Senior sales reps selling health and specialty insurance earn on average $171,571 a year, according to a BDO report.
Health insurance sales is still the most lucrative product for insurance salesmen, according to a recent BDO report, but agents selling everything have the highest earnings. The report used five years of accounting data from five years data from 40 health insurance companies from the annual Health Insurance Industry Sales ForceCompensation Survey.
Health Insurance - Most Lucrative
Health insurance consistently outpaced specialty products when it comes to sales revenue, whether sales reps were national, regional, senior or junior. A senior sales rep selling only health insurance averages $142,538 to $132,412 for senior reps selling specialty products. However, agents selling both make even more. A senior rep selling both garners an average of $171,571 a year on average. Junior reps collect $116,735 selling both, $100,053 selling only health and $91,439 selling only specialty.
How much more do national sales reps make than regional ones? Factoring salary and compensation, senior national reps make $207,159, major accounts $185,106, large groups $161,776 and small groups $144,183.
Senior vs Junior
Both senior and junior reps are seeing solid increases in overall compensation. Over five years and within the last year, the base salary for senior sales reps outpaced compensation increases 18% to 7.1%. Junior reps saw more five year growth in compensation at 12.9% than the 8.7% for base salaries.
To see the entire BDO report click here.