Insurance Agent Hourly Pay in Memphis, TN: $25.68 (2026)
Quick Answer:Hourly pay for a insurance agent working in Memphis, TN runs $25.68 at the median for 2026 — annualizing to $53,427 at a standard 2,080-hour year. Figures projected from BLS OEWS 2025 (SOC 41-3021). Weighted against Memphis's regional price level (BEA RPP 92.2, 8% below national), each hour of work buys what $27.86 nationally would. A 24-hour part-time schedule grosses $32,052 per year.
Official BLS data · View source
In 2026, the insurance agent hourly pay in Memphis, TN is projected to be $25.68, which falls significantly below the national median hourly rate of $31.02. This disparity can impact both full-time and part-time insurance agents, particularly those working part-time or seeking per-diem opportunities. For individuals employed three days a week, working 24 hours, the lower hourly rate translates into a reduced annual income, complicating financial stability. The hourly range for insurance agents in Memphis is notable, extending from $15.21 for entry-level positions to $63.42 for top earners, presenting varied opportunities based on experience and specialization. Captive agencies, independent offices, and corporate brokerages can offer different work environments and compensation structures that influence the overall hourly pay landscape.
Insurance Agent Hourly Wage Breakdown
| Percentile | Hourly Rate | Per 8hr Shift |
|---|---|---|
| Entry Level (P10) | $15.21 | $121.67 |
| Lower Range (P25) | $20.49 | $163.94 |
| Median (P50) | $25.68 | $205.46 |
| Upper Range (P75) | $39.45 | $315.61 |
| Top Earners (P90) | $63.42 | $507.39 |
Estimated Annual Income by Work Schedule in Memphis
Based on $25.68/hr median hourly rate · 2026 est.
At $25.68/hr, a insurance agent working full-time (40 hr/wk) in Memphis, TN can expect to earn approximately $53,419 per year (2026 est.). Part-time hygienists working 24 hours per week would earn around $30,819. With a cost-of-living index of 92.18 (below the national average), these earnings stretch further in Memphis.
Hourly Rate Calculator
Schedule Comparison in Memphis
| Schedule | Weekly | Monthly | Annual |
|---|---|---|---|
| Full-Time (40 hrs) | $1,027.30 | $4,452 | $53,419 |
| Part-Time (24 hrs) | $616.38 | $2,671 | $32,052 |
| Per Diem (16 hrs) | $410.92 | $1,781 | $21,368 |
Compare Agent Wages With Similar Roles
| Role | Median Hourly |
|---|---|
| Insurance Agent (Memphis) | $25.68 |
| Real Estate Sales Agent (National Avg) | $32.36 |
| Personal Financial Advisor (National Avg) | $51.62 |
| Insurance Underwriter (National Avg) | $37.70 |
| Claims Adjuster (National Avg) | $35.30 |
Insurance Agents in Memphis, TN earn a median of $53,427 per year (2026 est.), which is 17.20% lower than the national median of $64,522 and 6.10% below the Tennessee state average of $56,897.
Insurance Agent Hourly Pay vs. Cost of Living
Working 24h/week at $25.68/hr = $32,052/year (purchasing power: $34,771).
Working 40h/week (full-time) = $53,419/year (purchasing power: $57,952).
CoL index: 92.179 (100 = national average). Your dollars stretch further here.
2019 BLS Actual
$24.41/hr
2025 BLS Actual
$24.79/hr
2026 Current Est.
$25.68/hr
2019–2027 Growth
+9.0%
Hourly Rate Trajectory for Insurance Agents in Memphis (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.60% projection.
| Year | Hourly Rate | Status |
|---|---|---|
| 2019 | $24.41/hr | Actual |
| 2020 | $26.37/hr | Actual |
| 2021 | $23.25/hr | Actual |
| 2022 | $22.98/hr | Actual |
| 2023 | $21.40/hr | Actual |
| 2024 | $23.96/hr | Actual |
| 2025 | $24.79/hr | Actual |
| 2026(current) | $25.68/hr | Estimated |
| 2027 | $26.61/hr | Projected |
Based on 7 years of BLS OEWS metropolitan area data, the median hourly rate for insurance agents in Memphis grew 1.6% from $24.41/hr (2019) to $24.79/hr (2025). At a 3.60% projected growth rate, hourly pay is expected to reach $26.61/hr by 2027. Part-time and per-diem insurance agents can use this multi-year trend to benchmark future contract negotiations.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Memphis metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.60% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Working as an Hourly Insurance Agent in Memphis
Looking at the earning potential, a part-time insurance agent working in Memphis can anticipate different financial realities compared to their full-time counterparts. For instance, if a part-time worker earning $25.68 per hour is committed to a schedule of 24 hours a week, their annual take-home would be approximately $31,000, which starkly contrasts with the more lucrative possibilities available to full-time agents. Per diem or independent work arrangements are relatively uncommon in this profession, as most insurance compensation leans heavily on commission structures, affecting stability and predictability in earnings. Captive agents at well-known carriers tend to receive base salaries, while independent and larger commercial brokerages might offer more competitive rates, especially in specialty lines. Agents often face a choice between lower hourly pay with solid benefits versus higher wages with no benefits. Successful negotiation strategies for insurance agents in Memphis could involve demonstrating market knowledge and expertise, particularly those with credentials such as CPCU, to justify higher compensation and improve their overall hourly rate in this competitive landscape.
More salary data for Memphis, TN:
Frequently Asked Questions
What is the hourly rate for insurance agents in Memphis in 2026?
How much do part-time insurance agents make in Memphis?
Are insurance agents in Memphis paid hourly or salary?
How much does a full-time insurance agent make per year in Memphis?
Do insurance agents earn more per hour working part-time in Memphis?
Related Pages
Compare Salaries
Career Resources
Nearby Cities in Tennessee
Written by Jordan Lee, MBA
Career Analyst
Jordan has over 10 years of experience in the insurance industry. He specializes in property and casualty insurance. He has worked in both agency and corporate settings.
Methodology & Data Source
Hourly wage figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. A 3.60% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to estimate current 2026 hourly rates for insurance agents in Memphis. Part-time and full-time income estimates assume consistent weekly hours and do not account for overtime, benefits, or seasonal variation.
Data Sources & Methodology
Source: BLS, OEWS, 7-year dataset (–). Per-city data from annual BLS metropolitan area surveys.
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.60%, derived from historical BLS wage trends for insurance agents (SOC 41-3021).
Compiled and verified by Jordan Lee, MBA, a licensed insurance agent with 10+ years of clinical experience. · View source data at BLS.gov