Career Opportunities for Insurance Producers in Illinois

The insurance industry is growing in Illinois, and professionals who earn an Illinois insurance producer license are poised to take advantage of the gains.

Let’s take a look at the career opportunities available for insurance producers in Illinois. Then we’ll explore the job market projections and see how much Illinois insurance sales agents earn (spoiler alert: Illinois agents outearn 47 of the 50 states).

Insurance Career Opportunities in Illinois

There are many openings across the state for insurance producers in the following positions:

Salaried Insurance Sales

Agents who are hired as employees by a single company to sell only that company’s products are called captive agents. These positions typically include a base salary plus commissions on sales.

On the plus side, the learning curve is gentler because there aren’t as many products to learn when you represent just one company. Plus, the company may provide leads and may even offer benefit packages. The downside is that you are limited to the products offered by the company, so you might not be able to serve as many people.

Independent Insurance Sales

Independent insurance producers are authorized to sell products from multiple insurance providers. They often work under an insurance broker or even launch their own insurance brokerage.

Independent agents have more freedom and flexibility than captive agents. Rather than earning a base salary, they are often paid fully on commission, meaning they only earn money when a product is sold or renewed. This requires more self-motivation, but it also puts you in full control of your work life and your earning potential.

Corporate Leadership

Insurance producers also have room for professional development and promotions. Large insurance corporations like United Health, State Farm, and Allstate employ thousands of people at the corporate level. Plus, State Farm and Allstate are both headquartered in IL (in Bloomington and Northbrook, respectively).

Job Market Outlook

The national outlook for insurance sales agents is strong, with the Bureau of Labor Statistics (BLS) projecting 47,100 new openings in the market each year through 2033. This represents a growth rate of 6% for the industry, outpacing most other occupations.

In Illinois, specifically, over 41,000 people are currently working as insurance sales agents. The Illinois Department of Employment Security (IDES) expects to see around 3,400 new openings in this field each year through 2032 as new positions are created and existing workers retire or transfer to other careers.

Income Potential for Insurance Producers in Illinois

Illinois is one of the highest-paying states in the U.S. for insurance sales agents, coming in at number three behind only New York and New Jersey.

The annual mean wage for insurance producers in Ilinnois is $105,150 (which equates to $50.55 per hour).

In the Chicago metro area, the mean wage is $116,710. This is higher than every metro area in the country except for Utica and Watertown-Fort Drum in New York.

Even in Illinois markets with a lower cost of living, insurance agents are earning a good living. For example:

• In the Quad-Cities (Moline, East Moline, and Rock Island on the Illinois side), the mean wage is $75,210

• In Champaign-Urbana, the mean wage is $78,010.

• In Bloomington, the mean wage is $84,620.