Insurance sales agent

July 18, 2008

Insurance sales agent

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Pay: The annual median income for insurance sales agents in the Seattle-Bellevue-Tacoma area is $52,700, with most earning between $40,950 and $75,110, according to the U.S. Bureau of Labor Statistics. Many independent agents are paid by commission only. Employees of an agency or an insurance carrier may be paid salary only, salary plus commission or salary plus bonus.

Demand: Employment is expected to increase 13 percent during the 2006-16 period, about as fast as average for all occupations. Multilingual agents should have good job prospects because they can serve a wider range of customers.

Need to know: These workers help individuals, families and businesses select insurance policies for their lives, health and property. They also prepare reports, maintain records and seek out new clients. When policyholders experience a loss, agents help them settle their claims. Increasingly, some agents offer their clients financial analysis.

Agents may work exclusively for one insurance company or may be independent, representing several companies and matching policies to their clients. Independent agents may spend much of their time traveling locally to meet with clients, to close sales or to investigate claims. Although most agents work a 40-hour week, some work 60 or more.

All agents must have a state-issued license, requiring insurance-related coursework and passing an exam. Although some agents are hired right out of college, many are hired as insurance company customer-service representatives and are later promoted to sales agent.

Many companies and independent agencies prefer to hire college graduates, especially those who have majored in business or economics. High-school graduates may be hired if they have proven sales ability.

U.S. Bureau of Labor Statistics: www.stats.bls.gov/oco

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Insurance sales agent

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