The Top 5 Highest-Paying Insurance Careers

Do you want to make a lot of money? If so, you should consider a career in insurance. The five careers listed in this blog post are the highest-paying jobs in the insurance industry. Each one of these positions offers excellent pay and benefits, as well as job security. So if you’re looking for a lucrative career, read more about the top 5 highest-paying insurance jobs!

Insurance Agent

Average Income Classification of Insurance Agent

In May 2021, insurance sales agents made a median salary of $49,840 per year. Median wage is the middle point of a set of salaries. Half of the workers in an occupation make more money than the median wage and half make less than the median wage. This means the lowest 10% of earners made less than $29,970, while the richest 10% made more than $126,510.

The following are the insurance sales agents’ top industries’ median yearly salaries as of May 2021:

Many independent brokers only receive commission payments. There are three possible payment methods for salespeople who work for agencies or insurance companies: salary only, salary plus commission, or salary plus bonus.

For most people, especially for experienced agents, commissions are the most typical source of pay. The kind, quantity, and whether the transaction involves a new policy or a renewal affect how much of a commission is earned. Agents typically receive incentives when they surpass their sales objectives or when the agency achieves its financial targets. A charge rather than a commission is sometimes paid to some financial planning agents.

Following client meetings during business hours, some salespeople spend the evenings completing paperwork and putting together presentations for potential customers. The majority of agents work full-time, and some put in over 40 hours every week.

Income Classification by State

As mentioned above, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $45.01. Similarly, Florida being the lowest paying state in the US with $28.19 hourly mean wage rate and $58,620 annual mean wage rate.

Insurance Underwriter

In May 2021, insurance underwriters made an average yearly salary of $76,390. The 10th percentiles with the lowest and greatest incomes respectively earned less than $47,330 and more than $126,380.

The following table shows the median yearly salaries for insurance underwriters in the top industries in which they worked as of May 2021:

Most underwriters work full time.

Income classification by state

As mentioned in the table, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $51.27. Similarly, Georgia being the lowest paying state in the US with $38.92 hourly mean wage rate and $80,950 of annual mean wage rate.

Actuary

In May 2021, the average yearly salary for actuaries was $105,900. The bottom 10% made less than $63,260, while the top 10% made more than $206,820.

The major industries in which actuaries worked paid them on average the following amounts in May 2021:

Most actuaries work full time, and some work more than 40 hours per week.

Income Classification by State

As mentioned in the table, the highest-paying state in the US insurance agents is New York, with an hourly mean wage rate of $70.27. Similarly, Texas being the lowest paying state in the US with $51.69 hourly mean wage rate and $107,510 annual mean wage rate.

Personal finance advisors

The median annual wage for personal financial advisors was $94,170 in May 2021. The lowest 10 percent earned less than $47,570, and the highest 10 percent earned more than $208,000.

In May 2021, the median annual wages for personal financial advisors in the top industries in which they worked were as follows:

Financial services companies that employ personal financial advisors often pay them a salary plus bonuses. The wage data presented here includes commissions, incentive pay, and production incentives but excludes nonproduction bonuses.

There are two ways that advisors who work for financial investment firms, financial planning firms, or who are self-employed might get paid for their services. For the financial goods they sell, they either charge a flat fee or receive commissions.

The majority of personal financial advisors are full-time employees, and some put in over 40 hours every week. In order to meet with current clients or make an effort to attract new ones, they might also attend meetings on the weekends and at night.

Income Classification by State

As mentioned above, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $75.98. Similarly, Florida being the lowest paying state in the US with $50.42 hourly mean wage rate and $104,870 the annual mean wage rate.

Claims adjusters, appraisers, examiners, and investigators

Claims examiners, adjusters, and investigators made a median annual salary of $65,080 in May 2021. In a business, the median wage is the wage at which half of the workers make more than that amount and half make less. The 10th percentiles with the lowest and greatest earnings respectively were $41,490 and $101,290.

In May 2021, insurance appraisers for auto damage made a median yearly salary of $62,680. The 10th percentiles with the lowest and greatest earnings respectively were below $47,240 and above $91,680.

In the major industries where they worked, claims adjusters, examiners, and investigators earned the following median annual salaries in May 2021:

In May 2021, the median annual wages for insurance appraisers and auto damage in the top industries in which they worked were as follows:

The majority of claim adjusters, valuers, examiners, and investigators have full-time jobs. Their work schedules, though, might differ.

In order to accommodate client appointments on the weekends and in the evenings, adjusters frequently modify their work schedules. Adjusters occasionally work irregular schedules as a result of this obligation, particularly when they have a large number of claims to examine.

Because they need to get in touch with people who are unavailable during typical business hours, insurance investigators frequently work odd hours. Weekend and overnight work are frequently required.

Auto damage appraisers, on the other hand, normally work regular hours and don’t often work on the weekends.

Income classification by state

As mentioned in the table, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $38.35. Similarly, Florida being the lowest paying state in the US with $31.45 hourly mean wage rate and $65,410 of annual mean wage rate.

Highest Paying Insurance Companies

If you are looking for a job in the insurance industry, you may wonder which companies offer the highest salary and best benefits. To help narrow your search, here’s a compiled list of the top insurance companies to work for in terms of compensation and employee satisfaction. Among them are GEICO, AIG Life & Retirement, Prudential Financial, MetLife, and State Farm Insurance.

GEICO

One of the top-paying insurance companies to work for, GEICO offers competitive salaries and benefits. They offer a wide range of job opportunities, from customer service representatives to underwriters. An insurance agent in GEICO earns an average of $37500 to $55000 per year.

AIG Life & Retirement

This company is also one of the best insurance companies to work for, offering competitive salaries and benefits. They provide various job opportunities, from customer service representatives to underwriters. An insurance agent in AIG earns an average of $47000 to $68000 per year.

Prudential Financial

Prudential Financial is another top insurance company to work for and provides competitive salaries and benefits packages. Prudential Financial is popular for its flexible working hours, which can be a great perk for employees. An insurance agent at Prudential Financial can earn an average of $64000 to $82000 per year.

MetLife

One of the top-paying insurance companies to work for, MetLife provides excellent benefits and competitive salaries. They offer various job opportunities, from customer service representatives to underwriters. An insurance agent in MetLife earns an average of $78000 to $94000 annually.

State Farm Insurance

State Farm Insurance is another top company to work for and provides competitive salaries and benefits. An insurance agent in State Farm earns an average of $56000 to $78000 per year. They also offer various job opportunities, from customer service representatives to underwriters.