How Much Does Insurance Sales Agent Make In North Carolina, US?
Last Updated: February 3, 2022
The insurance industry has a wide competition in the market and everyone wants to know how much does insurance sales agent make. People have shown keen interest to become insurance agent in North Carolina and in other states likewise. Possible agents must understand the importance of becoming an insurance sales agent.
Who is an Insurance Agent in North Carolina?
An insurance agent is a representative associated with a single insurance company or multiple insurance companies. Their job is to sell insurance from related agencies and maintain a strong relationship with clients. Therefore, their business depends on how much they can satisfy their clients by providing the right policies and coverages.
Further, there are two types of agents: Captive agents and Independent agents. Captive agents represent a single agency, whereas an independent agent represents multiple agencies. In comparison, independent agents have more flexibility in their work. No matter what type of insurance agent you are, you need to know how to sell insurance.
How Much Does Insurance Sales Agent Make?
Customers usually are overwhelmed by the insurance options and are unsure of what insurance they should purchase. Hence, they seek expert advice from a strong and resourceful insurance aggregator in their locality. As an insurance agent, you will play a crucial role in helping customers get the right insurance. According to Small Business Risk Report, the majority of the small business owners (72% to be exact) maintained that advice from insurance experts is essential for insurance-related decisions.
Independent agents can offer more choices, granting them flexibility. They further have a higher chance of getting the client’s right insurance. Independent insurance agents sell life, health, property, and casualty insurances.
Overall, they pay very decently as well. The Bureau of Labor Statistics (BLS), in May 2020, published the median wage for independent agents in the U.S. as $52,180 per year. Of course, those belonging to the highest-earning groups earned over $125,000. Commissions allow insurance agents to earn a high income. Additionally, commissions earned from renewed policies create a source of passive income. Note that, before achieving stable renewal earnings, it is imperative to build the agency.
How Much Does Insurance Sales Agent Make Influences Starting An Independent Agency
Some of the popular ways to start an insurance agency are:
An agency model
Agency models provide your independent agency the support you need. Agency takes the responsibility of fulfilling all your operational works and lets you focus on selling.
Buying a book of business Impacts How Much Does Insurance Sales Agent Make
Buying a business book from another insurance agency could easily cost you up to $500,000. You can check out the agent directory to find local insurance agents and get in touch with them. The cost can go up depending on how profitable the agency has been. It will be similar to having a sole proprietorship.