This varies widely. The short answer is that you can make a 4 figure income all the way to a 6 figure income. If I remember correctly, the national average for an "experienced agent" is around $50k to $60k per year. But an "experienced agent" is one who has 3 or more years experience. The average income for those under the 3 year mark is less than that. Of course, all of this varies a bit depending on what area of Life Insurance you are in.
Also, the new agent failure rate is around 90% in the first year. It is a hard profession starting out, but very rewarding once established.
There are a few agents making 7 figures. Many more struggling below $50,000. How much you can make will of course vary by factors like your drive, market focus and skill. Less now than in the past but where you live and work could have a big impact on how much you make. The internet has changed that some.
Your gross income is also going to be different than your net income depending on your business model. Some agents rely on purchased leads some rely on a heavy internet presents. Both methods have high cost. Others may call or door knock a list which is going to have minimal cost. Many established agents have a large client base that they service and get referrals from. So while an agent may have a large gross income, depending on business cost, that agent could very easily net much less than the guy with a much smaller gross.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How much money can you make as a life insurance agent? As much or as little as you can imagine. It all depends..
It depends on your work efforts, your target market, your ability to "work" your target market and sometimes just some luck.
Over my 25 years, I've seen agents fail and I've seen agents earn several million dollars in a year. Probably the best words to remember were from one of those agents who did make millions.."Be nice to everybody, because you'll never know who can help you."
Robert J Russell - Finalist for Broker of the Year 2015
Broker Owner, InsuranceAgentsSelling.com, United States (Most States)
I have been in the business for 30 yrs now and have found out only in the last 2-3 yrs how to make a significant income. I use a phone dialer which allows me to call around 200 people per hour. I start my day calling at 10am and end at 4pm. My goal is to quote 30 term life policies a day and sell 15 per day. This has led me to make $90,000 per month and over $1 million per year.
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Also, the new agent failure rate is around 90% in the first year. It is a hard profession starting out, but very rewarding once established.
Your gross income is also going to be different than your net income depending on your business model. Some agents rely on purchased leads some rely on a heavy internet presents. Both methods have high cost. Others may call or door knock a list which is going to have minimal cost. Many established agents have a large client base that they service and get referrals from. So while an agent may have a large gross income, depending on business cost, that agent could very easily net much less than the guy with a much smaller gross.
A first year life insurance agent that works every day should usually net around $50,000 but many don't make that. A few make way more than that.
You get an automatic raise every day due to the snowball effect of renewals.
It's a great career for the right people. It's misery for the wrong ones.
It depends on your work efforts, your target market, your ability to "work" your target market and sometimes just some luck.
Over my 25 years, I've seen agents fail and I've seen agents earn several million dollars in a year. Probably the best words to remember were from one of those agents who did make millions.."Be nice to everybody, because you'll never know who can help you."
Words I try to live by everyday.