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How much money does an IT agent make?

How much money does an insurance agent make?

  • I might be taking a job as an insurance agent for farmers insurance and I was just wondering if anyone knew what an agent made on average. I am just starting out and I don't even have a license yet, but i am assuming I would be getting one through the company.

  • Answer:

    most are on commission. that means that you get a portion of your sales as your income. Different companies pay different commission rates, and some have graduated commission rates - the more policies you sell, the more money you make - an example of that is below for the first thousand policies you sell, you get 5 % commission for the next thousand 7 % for the next thousand 8.5 %. These numbers are completely made up; you should seriously consult the company you are considering working for to check their commission schedule and rates. Some insurance companies have what are called "exclusive" agents, which means that if they work for that company, the agents only sell that companies products. Other insurance companies work with independent agencies, which means that the agency can represent multiple companies and help the customer to find the best deals from among the multiple companies the agent represents. Both of my parents are insurance agents at an independent insurance agency in Marin County, California, near San Francisco.

melradda... at Yahoo! Answers Visit the source

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As a career agent, most companies will subsidize you for your first three years, subject to production requirements. In most states, it is regulated as to how much they can subsidize. In Texas, it's around $50,000 to 60,000 over three years (in addition to commissions earned). Typically, you can expect about $25,000 to $40,000 your first year if you are successful. Most are not. I have also seen a number of first-year agents earn $80K plus. As a veteran agent, it is quite feasible to earn a high-six figure or even seven-figure income. I'm writing all of this assuming you are signing a career contract and acting as a statutory employer for the company. If you are a broker, you receive only commissions. Broker commissions are typically about 50 - 100% higher than agent commissions, but you will pay self-employment tax and have no benefits nor income subsidies.

Rob D

For your first year, if you make it through the year, about $40,000. With no license, and no sales experience, well, lots of luck. It's damn hard to finish out the year. Maybe 5% of agents do.

mbrcatz

It is generally commissioned base. You might reconsider the company you want to be an agent for. See this page about Farmers Insurance http://www.farmersinsurancegroupsucks.com/farmersinsurance_agent_employee.htm Allstate is said to be the most litigated company. You may consider going independent. Continue to ask questions and seek help from others who have been there. Good luck!

Warrior

usually there is a small base salary (which you have to pay back in commission) and then a split between you and the owner of the agency. For example. If your split is 40% you and 60% agency owner and you write a policy where the commission is $1000 then you would get $400. That $400 would pay back your base salary until you have basically paid back your salary. Any commission you make over that is all yours. As long as you maintain your book of business you only need to build up enough business to pay back your base salary once. So... The first few years you wont make too much money but once you have have established a book of business (if your good) you will be making good money. On average, good brokers (who sell commercial insurance) make 6 figures and up.

NY1Krr

Are you going to have your own agency or be a subproducer for an agent? This is a commission career. The more you sell, the more you can make.

529s.com

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