Life Insurance Agent Salary – Career Outlook and Duties

Life Insurance Agent Salary

The role of life insurance agents has changed over the years.

Today, they are not only sales persons, nor do they just try to push different insurance products to prospective clients, but they also offer advice regarding different products in the market.

In short, they serve and sell the policy. Their primary role is to act as representatives for the insurance company they are affiliated with.

A life insurance agent salary is lucrative, which is why many people have joined this field. If you are contemplating or have chosen this career path, you need to gain an understanding on a few aspects related to this field.

Salary and employment trends

In Australia, the employment of insurance agents has gone up by 15.5 percent over the last 5 years. Competition in this industry is high and it is important for agents to pursue continuing education to remain competitive. The starting salary of an agent is estimated to be 48,000 dollars per annum. Senior salary on the other hand is at 75,000 dollars per year. This brings the average salary to 57,000 dollars per annum.

It must be noted that wages vary depending on level of skill, employer and experience. Full time life insurance agents work approximately 39 hours every week. Typically, insurance agents are expected to work from Monday to Friday. They may however have to work evenings in order to meet quotas or set deadlines. They generally work in office set ups, but there are those who have to reach out to clients in different offices.

Categories of insurance agents

Generally, insurance representatives can be grouped into two categories. The division is mainly based on the insurance providers they work for. The two types are independent agents and direct insurance agents. Direct agents work with one insurance company, and are mostly employed full time. They receive a commission and a particular fee for selling the company’s products.

Independent agents on the other hand work for different insurance companies. They earn commissions from the premium paid by the clients they refer to various companies. They are also entitled to a salary. Since they work with different companies, they help clients get the best products in the market.

Duties and roles of life insurance agents

Insurance agents are expected to approach potential clients using different platforms such as mailings, phones, making presentations, sensitizing communities and speaking publicly to create awareness. They also have the task of determining clients’ individual needs and those of bodies such as financial institutions. They do this by scheduling fact finding interviews in a bid to ascertain both the short and long term needs of the market they serve. They also work with clients and the companies involved to process claims, and are required to document all clients’ policies, claims and payments. Read: Why Internet Insurance Leads Suck

Skills required

The main skills required for those in the industry include communication skills, analytical skills, time management skills, critical thinking skills and organizational skills.