THE $100,000
INSURANCE AGENT INCOME CLUB HAS FEW MEMBERS
FACT: NO ONE EXCEPT THE IRS AND THE AGENT HIMSELF KNOW THEIR TOTAL
YEARLY INCOME
Insurance
agent income is very hard to determine, or even
closely estimate. The big misconception is that insurance agent
income is much higher, than in reality is. We suggest you review the report:
Agents-Earning-Income
for a detailed analysis. This will show you how the average insurance
agent income w/spouse, earn less than the current median family income.
This
report will focus on the $100,000 median family incomes of agents. The
chart at the bottom shows by percentage where the insurance agent income
tends to be highest. We will show you why recruiting in these states
many not be the most productive. In addition we will show why college
education may or may not be a key factor when attempting to recruit new
or newer agents.
The states with the highest percentage of 100,000
median income families are (1) New Jersey at 22.4%. (2) Connecticut at
20.1% , (3) Alaska 19.3%, (4) Illinois at 18.3%, (5) Massachusetts
17.7%. This does not mean the insurance agent income is necessary at
these rates. In the United States the average 2005 % of households with
incomes of $100,000 or more was 12.3%. As you will see from the report
on insurance agent income mentioned above, the insurance agent % are
much less. The lowest percentage states are Wyoming, South Dakota, and
Oklahoma. These three states rank 37, 23, and 18 on state to concentrate
recruiting on. On the other hand the top five on insurance agent income
rank 40, 35, 44, 31, and 33.
As you can see all these "top"
states were ranked it the bottom half for recruiting. To see the entire
ranking for recruiting
examine the reports
best states for recruiting insurance agents.
We will give you our analysis on $100,000
insurance agent income producers.
By examining the chart below you will see how the $100,000 percentages
are higher in many of the Northeast States. The Northeastern states also
contain 7 out of the top 10 states for adults over the age of 25
with a college degree. Here's why figures don't match up.
Look where the majority of career life agencies are located. These
recruiting agencies are located where the highest percentage of high
income families live. Career life agencies have changed from
concentrating on average families to those with wealth. In fact many of
the companies have "Financial" in their name, and agents have been
transformed to advisors and registered representatives. They want agents
to focus on $200 month+ policies not the $50 ones, as it takes 4 fifties
to equal 1 $200 monthly one. This in turn has effected agent retention.
Agent retention during the
first 18 months with life career
agencies is only 15 percent. This is horrible, but it is not the agent's
fault. Alot of the recruiting is done by targeting college graduates,
some is by referral, and the rest by newspaper or other solicitation.
Here is a major "miscommunication"... The rookie agent is told be will
quickly be able to earn over $100,000 a year with $200,000 not
impossible. What they are not told, is how few insurance agent income
situations reach near this level before 5 years experience. One of 2
things happen. The agent comes from a $50,000 family income and is
uncomfortable taking to wealthy individuals and firms, ends up selling
very few, and drops out. Or the second occurs, the college educated
professional works long, long hours while his fellow graduates are
working less and making more, he quits to make a career change.
Add the totals. The high turnover, brings down the total percentage of
$100,000 insurance agent earners. The "College education" puts the agent
into an immense sense of lets start earning big bucks right now, or
leave. Also the $50,000 background agent is discouraged from writing
applications of his family's peers, and the pressure to keep up with the
agency leaders becomes unbearable. This is a major reason you do not
find many high income states in with a high ranking among the best
states to recruit in.
Get
straight up answers fast from our reports and
articles. Find agent insurance marketing insights, that are backed by
statistics, taken from studying hundreds of thousands of agent records.
Do not miss reviewing the article,
600,000
agent losers and rising.
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