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Sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.
Select a State
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U.S.
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$33,070
($15.90)
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$68,730
($33.04)
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$60,440
($29.06)
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Annual figures are on top. Hourly figures are below in parentheses.
N/A = Information not available
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Employment is expected to grow about as fast as average for all occupations. Opportunities will be best for college graduates who have sales ability, excellent interpersonal skills, and expertise in a wide range of insurance and financial services.
Employment of insurance sales agents is expected to increase by 12 percent over the 2008–18 period, which is about as fast as average for all occupations. Future demand for insurance sales agents depends largely on the variety of financial products and volume of sales. Sales of health insurance, long-term-care insurance, and other comprehensive financial planning services designed specifically for the elderly are expected to rise sharply as the population ages. In addition, a growing population will increase demand for insurance for automobiles, homes, and high-priced valuables and equipment. As new businesses emerge and existing firms expand their insurance coverage, sales of commercial insurance also should increase, including coverage such as product liability, workers' compensation, employee benefits, and pollution liability insurance.
Employment of agents will not keep up with the rising level of insurance sales, however. Many insurance carriers are trying to contain costs and are shedding their captive agents—those agents working directly for insurance carriers. Instead carriers are relying more on independent agents or brokers.
It is unlikely that the Internet will threaten the jobs of these agents. The automation of policy and claims processing allows insurance agents to take on more clients. Most clients value their relationship with their agent and prefer personal service, discussing their policies directly with their agents, rather than through a computer. Insurance law and investments are becoming more complex, and many people and businesses lack the time and expertise to buy insurance without the advice of an agent.
College graduates who have sales ability, excellent interpersonal skills, and expertise in a wide range of insurance and financial services should enjoy the best prospects. Multilingual agents should have an advantage, because they can serve a wider range of customers. Additionally, insurance language tends to be quite technical, so agents who have a firm understanding of relevant technical and legal terms will also be desirable to employers. Many beginning agents fail to earn enough from commissions to meet their income goals and eventually transfer to other careers. Many job openings are likely to result from the need to replace agents who leave the occupation or retire.
Agents may face some competition from traditional securities brokers and bankers, as they also sell insurance policies. Insurance sales agents will need to expand the products and services they offer as consolidation increases among insurance companies, banks, and brokerage firms and as demands increase from clients for more comprehensive financial planning.
Independent agents who incorporate new technology into their existing businesses will remain competitive. Agents who use the Internet to market their products will reach a broader client base and expand their business. Agents who offer better customer service also will remain competitive.
Insurance sales agents held about 434,800 jobs in 2008. About 51 percent of insurance sales agents work for insurance agencies and brokerages. About 21 percent work directly for insurance carriers. Although most insurance agents specialize in life and health insurance or property and casualty insurance, a growing number of "multiline" agents sell all lines of insurance. A small number of agents work for banks and securities brokerages as a result of the increasing integration of the finance and insurance industries. Approximately 22 percent of insurance sales agents are self employed.
The majority of insurance sales agents are employed in local offices or independent agencies, but some work in the headquarters of insurance companies.
Job Zone 4 - Preparation needed
Overall Experience
A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant needs four years of college and several years of accounting work to be considered qualified.
Education
Most of these occupations require a four-year bachelor's degree, but some do not.
Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Examples
Accountants, chefs and head cooks, computer programmers, historians, and police detectives.
These occupations often involve coordinating, supervising, managing, and/or training others.
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Occupational information about insurance sales agents is available from the home office of many insurance companies. Information on State licensing requirements may be obtained from the department of insurance at any State capital.
For information about insurance sales careers and training, contact:
- National Association of Professional Insurance Agents, 400 N. Washington St., Alexandria, VA 22314. Internet: http://www.pianet.org
For information about health insurance sales careers, contact:
- National Association of Health Underwriters, 2000 N. 14th St., Suite 450, Arlington, VA 22201. Internet: http://www.nahu.org
For general information on the property and casualty field, contact:
- Insurance Information Institute, 110 William St., New York, NY 10038. Internet: http://www.iii.org
For information about professional designation programs, contact:
- The American Institute for Chartered Property and Casualty Underwriters/Insurance Institute of America, 720 Providence Rd., Suite 100, Malvern, PA 19355-3433. Internet: http://www.aicpcu.org
- The American College, 270 S. Bryn Mawr Ave., Bryn Mawr, PA 19010-2195. Internet: http://www.theamericancollege.edu
For information on financial planning careers, contact:
- Certified Financial Planner Board of Standards, Inc., 1425 K St. NW., Suite 500, Washington, DC 20005. Internet: http://www.cfp.net
Sources: O*Net data version 12.0
Occupational Outlook Handbook
Department of Labor
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