If you’re considering a job in the field of life insurance, the future is bright. For example, according to the US Bureau of Labor Statistics (BLS), employment of life insurance sales agents is projected to grow by 7 percent between 2020 and 2030, adding 50,400 openings each year. If you’re interested in how to land the best paying jobs in life insurance, this article is for you.
For people launching life insurance careers, it’s important to know what life insurance jobs pay. You should also know what kind of educational and work experience is required to earn high life insurance salaries. Below, we cover everything you need to know about landing the best paying jobs in life insurance.
What Do Life Insurance Jobs Pay?
According to BLS, life insurance sales agents earned a median average income of $52,180 in 2020. The top 10 percent in the field earned over $127,840, while the bottom 10 percent earned $29,000.
Whether you are an independent agent or an employed sales worker at a life insurance company, your annual income will vary. Life insurance sales agents’ incomes may consist of commissions only, commission plus base salary, or base salary plus bonuses.
Life Insurance Job Outlook
The expected job openings for insurance sales agents between 2020 and 2030 is 50,400 each year, as projected by BLS. This rate is as fast as the average for all other occupations in the US and will benefit independent life insurance sales agents more than those working with life insurance companies.
Life Insurance Job Satisfaction
Job satisfaction for people working in life insurance is quite high, as there is a high demand for life insurance in the US. According to Statista, there are 254.9 million active life insurance policies in the US right now, making the United States the leading country globally in life insurance premium writing.
This demand means insurance sales agents can demand higher salaries and better working conditions and benefits. Having a secure, high-demand job leads to higher satisfaction.
Life Insurance Salaries: Lucrative Life Insurance Careers
|Life Insurance Careers||Life Insurance Salaries||Job Outlook||Minimum Education|
|Consulting Actuary||$142,111||24%*||Bachelor’s Degree in Mathematics, Statistics, or Actuarial Science|
|Life Insurance Actuary||$111,030||24%*||Bachelor’s Degree in Mathematics, Statistics, or Actuarial Science|
|Final Expense Agent||$106,428||7%||High School Diploma|
|Claims Director||$104,189||8%||Bachelor’s Degree in Business, Business Administration, Computer Science, Engineering, or Management equivalent|
|Underwriting Manager||$103,194||17%||Bachelor’s Degree in Finance, Mathematics, Statistics, Business, or related field|
|Actuarial Analyst||$82,194||6%||Bachelor’s Degree in Mathematics, Statistics, or Actuarial Science|
|Life Insurance Agent||$79,730||7%||Bachelor’s Degree in Business, Marketing, or related field|
|Claims Consultant||$76,448||-3%||High School Diploma or GED, experience in field|
|Insurance Manager||$73,294||17%**||Bachelor’s Degree in Business, Marketing, or related field|
|Insurance Territory Manager||$68,419||17%**||Bachelor’s Degree in Business, Computer Science, Engineering, Management, or related experience|
*These statistics are grouped on BLS under Actuaries
**These statistics are grouped on BLS under Financial Managers
Best-Paying Jobs in Life Insurance: In Detail
Average Salary: $142,111
Actuarial consultants apply analytical, mathematical and statistical skills to quantify risk for insurance companies. They also calculate the profitability of different kinds of life insurance policies. A consulting actuary earns a large salary primarily working with big consulting agencies, or as an independent contractor to provide financial protection.
Life Insurance Actuary
Average Salary: $111,030
Life insurance actuaries aid in establishing the cost of life insurance quotes and policies to help minimize costs and risks to insurance companies. Job duties involve risk assessment, creating reports for sales and management teams, and performing financial analysis. To work as a life insurance actuary, you should have good analytical, problem-solving, and communication skills.
Final Expense Agent
Average Salary: $106,428
Final expense agents sell life insurance packages, such as a death benefit. These cover the legal dues, funeral expenses, burial costs, and other immediate expenses of the deceased. Agents are typically salaried workers, but can also earn a commission. A significant part of this job includes market research, pursuing sales leads, and calculating expenses.
Average Salary: $104,189
Claims directors are part of a company’s executive leadership, overseeing insurance claims processing departments. Claims directors act as a bridge between claims adjusters, insurance carriers, service providers, clients, and other parties involved. Apart from licensing requirements, directors also need to have strong statistical and problem-solving skills.
Average Salary: $103,194
Underwriting managers oversee the underwriting department, and work directly under the underwriting department head or director. These managers supervise the daily operations and administrative tasks of the insurance underwriting department. Duties include helping underwriters review insurance applications, claims, and proposals.
Average Salary: $82,194
Actuarial analysts utilize statistical models to assess risks for life insurance companies. They design life insurance policies, estimate the costs of premiums, perform monthly variance analysis, and update trend projections periodically. Analysts also develop financial projections, perform cost-benefit analyses, and identify new sources of data.
Life Insurance Agent
Average Salary: $79,730
Agents sell life insurance products and services. This type of life insurance career earns commissions in addition to their base salaries. Other duties of this job may involve responding to inquiries, providing rate estimates to clients, and pitching life insurance policies with life insurance coverage information to potential clients.
Average Salary: $76,448
Claims consultants process life insurance claims, and also perform investigations into complex insurance cases. Consultants review insurance claim submissions, obtain and verify information, and process claim payments. Job duties also involve updating and maintaining claim files, creating reports and forms, and collaborating with claim handlers.
Average Salary: $73,294
Insurance managers supervise employees of a life insurance company, and ensure that corporate policies and productivity is achieved. Insurance managers mentor sales agents and brokers to help them sell more life insurance policies. They also set premium payments by using actuarial data to determine the life expectancies and likelihoods of the claims of potential clients.
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Insurance Territory Manager
Average Salary: $68,419
Insurance territory managers have similar jobs to life insurance agents but instead focus on their specific territory and department to create and implement sales targets and goals. Job duties include training agents and sales affiliates, developing sales strategies for a wide range of policy options, following up with clients, and assessing sales and profits.
Resources to Find the Best-Paying Jobs in Life Insurance
- InsuranceJobs.com: This online job board is a great resource for finding life insurance jobs, as all of its listings are related to insurance. You can search for jobs by location and keyword.
- Insurance Journal: You can find a great job in the insurance industry through the listings posted on this site. The job listings range from large corporations to small insurance businesses and agencies.
- Monster: Monster is a great resource for hiring, job searches, and career advice. If you search for life insurance jobs on Monster, thousands of listings appear.
- Ultimate Insurance Jobs: This is a well-organized and visually-pleasing curated website for insurance job seekers. You can search for jobs by annual salary, category, and experience.
- ZipRecruiter: This is a great resource for job searches, salary estimates, and information about life insurance sales jobs. There are thousands of life insurance-related jobs posted daily.
Is Life Insurance a Good Career Path?
Yes, life insurance is a good career path. In fact, working as a life insurance agent is one of the highest-paying jobs that do not require a degree. As compared to other insurance sales, life insurance salaries and commissions provide a high earning potential to life insurance agents. Also, when agents meet sales targets, they could be awarded bonuses, promotions, or raises.
Best Paying Jobs in Life Insurance FAQ
Yes, you can make great money in life insurance. The average pay range for life insurance agents is between $50,000 in the 25th percentile, $99,500 in the 75th percentile, and $130,000 in the 90th percentile. On top of the base salary, a life insurance agent typically also earns a commission.
Some of the top life insurance companies to work for include Allstate, State Farm, and Northwestern Mutual. These companies provide great commission and sales bonuses, as well as retirement pensions and benefits.
Yes, selling life insurance is a good career choice. It is a stable industry with good projected job growth and high salaries. Only a high school diploma or a GED is required to enter the industry, and you can learn how to become an insurance agent through hands-on experience.
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