Highest-Paying Agent Jobs [2023] - Zippia (2024)

Research Summary. Using a combination of public government and company data as well as data gathered from thousands of job postings, the Zippia data team has created average salary estimates for jobs across the US. Using that data set, the team has identified the types of agents that are the highest paid based on their average annual salaries.

Here is a summary of our findings for the highest-paying types of agents:

• Life Insurance Agent is the highest-paid type of agent with an average salary of $62,552 and an average hourly rate of $30.07.

• The second highest-paying type of agent is licensed insurance agent, with an average salary of $54,118.

• The average agent salary is $37,864 per year, and the average hourly pay is $18.20.

Table Of Contents: Background | Table | Methodology | FAQs

Background

Choosing a career path can be difficult, and while pay shouldn’t be the only thing you consider in your decision, it is a significant factor. So if you’d like to work as an agent, it helps to have an idea of what the highest-paid types of agents are so that you can plan your career progression.

Here are the top salaries for different types of agents:

1. Life Insurance Agent

   Average Salary: $62,552

   A life insurance agent is responsible for offering life insurance services for clients according to their needs and qualifications. Life insurance agents handle insurance claims of the beneficiaries, ensuring the accuracy of documents and account statements for verification. They also discuss possible options and alternatives, as well as considering the clients’ long-term financial goals and objectives. A life insurance agent must be well-knowledgeable of the insurance services offered by the company, discussing policies and coverage to suit the clients’ best interests.

2. Licensed Insurance Agent

   Average Salary: $54,118

   A licensed insurance agent is primarily responsible for finding and utilizing opportunities to secure insurance sales. Moreover, a licensed insurance agent must reach out to potential clients, discuss and negotiate terms, respond to inquiries, and perform various assessments to determine their ability to uphold financial obligations. Besides building a client base, they also need to handle current policies, process renewals, monitor claims, maintain an accurate record of transactions, prepare progress reports and strategies, and distribute policy proceeds according to the company rules and regulations.

3. Insurance Agent

   Average Salary: $51,936

   An insurance agent is responsible for inviting potential clients to the insurance company by offering different insurance services. Insurance agents must have a comprehensive knowledge of insurance types to provide the clients with the best insurance option in the market. The insurance agents should evaluate a client’s long-term needs and financial goals to create individual packages as the insurance company allowed. An insurance agent also handles policy renewals and keeps customers’ insurance files for reference.

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   The Best Cities for Real Estate AgentsWhat’s the Average California Real Estate Commission Rate?

4. Health Insurance Agent

   Average Salary: $49,934

   Health Insurance Agents are salespeople whose primary product is health insurance. Insurance companies hire them to reach sales targets. They are trained to sell insurance to individuals or groups of people. They are expected to be familiar with all the products of the company. Health Insurance Agents should assess their clients’ needs and recommend the best health insurance product that fits their needs. They should be able to explain the product’s features and answer any inquiries that the clients may have. Health Insurance Agents should also know how to compute insurance premiums and estimate payouts.

5. Insurance Sales Agent

   Average Salary: $49,587

   An insurance sales agent is a professional who helps an insurance company generate new business by contacting customers and selling one or more types of insurance. Insurance sales agents conduct interviews of prospective clients to get data about their financial resources and explain the features of the various insurance policies. They analyze the clients’ existing insurance policies and customize insurance programs to suit their needs. Insurance sales agents also do other administrative tasks, such as keeping records and handling policy renewals.

Below is a full table of the average pay for various agent that pay the most followed by a more detailed explanation of our methodology.

Highest-Paying Types Of Agents

Methodology

Zippia uses publicly published information from government sources such as the Bureau of Labor Statistics (BLS), Foreign Labor Certification Data Center (FLC), and the Office of Personnel Management (OPM) to create its salary estimates.

Our data science team also checks job postings and company-published resources for additional up-to-date salary information for agents.

Once they’ve gathered the data, the team calculates a weighted average for each job title they’re estimating a salary for. For more details on our salary estimates, you can read the detailed methodology.

Highest-Paying Types Of Agent Jobs FAQs

1. What is the highest-paid agent job?

   The highest-paid agent job is a life insurance agent. Life Insurance Agents earn an average salary of $62,552, which is $ 30.07 hourly.

   A life insurance agent is responsible for offering life insurance services for clients according to their needs and qualifications. Life insurance agents handle insurance claims of the beneficiaries, ensuring the accuracy of documents and account statements for verification. They also discuss possible options and alternatives, as well as considering the clients’ long-term financial goals and objectives. A life insurance agent must be well-knowledgeable of the insurance services offered by the company, discussing policies and coverage to suit the clients’ best interests.

2. What is a good salary for an agent?

   A good salary for an agent is $37,864 or more. The average agent salary is $37,864, so those making at least $37,864 are earning above-average paychecks.

   Keep in mind, however, that the average agent salary does fluctuate based on location, as companies will adjust their pay scales based on the cost of living in that area. Research what the average salary is in your area for someone of your expertise and experience level to get a more accurate view on how well you’re being paid.

   In addition, if you’re just starting your career as an agent, the average entry level salary is $22,697, so don’t base your opinion of your salary on the $37,864 average, as this includes all agents of all skill and experience levels.

3. Do Agent jobs pay well?

   No, agent jobs don’t pay well. As in any industry, some agent jobs pay better than others, but the average agent salary of $37,864 is times the average national salary of about $44,225 per year.

   In addition to this, many agent jobs have high earning potential, with the top 10% of agents earning $44,223 a year on average.

   Agents’ salaries will fluctuate based on their experience level, industry, and location, so pay attention to these factors when you’re looking for a job as an agent. Do your research on the going rate for an agent in your area with your expertise, and don’t be afraid to negotiate your salary based on that information.

4. Where do agents get paid the most?

   Agents get paid the most in Alabama. In Alabama, agents earn an average annual salary of $57,616 and an average hourly wage of $27.70.

   Following AL, the states with the highest-paid agents are Iowa, Connecticut, and Vermont, with average annual salaries of $44,845, $55,614, and $49,486 respectively.

   The cities with the highest-paid agent salaries are:

   1. New York, NY – $58,324

   2. Boston, MA – $52,774

   3. Madison, WI – $46,782