What is the earning potential for an insurance sales career?

While there are some jobs that may require a college degree within the industry, the sales and service sector often do not. In most states you can take an insurance license exam for less than $100, the study materials are maybe $200 - $500, and often these are offset by an employer. Once you're in insurance, you can use the continuing education requirements to secure professional designations to set yourself apart from the rest of the field. It's an industry that is in a constant need for talent, so if sales or service aren't in your future they also have a need for tech savy professionals, marketing, accounting, etc.

The earning potential for an insurance career (at least in sales) is virtually unlimited. I've earned a great living as both a captive producer and a broker, and now that I own my own firm I am able to realize the fruits of my labor. By focusing on retention and having an acute awareness for customer service, I am able to build a profitable book that will renew for years to come.

It can be difficult to be a "jack of all trades" in insurance and often you'll find people will specialize in lines of business like personal lines, small commercial, construction, employee benefits, health, etc. However, if you find the right agency or company you can often source business into any field and share commissions with internal business partners. This allows for diversification within your book of business as well as a wide breadth of offerings to clients.

The industry doesn't have a typical one size fits all commission structure. It can be 100% commission, mix of salary and commission/bonus, or straight salary. When you're looking into the industry, especially in the sales environment, don't be afraid to ask for details on compensation plans - How do you pay? How often are commissions paid out? Is there a cap on earning potential? Do you pay additional bonuses or incentives? Are there scenarios where I have to return commissions? Not all comp plans are built the same and you need to keep an eye on what you are being offered. That said, you want to make sure the company has a good culture as well. The most money might not be the best job fit.

It's not an easy industry to learn, but if it was everyone would be doing it. Start off learning what you can, ask your peers, read sales books, go to seminars and webinars, take continuing education courses an actually pay attention. You will learn as you go and if you commit to constantly learning in your career you'll always be successful. I've been in it over 25 years and I still learn something new all the time.

When you start off it can be tough to find a niche market and stick with you. I suggest early on you explore and try some different products and areas to sell in, as you find your passion you can narrow down your focus and start to brand yourself.