Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How much does a Life Insurance Agent make in their first year? Well it's a range from a huge debt to a huge profit. There is a 90% failure rate in the first two years for life agents. Usually life insurance sales is a commission only occupation and an agent will make what they've earned through their work.
Even in situations where advances are provided, failure in the business can turn those advances into a "loan" that must be repaid.
If someone is considering a job in insurance sales they need to realize it is a profession that requires a lot of work and effort. No one "gives" you anything and it is not as easy as it looks.
Life insurance policies do not pay any commission to the agent until the policy is put into effect, and with medically underwritten policies, this can take months. Most people looking to start out in the life insurance business do not have the wherewithal to live on little to no income for months, so count on a draw or salary to pull them through the first year. However, this may need to be paid back, in addition to the expenses of starting up. So the first year can be very tough. If you get past that, your odds of succeeding will have improved greatly.
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Even in situations where advances are provided, failure in the business can turn those advances into a "loan" that must be repaid.
If someone is considering a job in insurance sales they need to realize it is a profession that requires a lot of work and effort. No one "gives" you anything and it is not as easy as it looks.