Frequently Asked Questions
How does being a Farm Bureau Financial Services agent compare to other insurance companies?
We believe more than 75 years of industry experience, excellent financial ratings, products that safeguard our client/members and help them achieve life goals, along with above average compensation and incentives put us a notch above the rest. Add to that dedicated resources and support, a long-standing relationship with local Farm Bureau organizations, and a belief in doing what's right for our customers and we believe you'll agree our agent business opportunity is second to none.
What is the compensation?
Our agents earn competitive compensation that includes commission and residual income. That means your income is determined by your efforts, not a time clock. It's a simple principle - the harder you work, the more you earn as our commission scale is one of the best multiline exclusive agent contracts in the industry.
On average, a first-year Farm Bureau agent makes 49 percent more than other insurance agents.1 Because our agents sell multiple lines of insurance, there is a potential to earn more by being able to help clients with a variety of insurance needs - auto, home, life, annuities and more.
The top 50% of agents active at the end of the 2021 tax year earned at least $156,315. The average income of these agents was $374,650.2
The top 25% of agents active at the end of the 2021 tax year earned at least $290,718. The average income of these agents was $536,978.2
The top 10% of agents active at the end of the 2021 tax year earned at least $493,856. The average income of these agents was $790,487.2
1The average first year compensation at Farm Bureau was $53,572 in 2021 compared to an industry average of $36,000 for agents in their first four years at other companies. Payscale.com.
2These figures include all taxable items, including bonuses and incentive travel, along with commission.
Click here to learn more about compensation.
Are there costs involved in becoming an agent with Farm Bureau Financial Services?
Unlike many other small business opportunities, there are no franchise fees or long-term financial commitments required when becoming an agent with us. Upfront costs such as state licensing exams and office set-up are minimal compared to other business opportunities. Ongoing expenses are controlled by you and include errors and omission insurance, office rent and staff compensation.
What resources are available to help me succeed?
At Farm Bureau Financial Services, we're committed to helping you succeed. After all, your success is our success. In addition to training and a commission program during the first 5 years, we also offer on-going support from a dedicated and experienced team eager to assist you with product and sales questions. You'll have turn-key marketing tools at your disposal, continuing education opportunities, access to a comprehensive agent-focused web site and the support of a devoted home office team standing behind you.
What is a Farm Bureau membership?
Because of our rural heritage, Farm Bureau Financial Services has a long-standing relationship with local Farm Bureau organizations. For more than 75 years, members of the local Farm Bureau organizations have often been long-term, loyal clients. Client/members who purchase property-casualty products pay a Farm Bureau membership fee that makes them eligible for a number of money-saving benefits. Visit your local Farm Bureau Federation website for benefit details. The American Farm Bureau Federation is a not-for-profit, grassroots advocacy organization.
Where are Farm Bureau Financial Services agents located?
Farm Bureau Financial Services offers property-casualty insurance, life insurance and annuities to client/members in eight Western and Midwestern states. Through our affiliation with Farm Bureau insurance companies in seven other states, affiliated agents market Farm Bureau Life Insurance and Greenfields Life Insurance products. More than 4,000 field associates and 1,700 fully dedicated employees serve the needs of our customers today.
What do you look for in a Farm Bureau agent?
Being a Farm Bureau agent is more than a job, it's a lifestyle. Clients count on you to be there in times of need - day or night. If you're someone who genuinely wants to help people in your community achieve their goals and protect what's most important to them, being a Farm Bureau agent might be right for you. Important traits we look for are confidence, entrepreneurial spirit, strong communication skills, business acumen, sales experience and financial savings, to name a few.
Click here to learn more about who we believe is an ideal agent candidate.
How are agents rewarded for their success?
Farm Bureau agents are paid commissions on the products they sell. That means there's no limit to how much a Farm Bureau agent can earn. Our comprehensive suite of property-casualty, life and annuity products, along with products offered through companies not affiliated with our companies, including health insurance, long term care and disability income, ensures agents can help people at every stage of their life. In addition to income from product sales, Farm Bureau agents have the opportunity to qualify for award travel to sought-after destinations, as well as cash awards earned from sales campaigns.
What kind of marketing support/tools are available to agents?
Farm Bureau Financial Services offers marketing support in a number of ways. To help new agents get off to a strong start, we offer a new agent financing program, co-op advertising for all new agents (and selected existing agents), as well as direct access to product experts. Additionally, we offer a one-stop shop for direct mail and advertising. Growing your business can be challenging, but rest assured, as a Farm Bureau agent you are backed by a team of talented and supportive people to help you along the way.
Click here to learn more about the variety of marketing support that's available at your fingertips.
What is residual income?
Residual income is the commission paid every time an existing client makes a premium payment.
What kind of training is involved?
We believe knowledge is the foundation of a successful career in the insurance and financial services industry. Training and education starts day one with a practical, hands-on approach to learning that includes a blend of classroom sessions, online training and mentoring opportunities. You'll learn how to sell and to set yourself apart.
Click here to learn more about the ongoing training and education you will receive as a Farm Bureau agent.
What does training cost?
When you make a commitment to become a Farm Bureau agent, we make a commitment to you. While you'll be expected to pay for travel expenses associated with attending classroom training, we'll cover the cost of the courses. So you'll make a small investment for knowledge that will serve as a foundation for your future success. During your career, you'll have opportunities to continue your education and invest in ongoing training and professional development seminars. Some of these opportunities include a minimal registration fee and, of course, you pay for travel.