Salary of an Insurance Broker

An insurance broker can help protect you from disaster.

An insurance broker helps clients select insurance policies that provide protection in case of injury or loss. His salary can vary depending on experience, employer type and commission.

Salary

According to PayScale, as of January 2010, those with one to four years under their belts averaged $35,381 to $52,300 per year. Those with five to nine years made $49,567 to $79,991, while those with 10 to 19 years were paid $50,453 to $111,483.

Employer

Earnings can also vary according to employer type. Those who work for a company average $43,468 to $85,297. Those who work with a franchise earn $45,000 to $65,000. Self-employed agents show the widest variation in earnings, making from $40,957 to $95,189.

Commission

Many sales agents are paid only by commission, though some earn a salary plus commission or a salary plus a bonus when the sales agency meets its goals.

Outlook

According to the Bureau of Labor Statistics, employment is expected to grow at 12 percent, or about as fast as average from 2008 to 2018. Those selling products to the elderly will experience higher demand as the U.S. population ages.

Products

Brokers typically represent more than one insurance company. Many increasingly sell mutual funds, annuities and other financial products, whose commissions can also affect salary.

References

• Bureau of Labor Statistics: Insurance Brokers
• PayScale: Salary by Experience