How Many Jobs Are Available In Life Insurance?

The demand for life insurance in the US is constantly growing, and the life insurance sector is expected to grow by $1.27 trillion at the end of 2024. According to analytics, 52% of Americans have term life insurance and they want to add more benefits or apply for another insurance due to the COVID-19 pandemic. But have you wondered how many jobs are available in life insurance? So, in this article, let’s explore the top 6 high-paying jobs in the life insurance sector and find out if is it a good career path or not.

What Is Life Insurance Job?

We all know what life insurance is and how it works, but let me give you a short note, life insurance is a simple business contract between an insurance company and a policyholder. The policyholder delivers premiums to the insurance company, and in exchange, the insurance company provides a payout to the nominee. So, this is a short overview of life insurance.

Now the question is What are the career opportunities a life insurance company provides us? With the increasing number of life insurance policies, there is almost $7.4 billion in unclaimed life insurance money in the US.

That’s why the demand in this sector is one of the highest among all other sectors, including major pharmaceuticals, IT, consumer services, etc. To know more about how many jobs are available in life insurance, read the next section.

Top High Paying Jobs In Life Insurance

Previously, you learned what life insurance is. So, how many jobs are available in life insurance? According to job analytics, for every 1,234 people, there is one life insurance agent in the US. Let’s have a look at these high-paying careers in the life insurance sector.

1. Life Insurance Agent

(Net Average Salary: $55,800 per year)

Life insurance is the most common and essential job role in this life insurance sector. The responsibilities of a life insurance agent are selling policies, advising clients, handling claim settlements, building relationships, and solving customer issues.

If you want to become a life insurance agent, then you need a high school diploma and good communication skills. You also need to provide them with all financial plan comparisons and rate quotes and assist them with paperwork.

2. Claim Adjuster

(Net Average Salary: $58,900 per year)

A claim adjuster helps policyholders with claim settlements on behalf of the insurance company. The primary work of a claim adjuster includes deciding whether the insured’s policy wraps that declared loss, ensuring that the insurance claims are not fraudulent, and reviewing each detail of the policy.

If you want to become a claim adjuster, then you need to have analyzing skills, great communication skills, payment calculation skills, and negotiation skills.

3. Insurance Underwriter

(Net Average Salary: $66,500 per year)

Insurance underwriters provide insurance to a person but before providing the insurance claim underwriters determine whether to provide the coverage or not. They also determine the premium and the insurance amount based on the person’s background such as age, medical condition, monthly income, etc.

If you want to become an insurance underwriter then you have to analyze the applicant’s information and background details, review proposals, and calculate appropriate settlement amounts and premiums.

4. Insurance broker

(Net Average Salary: $75,500 per year)

Just like other brokers, insurance brokers are also a middle person or the bridge between clients and insurance companies. The primary responsibility of an insurance broker is to provide clients with the best insurance policy according to their needs and income.

There are other works of an insurance broker, including finding potential clients, negotiating policy costs with the company, comparing new policies, and helping policyholders renew their existing policies.

5. Life Insurance Attorney

(Net Average Salary: $90,100 per year)

Life insurance attornies are also connected in this life insurance industry, and the demand for an insurance attorney is very high in the US due to unclaimed settlements. A life insurance attorney provides clients with legal advice and assists in filing lawsuits

The responsibilities of a life insurance attorney include providing legal advice, assisting in legal documents, performing research and finding evidence, negotiating with insurance companies, drafting case documents, and reviewing flaws and fraudulent activity.

6. Life Insurance Actuary

(Net Average Salary: $105,500 per year)

A life insurance actuary’s primary work is similar to that of insurance underwriters, but they also evaluate and manage the financial risks associated with the policies. The life insurance actuary calculates the statistics to analyze the potential risk and create the premium structure according to it.

If you want to become a life insurance actuary, you must assess policies, design the price structure, create an accurate valuation, maximize profit, manage asset liabilities, and create reports.

Is Life Insurance A Good Career Choice?

If you want to dive into the life insurance industry, then you need to understand that sometimes life insurance companies pay their employees on a commission basis. This means that the more you sell or review policies, the more you get paid.

However, this is the only sector where you can work as an individual independent agent who works in a commission-based model or as a salaried business employee. Some life insurance also offers job security, flexible schedules, and an autonomous work model.

CONCLUSION

In the end, the life insurance sector offers you a diverse range of job roles to select from. You can work independently or as a regular salaried employee; it’s up to you. However, if you are looking for a rewarding career path, then give it a try. With the growing demand for life insurance, this sector never stops sprouting, so, you get a future-proof job. If you have any opnion, feel free to ask me in the comment section. Also, read these articles below to explore more career opportunities.

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