An insurance agent with Combined Insurance Company is a captive agent, meaning the insurance agent only sells Combined insurance products. Agents working for Combined sell disability, accident, health, life and Medicare supplement insurance. Experience in the insurance field is not a requirement, but prospective agents will need to have at least two years experience working in commission-based sales.
Combined offers new agents 13 weeks of training pay as long as they meet certain sales production goals. Specific sales production goals are stated in the insurance agent’s contract agreement. After the 13-week period ends, the agent will switch to commissions-only pay. Combined pays commissions based on the policies the agent sells. The company also offers up to $5,000 in monthly bonus incentives.
Since an agent’s salary at Combined is commissions only, paychecks can vary widely from pay period to pay period. Average yearly salaries are typically determined by adding up the total commissions earned and dividing it by pay periods. What this means for a Combined insurance agent is that he can average for example, $5,000 of income per month, but that doesn't necessarily mean he earns $5,000 per month every month. One month, he could earn $1,000 while the following month he could earn $9,000. These types of fluctuations in pay are the typical nature of commissions-only sales.
Average National Salary
According to the U.S. Bureau of Labor and Statistics “Occupational Employment Statistics May, 2010,” the average national salary for an insurance sales agent is $62,520 per year in the U.S. This salary includes commissions and bonuses. The top 10 percent of wage earners in the insurance sales industry earn an average of $115,340 annually while the lower 10 percent earn $25,940 per year.
Salaries for a Combined insurance agent can vary widely due to the nature of commission-based sales. Agents working in areas that are more densely populated will generally earn more than those working in areas that are more rural. Other websites such as Glass Door, list the average yearly salary at $40,390, which is far below the BLS average of $62,520.