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Insurance agents are qualified specialists who carry out a need's analysis and assist their clients in locating the best insurance options for their requirements.
Insurance agents are qualified specialists who carry out a need’s analysis and assist their clients in locating the best insurance options for their requirements.
They are essential in ensuring that their client’s family is shielded from future unforeseen financial loss. Knowing the average pay for an insurance agent will help you decide if that is the best career for you if you are thinking about becoming one.
In this post, we go over how to become an insurance agent, as well as the states with the highest average pay for insurance agents.
What is an insurance agent?
A person chosen by at least one insurance company and licensed by their state to offer insurance products to customers is known as an insurance agent. In addition to selling variable annuities, dental, vision, accident, disability, and critical illness insurance, insurance brokers can also sell health insurance, life insurance, property and casualty insurance, and variable annuities.
Independent and captive insurance agents are the two different subtypes. When compared to captive agents, independent insurance agents can typically offer a greater range of insurance products and are frequently appointed with many insurance firms.
Average Salary
It is crucial to take both the average income and the salary range into account when determining the national average compensation for a position.
The average annual pay for insurance agents in the United States is $79,965, with a salary range between $17,000 and $188,000, though there will always be variations in pay by profession and region throughout this article.
While captive insurance agents typically receive base pay along with lower commissions or bonuses, independent insurance agents are typically only paid on commission.
How to become an insurance agent
If you believe being an insurance agent is the right career for you, follow these steps to become an insurance agent:
1. Research your state's licensing requirements
States have different criteria for insurance agent licensing. Therefore, it’s crucial to familiarize yourself with your state’s criteria, so you know what you must do to qualify for the license.
2. Take an insurance licensing preparation course
Before sitting for the state’s licensure exam, the majority of states require candidates to finish a pre-licensing education course. The state’s insurance sales rules and regulations as well as a comprehensive overview of the various insurance product categories should be covered in this course. Usually, it takes one week to finish this pre-licensing course.
3. Study your license exam
You will need to prepare for your state’s license exam using the knowledge you gain in your pre-licensing course. You could want to consider buying more study resources. After finishing their pre-licensing course, the majority of candidates spend at least a week studying and taking practice tests before taking the licensure exam.
4. Pass your licensing exam
Passing your state’s licensing exam is the most crucial step in becoming an insurance agent. You can start applying for jobs after passing your exam and receiving a copy of your state insurance license.
5. Get appointed with an agency
Next, you must choose whether you want to work as an independent broker or a captive insurance agent for a business. When you apply to join the insurance companies whose products you will market, the agency where you are hired will assist you.
6. Maintain your license
To keep your insurance license current, you must also complete continuing education (CE) courses and pass a renewal exam every couple of years. The quantity of continuing education credits you must complete and the time frame for license renewal vary by state, and may also depend on how long you have held your agent license.
Source Indeed.com
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