Life Insurance Course: How Long Does It Take?

To become a licensed insurance agent in New York, you must complete a pre-licensing course. The number of hours required for the course depends on the type of insurance license you are applying for. For a Life, Accident and Health Agent license, the pre-licensing course must be 40 hours long. However, if you are only interested in a Life Agent license or an Accident and Health Agent license, the pre-licensing course requirement is reduced to 20 hours. These courses are designed to prepare you for the state licensing exam, which is the next step in becoming a licensed insurance agent in New York.

Life Insurance Licensing Exam

To become a licensed life insurance agent in New York, you must complete a pre-licensing course that has been approved by the NY Department of Financial Services. The pre-licensing course for a life insurance agent in New York is 20 hours long. However, if you are seeking a license for life, accident, and health insurance, the pre-licensing course is 40 hours long.

The pre-licensing course must be completed before taking the state licensing exam. The state licensing exam for life insurance agents in New York is 2 hours long and consists of 100 multiple-choice questions. To pass the exam, you must achieve a score of 70% or higher.

It is important to note that there are specific requirements that must be met to obtain a license. These include being at least 18 years old and not having committed any felonies or crimes involving fraudulent or dishonest practices. Additionally, you must complete a fingerprinting and background check process before submitting your license application. The license application must be submitted within two years of passing the exam.

Life Insurance License Application

The process of obtaining a life insurance license in New York involves several steps, including pre-licensing education, registering for and passing the state licensing exam, and submitting a license application. Here is a detailed guide to help you through the process:

Prelicensing Education

Before you can apply for a life insurance license in New York, you must complete a prelicensing course that has been approved by the NY Department of Financial Services. The specific requirements depend on the type of license you are seeking. For example:

• Life, Accident, and Health Agent or Broker: Requires a minimum of 40 hours of prelicensing education.
• Life Agent or Broker: Requires a minimum of 20 hours of prelicensing education.
• Accident and Health Agent or Broker: Requires a minimum of 20 hours of prelicensing education.

These prelicensing courses can be taken in a classroom or online, and you must pass the course with a score of 70% or better.

Register for the State Licensing Exam

Once you have completed your prelicensing education, you need to register for the state licensing exam. In New York, the state licensing exam is provided by PSI Services LLC. You can schedule your exam online or by calling their customer service line. The exam can be taken at a physical PSI examination center or via a remote online proctored exam. Remember to bring two valid forms of government-issued identification, at least one of which must include your name and photograph.

Take and Pass the State Licensing Exam

The New York Life Insurance Agent/Broker Examination consists of 100 multiple-choice questions, and you will have a time limit of 2 hours to complete it. To pass the exam, you must achieve a score of 70% or higher. At the end of your exam, you will receive a printed score report indicating your overall score and grade.

Submit Your License Application

After passing the state licensing exam, you must submit your license application to the New York Department of Financial Services. You must apply within 2 years of passing the exam. The application process can be completed online via the NY LINX platform. Along with your application, you will need to submit the licensing fee, which can be paid by credit card, electronic funds transfer, or paper check.

Additional Considerations

It is important to note that there may be additional requirements or exceptions for specific licenses. For example, a candidate applying for variable life/variable annuities authority must provide proof of passing the FINRA series 6, 7, or 63 exams. Additionally, certain designations, such as Chartered Life Underwriter or Chartered Financial Consultant, may allow you to waive the prelicensing education requirement and directly take the Life and Health Laws and Regulations exam.

Life Insurance License Renewal

To obtain a life insurance license in New York, you must complete a pre-licensing course that is approved by the Superintendent of Insurance. The pre-licensing course for a life insurance license is 20 hours long. However, if you are seeking a license for Life, Accident, and Health, the pre-licensing course duration is 40 hours.

Once you have completed your pre-licensing course, you must pass the state licensing exam. After passing the exam, you must submit your license application to the Department, along with any other required paperwork for the type of license you are seeking.

To renew your life insurance license in New York, you must complete 15 credit hours of continuing education (CE) every two years. The license term ends on the producer's date of birth every two years. For example, licensees born in an even year will renew on even years, and those born in odd years will renew on odd years. It is important to note that CE requirements must be completed 60 days before the license expiration date.

Life Insurance License Requirements

The requirements to obtain a life insurance license in New York are similar to those in other states. Here is a step-by-step guide to help you understand the process:

Step 1: Meet the Basic Requirements

Before you begin the process, you must meet certain basic requirements to be eligible for a life insurance license in New York. These include:

• Being at least 18 years old.
• Not having committed any felonies or crimes involving fraudulent or dishonest practices.

Step 2: Complete a Pre-licensing Course

New York requires producer licensing candidates to complete a pre-licensing course that is approved by the Superintendent of Insurance. The number of hours for the course depends on the type of license you are seeking. For a life insurance agent license, you will need to complete 20 hours of pre-licensing education. If you are seeking a life, accident, and health insurance license, the requirement is 40 hours.

Step 3: Register for and Schedule Your State Licensing Exam

After completing your pre-licensing course, you must register for the state licensing exam. In New York, the state's testing provider is PSI Services LLC, and you can schedule your exam online or by phone. The exam for a life insurance agent license consists of 100 multiple-choice questions and has a time limit of 2 hours. A passing score is 70% or higher.

Step 4: Take and Pass the State Licensing Exam

On the day of your exam, you must bring two valid forms of government-issued identification, one of which must include your photo. After you complete the exam, you will receive a printed score report indicating your score and whether you passed or failed.

Step 5: Apply for Your License

Once you have passed the exam, you must submit your license application to the New York Department of Financial Services, along with any required paperwork for the specific license you are seeking. You must apply within 2 years of passing the exam.

Step 6: Maintain Your License

To maintain your life insurance license in New York, you will need to complete continuing education requirements. Most insurance licenses require a certain number of credit hours of continuing education each licensing period.

Life Insurance License FAQ

The life insurance pre-licensing course in New York State is 20 hours long for a Life Agent license. If you are seeking a Life, Accident and Health Agent license, the course is 40 hours long.

• Complete a pre-licensing course: Choose a course that suits your learning style and budget, and make sure it's approved by the Superintendent of Insurance. The course length will depend on the type of license you're applying for.
• Pass the relevant New York Insurance License Exam(s): The exams are proctored and administered by PSI. The cost to apply for the exam is $33, with an optional $6.60 Cancellation Protection fee. You will need a score of at least 70% to pass, and the score is valid for two years.
• Complete a fingerprint and background check: Go to the IdentoGO website or call (877) 472-6915 to schedule an appointment. Make sure to use the correct Service Code, or you will need to restart the process and pay the fee again.
• Submit your insurance license application: You can apply through the National Insurance Producer Registry (NIPR) or directly through the New York Department of Financial Services (DFS) website. The application fee is usually $80 (plus a small transaction fee), but may vary depending on the county you're based in.

• You must be at least 18 years old.
• You must never have committed a felony or any crime involving fraudulent or dishonest practices.
• You must complete the pre-licensing education with a passing grade.
• You must pass the state licensing exam.
• You must complete a fingerprint and background check.

The cost of the pre-licensing course varies, but it will likely be at least $200. This should cover the exam fee, application cost, and fingerprinting fees. The application fee for most insurance licenses is $80, but there are variations depending on the type of license and the county you're based in.

A New York life insurance license is valid for two years. To renew your license, you will need to complete 15 credit hours of continuing education and pay a renewal fee of $80.

Frequently asked questions