The earning potential for life insurance agents varies depending on factors such as the agent’s level of experience, the size of their client base, and the types of insurance they sell.
According to the Bureau of Labor Statistics, the median annual salary for insurance agents, including life insurance agents, was $50,940 in May 2020. The top 10 percent of agents earned more than $124,850, while the bottom 10 percent earned less than $27,900.
Life insurance agents typically work on commission, meaning that their income is based on the policies they sell. Newer agents may earn less in the beginning, but as they build their client base and develop their sales skills, their earning potential increases.
Some life insurance agents may also receive bonuses or benefits such as health insurance and retirement plans from their employers.
It’s also important to note that, some agents are independent, meaning that they work for themselves and handle their own expenses, which can be substantial, so it’s important to consider these costs when evaluating the earning potential of life insurance agent.
Overall, the earning potential for life insurance agents can be significant, but it depends on the agent’s dedication, effort, and ability to build a strong client base.