Lucrative Career Options With A Life Insurance License

If you're thinking about getting your life insurance license, you're probably wondering what career paths will be open to you. The good news is that there are plenty of options to choose from. You could become a life insurance agent, selling policies and annuities, and working with clients and beneficiaries to process insurance claims. This role involves a lot of selling and marketing, so strong interpersonal and communication skills are a must. Alternatively, you could work as a health insurance agent, helping clients navigate the complex world of healthcare and find the coverage they need. If you're looking for an entry-level position, consider becoming a property and casualty insurance agent, helping clients insure their property and assets. Or, if you prefer a more investigative role, you could work as a claims adjuster, assessing the damage involved in insurance claims and negotiating with policyholders. With a life insurance license, the choice is yours!

Life Insurance Agent

To become a life insurance agent, you'll need to pass a state-administered licensing exam, as well as take a licensing class that typically runs 20-50 hours. A bachelor's degree is recommended but not required. Most companies will train new hires, but you'll need to commit to continued education to maintain your license.

Life insurance sales can be a tough and gruelling career. It involves constant hustling, networking, and rejection. It can be difficult to find qualified customers, and even when you do, life insurance is a difficult product to sell. However, for those who can handle the potential rejection, the paycheck and flexibility can make it a rewarding career.

Health Insurance Agent

A health insurance agent sells health insurance and related products to clients. They are responsible for finding clients, sharing options that meet their requirements, and helping them get their claims settled. Health insurance agents also help people navigate healthcare exchanges and sign up for the coverage that best suits their needs and budget.

Skills and Qualifications

Strong customer service and analytical skills are a must for health insurance agents. They must also be adept at verbal and written communication, time management, critical thinking, and decision-making. A good understanding of healthcare laws, state and federal health benefits, and tax laws is also necessary.

In most US states, health insurance agent licenses are packaged with life insurance qualifications. To earn a license, you must complete pre-licensing education and pass a combined life and health insurance exam. A high school diploma or GED certificate is required, and a bachelor's degree can increase your job prospects.

Salary

The average salary for a health insurance agent as of November 2019 was $55,839. Agents are typically paid by commission.

Job Outlook

There is a constant and growing demand for insurance, and this strong outlook for insurance sales is not expected to change anytime soon. Between 2012 and 2022, the number of insurance agent positions in the United States was projected to increase by 10%, reaching a total of nearly 500,000 insurance agents nationwide.

Property and Casualty Insurance Agent

A property and casualty insurance agent helps clients secure insurance for their property, including their homes, vehicles, and other valuables, against possible damage or legal liability. They also help their clients settle insurance claims.

To become a property and casualty insurance agent, you will need a high school diploma or GED. Most states require agents to complete prelicensing education and pass a licensing exam. Some states also mandate continuing education courses. A bachelor's degree is preferred and can improve your job prospects. Taking courses in business, finance, economics, and public speaking can also be beneficial.

The job typically pays on a commission basis, with the national average being $57,564. However, the salary can vary depending on experience and location.

• Employ sales and marketing strategies such as prospecting, cold calling, and networking to identify and secure potential clients.
• Meet with new, existing, and prospective clients to understand their needs, circumstances, and financial status before proposing suitable plan options.
• Ensure that clients complete the necessary forms and meet insurance policy requirements, facilitating the insurance claims process.
• Maintain accurate customer records, bookkeeping logs, and insurance sales databases to track progress toward monthly goals.
• Stay up-to-date with property and casualty insurance protocols and coverage requirements to offer the most suitable policies to clients.

Claims Adjuster

A claims adjuster is responsible for investigating insurance claims and determining an insurance company's liability in a given situation. They work across various insurance settings, including life insurance, health insurance, property insurance, and automobile insurance.

There are three main types of claims adjusters:

• Company/Staff Adjuster: A salaried employee of a specific insurance company who investigates, evaluates, and settles claims for that insurer only.
• Independent Adjuster: An employee of an adjuster firm that can represent multiple insurers. They are usually hired directly by insurance companies to handle claims investigations and decisions, especially in catastrophe-related claims.
• Public Adjuster: An independent contractor who works directly for policyholders or customers. They are hired by individuals who find their insurance settlement unfair and need assistance in assessing and negotiating their claim.

To become a claims adjuster, you typically need a minimum of a high school diploma, and some states require a license. Obtaining a license may involve completing a pre-licensing course and passing a state licensing exam. The average salary for a claims adjuster, as of November 2019, was $54,479 per year.

Insurance Broker

An insurance broker helps clients purchase insurance by assessing their needs and comparing policy offerings from different companies. They are independent and not tied to any single insurer, which means they can offer quotes from a range of providers.

To become an insurance broker, you must be licensed by your state's department of insurance. In some states, such as New York, brokers also need a Life, Accident and Health Insurance Broker License. To qualify for this license, you must complete a prelicensing education course of at least 40 hours for life, accident and health authority, or 20 hours for life-only or accident and health-only authority. You must also pass a licensing exam.

Some of the skills required to be a successful insurance broker include strong customer service and analytical skills, as well as excellent verbal and written communication skills. It's also important to have an interest in marketing and be able to explain insurance products in a way that's easy for clients to understand.

The average salary for an insurance broker varies depending on the type of insurance they sell. For example, the average salary for a health insurance agent as of November 2019 was $55,839, while a life insurance agent earned an average of $79,606. It's important to note that insurance brokers typically work on a commission basis, so their earnings can vary depending on the number of sales they make.

Frequently asked questions