I typically see studies reporting that the average age of an active life insurance producer is anywhere from 54 to 57, and trending up.
As older producers retire, I also hear from carriers and general agents alike that they are not being replaced at a sustainable rate by younger people entering the field. Many of the newcomers who do opt to pursue selling life insurance as a career are thrown into the job dangerously unprepared and, consequently, fail to make it past the first year. The four-year retention rate has been pegged at about 10%.
As experienced, well-trained agents retire, the industry is in danger of suffering from a considerable case of “brain drain,” as new agents lack sufficient access to the knowledge and experience these veterans possess. All too often these days, new agents don’t receive sufficient up-front training from carriers, aren’t motivated to independently pursue industry designations, or aren’t shown the ropes by a mentor.