Popular Careers in the Insurance Industry: What You Can Do with Your License

By: Kaplan Financial Education
November 22, 2019
Insurance Careers - Smiling Agent

What are the most popular insurance careers? If you’re getting ready to graduate or you’re considering a more exciting career alternative, you might be wondering what you can do if you earn your insurance license. To help you decide which license to earn and how to use it, this article describes the most popular types of insurance agents and other top jobs you can get with an insurance license.

Life Insurance Agent: One of the Most Popular Insurance Careers

Life insurance agents sell life insurance policies and annuities and work with clients and beneficiaries to process insurance claims. Life insurance agents do a lot of selling, so it’s important to be interested in marketing and have a knack for it. Excellent interpersonal and communication skills are also required because life insurance agents have to explain the ins and outs of all the products they sell in a way that is easy to understand. Life insurance agents can either be “captive” and work exclusively for one insurance company, or they can be “independent,” selling products from multiple companies.

To earn a license to sell life insurance, you might need need to complete prelicensing education for the state where you plan to work (26 states require prelicensing education). You must also pass either a life insurance or a life and health insurance exam. Agent pay is on commission. The average salary for a life insurance agent as of November 2019 was $79,606. You can learn more about this popular option for people with insurance licenses in this article about what a life insurance agent does.

Thinking about a career in insurance? Get advice from 100 insurance professionals in our free eBook, Launching Your Insurance Career.

Health Insurance Agent: Helping Clients Get Healthcare

Health insurance agents sell health-related products and insurance to their clients. Typically, these agents look for clients, share options that meet their requirements, and, when necessary, help them get their claims settled. Health insurance agents can also help people navigate healthcare exchanges and sign up for the coverage that best suits their needs and budget. They must have strong customer service and analytical skills, and they must excel at verbal and written communication, time management, critical thinking, and decision-making. Like life insurance agents, health insurance agents can be captive or independent.

In almost all U.S states, health insurance agent licenses are packaged with life insurance qualifications. You must complete prelicensing education and pass a combined life and health insurance exam to earn your license. The average salary for a health insurance agent as of November 2019 was $55,839. Agents are paid by commission.

Property and Casualty Insurance Agent: A Great Entry-Level Choice

Property and casualty insurance agents help clients insure property, such as auto, home, and jewelry, against possible damage or legal liability, and they help them settle their claims. These agents navigate clients through all the available property and casualty insurance products to help them decide the best way to protect their valuable assets. All states require licensed drivers to carry auto insurance, and mortgage loan companies require homeowners insurance, so there will always be buyers. This makes property and casualty a good entry-level position for a newly licensed agent. Like life insurance and health insurance agents, property and casualty insurance agents can be captive or independent.

To earn a property and casualty insurance license, completing prelicensing education and passing a licensing exam for your state (or the state where you plan to sell) are required. The average salary for a property and casualty insurance agent as of November 2019 was $48,723.

Claims Adjuster: An Investigative Insurance Career

Claims adjusters gather information about what happened in an incident or catastrophe to find a fair settlement price. They collect police reports, witness statements, and photos of an incident or property damage, for example. Adjusters are either full-time employees or contractors who are paid a fee. Some work for only one insurance company. Others work with multiple companies (usually after a catastrophe, often traveling to affected areas). And there are others who work on behalf of policyholders, helping them file insurance claims if a proposed settlement seems unfit from an insurer.

Most states require adjusters to earn a license. They can do this by completing licensing education and passing an exam. The average salary for a claims adjuster as of November 2019 was $54,479. This article explains everything you need to do to become a claims adjuster.

Insurance Underwriter: A Different Insurance Career Path

An insurance underwriter evaluates insurance applications in order to decide whether to provide the insurance and, if so, the coverage amounts and premiums. Underwriters act as go-betweens for insurance agents who are eager to sell a policy and insurance companies who want to minimize risk. For someone with an interest in finance or insurance, an eye for detail, and decision-making skills, it is an attractive career option.

Unlike most other insurance careers, an underwriter does not have to be licensed. However, most participate in underwriting professional development to sharpen their skills and knowledge. Others have found that having an insurance license in the same specialty as their underwriting, such as life or property and casualty, can be beneficial. The average salary for an insurance underwriter as of November 2019 was $71,116. You can get all the details about the insurance underwriting career in this article.

Insurance Careers Are Rewarding and Satisfying

There are a variety of career paths you can take in the insurance industry, depending on your interests and qualifications. Start your new career by downloading this free eBook on launching your insurance career or by checking out our insurance licensing education options.

Free eBook: Launching Your Insurance Career with Confidence

As an aspiring insurance professional, wouldn’t it be great if you could sit down with a room full of successful insurance veterans and ask them for their advice? The Kaplan Financial Education team interviewed over 100 insurance professionals to develop this exclusive eBook for those who are considering the insurance industry.