As Payscale reports, Australia has a yearly median pay of AU$52,700 for an insurance agent. Therefore the hourly pay is at AU$25.33.
Insurance Agent Salary in Switzerland
The annual pay for professional with insurance skills in Switzerland stands at CHF102,500, with an hourly rate of CHF49.12.
Insurance Agent Salary in Norway
In Norway, the median insurance agent salary is NOK382,000 per year, so the hourly pay stands at NOK183.65.
3. Experience
As opposed to most other occupations, most senior insurance agents might prefer to work only on commissions. The larger the policy and client are, the larger the commission will be. Subsequently, some experienced insurance agents might not even strive for a top life, health or car insurance agent salary, as their commission might be much larger.
However, as with any other occupation, a commercial or independent insurance sales agent salary and/or commission will increase as the years pass. The main goal of most insurance agents is to have an admirable client list and work with large commissions.
In Australia, an experienced insurance agent salary can rise up to as much as AU$64,635. Payscale reports insurance agents in the US get a commission of $243.83 – $11,825 yearly, which can lead to a total yearly pay of $60,662.
Working Hours
Most insurance agents spend their time with potential clients and in meetings. This sometimes requires insurance agents to work outside of regular hours, in order to meet with clients at hours that are suitable for them. Some insurance agents might not even have an office at all – especially independent ones – as they just need to meet with clients to discuss policies and plan options.
While any overtime or extra hours aren’t paid by default, the precious time spent negotiating with clients can lead to impressive commissions and signing contracts.
Bonuses & Benefit Packages
One of the greatest benefits related to the insurance agent salary is that most professionals in this industry work on their own time, during their own schedule. They set up meetings when they want and when their clients are available. Some insurance agents choose to schedule multiple meetings in a few days and take the rest of the week off, depending on the company they work for.
Bonuses in the United Kingdom can reach as high as £1,000, leading the total highest pay for this position to range between £14,407 – £24,730.
Another great benefit that insurance agents enjoy is the commission. While a fixed salary can be very limiting for an employee, insurance agents have the opportunity to constantly increase their income as they work with larger clients and policies.
Job Outlook
The job outlook is fairly satisfactory for potential insurance agents. Until 2024, the demand for such professionals is projected to increase by 9%. While it’s great news that the demand isn’t static or in decline, it’s just 2% above the national average for all occupations (7%). The reason why the percent change in employment isn’t expected to sky-rocket is that more and more individuals and companies are now purchasing insurance policies online, on their own.
An individual looking to become an insurance agent should possess strong communication skills, patience, and persistence. If you know foreign languages, there are higher chances that you can expand your portfolio of clients. Basic knowledge in various industries – or at least the ones that your clients activate in – can also increase your chances. If interested in this field you can also read more about the stock broker salary.
Conclusion
All in all, the insurance agent salary might not be the highest on the market, but the commissions are more than attractive. You can either work for an insurance company or on your own. As long as you have great customer service skills and you know how to persuade a client, you are bound to become a successful insurance agent.
Leave a Reply