Becoming A Life Insurance Agent In Virginia: A Guide

To become a life insurance agent in Virginia, you must obtain a Virginia life insurance license. The process to obtain this license is straightforward and can be completed in a few weeks. The Virginia Bureau of Insurance requires aspiring life insurance agents to complete a five-step process, from taking the life insurance exam to applying for a license. The steps include completing a pre-licensing course, taking the licensing exam, getting a fingerprint-based background check, submitting a license application, and waiting for the results. While pre-licensing education is not mandatory in Virginia, it is highly recommended to increase your chances of passing the licensing exam on the first attempt.

Complete a pre-licensing course

To become a life insurance agent in Virginia, you'll need to complete a pre-licensing course. This will give you the knowledge and tools to pass the licensing exam and prepare you for your career as an insurance agent.

Although Virginia doesn't require you to complete any formal pre-license education, most aspiring insurance agents opt to take a pre-license course. This is because the licensing exam is challenging, and the course will ensure you're well-prepared. The course will cover very specific industry knowledge that will be tested during the exam.

You can choose to take the pre-licensing course online or purchase books and self-study materials. Online courses are self-paced and typically include study materials such as practice exams and flashcards. The cost of the course will vary depending on the provider, but it is an investment worth making to increase your chances of passing the exam on your first attempt.

One popular option is Kaplan's online courses, which have a 93% pass rate and are used by over 81% of readers. Other course providers are also available, and you can compare different options based on factors such as flexibility, price, and reputation.

Once you've completed your pre-licensing course, you'll be ready to take the Virginia Life Insurance Licensing Exam. This is a crucial step in obtaining your license and starting your career as a life insurance agent in Virginia.

Pass the Virginia Life Insurance Licensing Exam

To pass the Virginia Life Insurance Licensing Exam, you must prepare ahead of time. While Virginia does not have any formal pre-license education requirements, most insurance professionals opt to take a pre-license education course online. These courses are self-paced and include study materials like practice exams and flashcards.

The exam itself is administered by Prometric and costs $35. It consists of 90 scored questions across eight sections, which you will have 120 minutes to complete. The sections are as follows:

• Insurance Regulation
• Life Insurance Basics
• Life Insurance Policies
• Life Insurance Policy Provisions, Options, and Riders
• Federal Tax Considerations for Life Insurance and Annuities

You will need to answer 70% of the questions correctly to pass. If you fail, you can retake the exam as soon as 24 hours later, with no limit to the number of attempts you can make.

Get a background check

To become a life insurance agent in Virginia, you'll need to pass a background check as part of the application process. Here's a detailed, step-by-step guide on how to get a background check:

Register for Electronic Fingerprinting:

Start by registering for electronic fingerprinting, which is required by the state of Virginia to run a criminal background check. The fee for this service is $35.72. You can make a reservation with Fieldprint, either online or by calling 877-614-4364. When making your appointment, use the code FPVABOICHRR to create a secure user account.

Attend Your Fingerprinting Appointment:

At your fingerprinting appointment, your fingerprints will be electronically captured and sent for processing. This appointment will be in person at a Fieldprint site location. Remember to bring valid identification with you. After the appointment, you'll receive a receipt, which you should keep for your records.

Understand the Background Check Process:

The background check will be initiated by Fieldprint, who will send your fingerprints to the Virginia State Police and the FBI for a state and federal background check. This process will involve a search of your past conduct to ensure you meet Virginia's insurance agent regulations. Any misdemeanours or felonies on your record may impact your licensing application.

Meet the Timely Submission Requirements:

It's important to note that your fingerprint-based background check must be completed within specific time frames. You must submit your license application within one year of passing the licensing exam. Additionally, to be valid for your application, your fingerprints must be no older than 90 days.

Contact the Virginia Bureau of Insurance for Guidance:

If you have any concerns or questions about the background check process or how it may impact your application, you can contact the Virginia Bureau of Insurance. They can provide guidance and clarify any uncertainties you may have. Their contact information is as follows:

• Email: [email protected]
• Phone: (804) 371-9631
• Website: https://www.scc.virginia.gov/pages/Bureau-of-Insurance
• Mailing Address: Bureau of Insurance, P.O. Box 1157, Richmond, VA 23218

Remember, the background check is a crucial step in becoming a licensed life insurance agent in Virginia. By following these steps and staying mindful of the deadlines, you can ensure a smooth process in your journey towards becoming a life insurance agent.

Submit your application

Once you have passed your Virginia Life & Health Insurance Licensing Exam, you can apply for your license. Applications are submitted online through Sircon or the National Insurance Producer Registry (NIPR) for a fee of $15. If done through Sircon, your application will also include a Sircon service fee ($12.50) and a processing fee ($1.45), while those made through NIPR will include an additional filing fee of $5.60 instead.

If you fail to submit all the required documents alongside your application, you’ll need to correct this within 30 calendar days or your application will be canceled. Applications with all the correct documentation typically take between 15 and 30 days to be processed, though this can reach up to 60 days if an applicant has any misdemeanors or felony convictions on their record.

Note that if you’ve passed the licensing exams for multiple lines of authority, you’ll be required to submit an application (and pay a filing fee) for each of these.

Application review

After submitting your application to the Virginia Bureau of Insurance, all that’s left to do is wait. If everything on your application has been filled out correctly, your license should be issued within 15 to 30 days—this is the amount of time it typically takes for a license application and background check to be reviewed.

The issuance of your insurance license can take longer if there are any items from your background check that need to be looked over. However, the state will likely get in touch with you to give some context if they run into any issues.

The state will send you an email regarding the status of your license once the review has been completed, so keep an eye out for that! You can also keep an eye on the status of your application by heading over to the Virginia State Corporation Commission’s License Search.

Wait for the results

Once you've completed the first four steps of the process—completing a pre-licensing course, taking the Virginia Life Insurance Licensing Exam, getting a fingerprint-based background check, and completing a Virginia Life Insurance License Application—it's time to wait for the results of your application.

The Virginia Bureau of Insurance will review your application and background check. It reviews applications in the order they're received, and this process usually takes 15 to 20 business days from the date you submit your application. In some cases, it can take up to 30 to 60 business days for processing if there are any misdemeanors or felony convictions on your record.

Once the Virginia Bureau of Insurance finishes reviewing your application, they will email you with their decision or ask you to provide more information. If your application is approved, you will receive your life insurance license, and you will be ready to start working as a life insurance agent in Virginia.

You can print your license from the Sircon website, and there is no charge for this. If you don't remember your license number, you can find it using the Virginia Bureau of Insurance Agent Search tool.

Frequently asked questions