Income Difference Between Insurance Agent Types
What difference is there in income between life and health and property and casualty?
Does it make a difference (in terms of income and career expectations) what type of insurance I sell?
Put simply, yes, there is a difference. As far as income, larger first year commissions often come from Life or Health Insurance sales. Selling auto or home insurance (Casualty and Property, respectively) yields lower first year commissions, but agents often sell more of these types of policies. Second year and other future commissions are generally higher with the Property and Casualty customers.
Career Expectations - It is generally considered that P & C (Property and Casualty) agencies require more maintenance, in that customers have more changes with buying and selling property and claims must be handled. For this reason agents find they need staff earlier on and on a consistent basis or the agent will get bogged down with the daily business and will be unable to maintain client relationships and build a bigger agency.
Life and Health agents do tend to narrow their focus, as well, as some will stay with the sale of individual policies, some will move into group sales, some will move into estate planning, and some will gravitate into securities. Many Life agents will develop agencies in which they have specialists to help in the various areas their clients need help; the agent uncovers the need and then works with the agency specialists to bring more focus on the particulars.
Is there a difference in terms of income between the different insurance types?
Becoming Licensed
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