How much can I make as an insurance broker?
Income is tightly connected to commission. Every time you sign-up a client with a new insurance plan you will receive commission. In your first year your commission will be roughly $500 for initial sales and $250 for your second to seventh year selling. You also receive roughly $250 for renewing a client’s insurance plan.
Your yearly salary will depend on the state you plan on working in because the commission and fees vary. Most brokers make their money through commission paid through the insurance company each time a sale is made. Depending on the type of insurance you are working with like if you are working with life insurance or health insurance there is a wide range your commission can fall in. If you are looking to make the most commission per sale, health insurance is the place to be, specifically in selling Medicare.