Sales have always been one of the areas in which someone with no formal education can have a good life. Insurance sales are no exception. In fact, the nature of insurance sales establishes it as one of the best sales positions with maximum revenue.
The Bureau of Labor Statistics (BLS, for its acronym in English) does not differentiate between insurance sales of life and health or other insurance. Nothing in BLS statistics gives reason to believe that profits of life insurance agents and health vary significantly from these standards.
Commissions are the basis of most of the income of health insurance agents and life. They earn a percentage of each sale they make. For some, the commission is the only income they receive. This is especially true for independent agents. Other agents, especially the employees of a specific insurance company, earn a base salary to which we add the commissions. A third common type of compensation does not have a commission percentage, but does offer a bonus for each successful sale.
Renewals and residues
Renovations, also called waste, are often cited as the main financial reason to enter an insurance agency. If an agent sells life insurance a year, collected his commission during the year. If the policy is active in the following year, it receives a new commission on that policy. This can potentially lead to large revenue, since the life insurance policies often remain in place for decades.
The Bureau of Labor Statistics expects employment in insurance sales grow, which is the average growth rate for all occupations. Employment prospects in sales of life insurance and health will be better for people with actual sales skills and knowledge of medical terminology and industry. The BLS also notes that insurance multilingual agents can expect to earn more than those who speak only one language.