Are you looking for a lucrative career as an insurance agent? If so, you'll want to know which insurance companies pay agents the most. We've done the research to help you find the top insurance companies in the United States that offer the highest salaries for agents. To start, you'll need to obtain a license in your state. This will allow you to sell life, property, and casualty insurance.
You may also need to have prior sales experience, although this isn't always mandatory. It's also important to make follow-up calls to potential clients, as this is seen as a strong indicator of your tenacity. When it comes to life insurance, most companies don't have formal education requirements for agents. However, they do offer commission-based payouts.
Typically, an agent will receive between 30% and 90% of the amount paid for a policy (also known as a premium) by the customer for the first year. In later years, the agent can receive between 3% and 10% of each year's premium, also known as renewals or final commissions. If you're interested in selling property and casualty insurance, you'll need to find companies with ratings of A or higher in your state. Agents who focus on this end of the insurance market help families, businesses, employers, and other parties protect themselves against financial loss when someone dies.
It's important to note that there are two pitfalls you need to be aware of when it comes to becoming an insurance agent. First, you may be considered a contractor and need to spend money on an accountant to set up your business. Second, since something is better than nothing, any experience selling products to companies will be useful. We took insurance agents' average annual salary data from these estimates and ranked each state based on this criterion, with the state with the highest salary ranking as the highest average salary for insurance agents. If you're looking for a career as an insurance agent that pays well, consider researching which companies offer the highest salaries in your state.