There’s a lot that goes into selling insurance. For one, each state has its own rules and regulations regarding the sale of insurance and the licenses you must obtain. In addition, the population demographics of each state play a significant role in earning potential. So, where is the best place to sell insurance?
Below, we’ve compiled a list of the ten best states to be an insurance agent based on various data points. But remember, where you sell insurance is only one factor to consider when you want to take your career to the next level.
As a Good Life insurance agent, you have the freedom to shop around with multiple insurance companies to offer your clients the best insurance products to meet their needs and budgets. This personalized touch may be just what you need to grow your book of business. To learn more about becoming an insurance agent with Good Life Insurance Associates, contact us today.
According to data from the U.S. Bureau of Labor Statistics, the average wage of an insurance agent is $83,760, but the numbers are even sweeter in The Peach State. The adjusted salary of insurance agents in Georgia is $91,641. Additionally, residents can also enjoy a relatively low cost of living.
Georgia also ranks in the top 10 regarding where the most insurance is sold in real dollars. According to the Insurance Information Institute, direct premiums written in the state totaled $26.5 million in 2021.
The $12.2 million direct premiums written in Wisconsin are much lower than in Georgia. Wisconsin’s cost of living is also relatively low compared to many other states. Regardless, Wisconsin ranks high on the list based on the potential salary that insurance agents can earn. The average wage of insurance agents in The Badger State is $80,590, with the adjusted salary being $83,254.
The total direct premiums written in Minnesota were about $14 million in 2021.
Like Wisconsin, the average wage in Minnesota is relatively high at $80,240. Couple this with a lower-than-average cost of living, and it’s easy to see why Minnesota ranks highly as one of the best states to be an insurance agent. The adjusted salary for insurance agents in Minnesota is $79,603.
Indiana keeps the midwestern states trending on this list, ranking fourth in the best states to be an insurance agent. The average wage for insurance agents in Indiana is a little lower at $68,240, with an adjusted salary of $76,245. But, because of the low cost of living, Indiana provides a great location where insurance agents can thrive. In 2021, $13.6 million worth of direct premiums were written in Indiana.
Let’s take a trip to the mid-Atlantic because Delaware is next on the list. While it’s a tiny state, there is a lot of opportunity here simply because of the lack of competition. While there was only $3.3 million worth of direct premiums written in 2021 in Delaware, there aren’t nearly as many insurance agents there, providing many opportunities for sales.
The average wage for insurance agents in Delaware is relatively high at $76,910, with an adjusted salary of $75,848. The cost of living is a little higher in Delaware than in some midwestern states, though property taxes are low, and there is no sales tax.
Alabama is another southern state that makes the list of the ten best states to be an insurance agent. With a coastal border on the Gulf of Mexico, some parts of Alabama are susceptible to flooding and hurricanes, which is why the premiums here are higher than you might think. In 2021, $10.8 million worth of direct premiums were written.
The average wager for an insurance agent in Alabama is $69,000, with an adjusted salary of $75,657. Keeping with the trend, the cost of living is relatively low here, too.
We’re heading back to the Midwest with Nebraska at #7 on the list of best states to be an insurance agent. According to the III, the state accounted for $6.1 million worth of direct premiums written in 2021, which is high compared to the state’s population. The average wage is agreeable to most at $69,280, with an adjusted salary of $75,633.
The Buckeye State ranks 8th on the list, providing ample opportunity for insurance agents to succeed. The III reports that in 2021, $19.7 million worth of direct premiums were written. According to the Bureau of Labor Statistics, the average wage for insurance agents in Ohio is $69,260, with an adjusted salary of $73,837. The cost of living in Ohio is on the lower end, too.
9. North Dakota
North Dakota is the least populous state on the list, with only about 775,000 residents. Yet, there was almost $3 million worth of direct premiums written in The Roughrider State in 2021, which is high compared to that population. That provides ample opportunity for insurance agents since there aren’t as many agents here per capita vs. other states. The average wage for insurance agents in North Dakota is $71,820, with an adjusted salary of $72,253. As you may have guessed, residents can also enjoy a relatively low cost of living.
Rounding out the list of the ten best states to be an insurance agent is Kansas, The Sunflower State. In 2021, approximately $7.9 million worth of direct premiums were written. The average wage for an insurance agent in Kansas is $64,920, with an adjusted salary of $72,213. Kansas also has a relatively low cost of living.
Join the Good Life
With the excitement of the new year, are you feeling the urge to make a change? If so, our team at Good Life Insurance Associates welcomes your call. Becoming an independent agent is exciting and liberating, but we know it can be a little scary to step outside your comfort zone; that’s why our team is here to help.