Whether working for an insurance agency or brokerage, an insurance carrier, or independently, insurance agents help businesses and individuals select insurance products that provide the financial protection they need. A growing number of these professionals specialize in selling mutual funds, annuities, and securities, and providing comprehensive retirement and estate planning services.
Working in insurance requires a host of nuanced skills and knowledge. Aspiring insurance agents can gain the expertise needed to launch a successful career with the online Master of Business Administration (MBA) in Finance program from Florida Institute of Technology.
Insurance Agent Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects that insurance sales agent employment will grow 6% from 2023 through 2033. This rate is faster than the average projected growth of all occupations.
As demand for traditional insurance products continues to increase, the aging population will drive sales of long-term-care insurance products, health insurance and financial planning services designed for the elderly. Continued business expansion will also spur job growth for commercial insurance providers.
In general, insurance companies rely on profit from new customers and, as such, rely on insurance agents to generate new customers. This function helps maintain demand for insurance agents of various types.
College graduates with a strong business background should enjoy the best prospects. Multilingual agents will have an advantage in some regions. Every job seeker should do independent research into local trends and requirements to determine likely demand.
Insurance Agent Duties and Responsibilities
Typical duties of an insurance sales agent include selling life, property and casualty, long-term care, health, and disability insurance policies. Insurance companies design policies to maintain profitability and balance risk while protecting individuals and businesses from financial losses that occur through accidents, storms, theft, cybersecurity breaches, health issues, or the death of a family member or business partner.
Life insurance agents sell policies that pay beneficiaries a predetermined amount when the policyholder passes. They may also sell annuities to provide income in retirement, as part of an overall financial planning strategy. Health insurance agents focus on selling plans that cover medical care expenses during illness or injury. They may specialize in short-term or long-term disability insurance or sell multiple products.
Increasingly, insurance agents help clients plan for a secure financial future with retirement planning services for individuals and pension plan development for businesses. These professionals are usually licensed to sell variable annuities, mutual funds and other securities.
In the past, new insurance agents spent much of their time seeking new clients, but with the rise of online insurance quotes, many clients choose their insurance company and plan, and then connect with an agent. Established agents prepare reports, maintain records and assist clients with filing and settling claims. Those providing financial planning services consult clients to stay on top of changes in financial status and to ensure the client’s financial needs are met.
Insurance agents typically work in comfortable office settings. They frequently travel to make sales, check on clients and investigate claims. Many insurance agents set their own work hours, based on the needs of their clients. A 40-hour week is standard for most insurance agents, though circumstances may require evening or weekend hours.
Potential Salary for Insurance Agents
According to BLS data, the median annual income nationwide for insurance sales agents was $60,370 in 2024. The highest-paid 10% of these professionals earned upwards of $135,660 annually.
Other roles in the insurance industry may offer higher wages and more stability. For instance, BLS reports that insurance underwriters made a median annual salary of $79,880 in 2024, although employment of these professionals will likely decrease slightly in the coming years.
Recent bachelor’s degree program graduates will typically start toward the lower end of the scale and may move up in salary with experience. With substantial experience and determination, well-educated insurance agents can also leverage their finance expertise to advance into high-level roles such as financial manager. Every job seeker should research local trends and requirements to find the finance career path that best suits their needs and interests.
Education and Training for Insurance Agents
Insurance agents must be licensed by the state in which they sell or negotiate insurance. Licensing requirements vary by state and typically include insurance-related courses and an exam. According to BLS, employers may prefer to hire graduates of bachelor’s degree programs in fields such as business and finance. Employers may also offer on-the-job training before sitting for the exam. The increased complexity of tax laws and regulations affecting the insurance industry may lead employers to prefer candidates with legal expertise.
In addition, a greater demand for financial products and financial planning is spurring the demand for insurance agents with advanced degrees, particularly the finance MBA. With this advanced level of preparation, professionals have the broad financial knowledge and advanced skills needed to gain licensure and certification to sell insurance, securities and other mutual funds. This degree of educational attainment also provides professionals with a competitive edge when seeking upper-echelon finance jobs such as chief financial officer.
As such, becoming an insurance agent — or any other finance industry professional — can begin with earning an MBA with a concentration in finance. Coursework typically covers subjects like financial markets and institutions, investment management, portfolio analysis, financial management and managerial economics. Employers can be confident that graduates of an MBA in finance degree program are able to do the following:
- Buy and sell mutual funds, variable annuities and securities
- Solve real-world financial planning challenges
- Evaluate portfolio options and performance
- Apply analytical skills to develop investment policies
- Leverage advanced skills and knowledge to succeed as an insurance agent
Setting Sights on an Insurance Agent Career
Today’s insurance agents are highly skilled professionals who bring clients peace of mind by taking care of their insurance needs, as well as retirement and financial planning. Professionals who currently work in banking, finance or a related profession and enjoy working closely with individuals and business owners could be a great fit for an insurance agent career.
Self-motivated, polished and confident individuals with good sales and communication skills can excel in this field. However, the job does require mastery of finance concepts. Aspiring insurance agents can develop this mastery through advanced studies in Florida Tech’s MBA in Finance online program. Plus, this highly respected degree provides the general business knowledge and management skills needed to elevate one’s career to the highest-level finance roles.
Learn more about Florida Tech’s online MBA in Finance program.
