10 Best Paying Jobs in Life Insurance In 2023-2024

If you’re thinking about a career in life insurance, the future seems promising. According to the US Bureau of Labor Statistics (BLS), employment of life insurance sales agents is expected to expand by 7% between 2020 and 2030, with 50,400 new jobs added per year. This post is for you if you want to know how to get the best-paying jobs in life insurance.
It is critical for those considering a career in life insurance to understand how much life insurance jobs pay. You should also be aware of the educational and work experience requirements for earning a large life insurance salary. We’ll go over everything you need to know about getting the best-paying jobs in life insurance down below.

Best Paying Jobs In Life Insurance

#1. Actuary Consulting

Average Salary: $142,111

Actuarial consultants estimate risk for insurance firms by using analytical, mathematical, and statistical expertise. They also compute the profitability of various types of life insurance plans. A consultant actuary obtains high compensation by primarily working for large consulting firms or as an independent contractor to ensure financial security.

#2. Life Insurance Actuary

Average Salary: $111,030

Life insurance actuaries assist in determining the cost of life insurance estimates and policies to help insurance firms reduce costs and risks. Risk assessment, report creation for sales and management teams, and financial analysis are all part of the job. You need to have strong analytical, problem-solving, and communication abilities to operate as a life insurance actuary.

#3. Final Expense Agent

Average Salary: $106,428

Agents who handle final expenses sell life insurance packages that include a death benefit. These cover the deceased’s legal fees, funeral expenses, burial charges, and other pressing expenses. Agents are primarily salaried employees; however, they may also be paid on commission. Market research, pursuing sales leads, and estimating expenses are all important aspects of this work.

#4. Claims Director

Average Salary: $104,189

Claims directors are members of a company’s executive management team that oversees insurance claims processing divisions. Claims directors serve as a liaison between claims adjusters, insurance carriers, service providers, clients, and other stakeholders. Aside from licensing, directors must also have superior statistical and problem-solving abilities.

#5. Underwriting Manager

Average Salary: $103,194

Underwriting managers supervise the underwriting department and report directly to the head or director of the underwriting department. These supervisors oversee the insurance underwriting department’s everyday operations and administrative obligations. Helping underwriters assess insurance applications, claims, and proposals is one of their responsibilities.

#6. Actuarial Analyst

Average Salary: $82,194

Actuarial analysts assess risks for life insurance firms using statistical models. They create life insurance policies, estimate premium expenses, undertake monthly variance analysis, and update trend estimates regularly. Analysts also create financial estimates, run cost-benefit evaluations, and seek out new data sources.

#7. Life Insurance Agent

Average Salary: $79,730

Life insurance is sold via agents. In addition to their base earnings, this form of life insurance employment earns commissions. Other responsibilities of this position may include responding to queries, offering rate estimates to clients, and pitching life insurance policies to new clients with life insurance policy information.

#8. Claims Consultant

Average Salary: $76,448

Claims specialists handle life insurance claims and conduct investigations into complicated insurance issues. Insurance claim consultants examine insurance claim submissions, gather and verify information, and process claim payments. Updating and maintaining claim files, preparing reports and forms, and interacting with claim handlers are all part of the job.

#9. Insurance Manager

Average Salary: $73,294

Insurance managers supervise life insurance firm personnel and ensure that corporate policies and productivity are met. Insurance managers mentor sales representatives and brokers to help them sell more life insurance products. They also compute premium payments by employing actuarial data to determine potential clients’ life expectancies and claim likelihoods.

#10. Insurance Territory Manager

Average Salary: $68,419

Insurance territory managers have comparable jobs to life insurance salespeople, but they focus on their territory and department to develop and implement sales targets and goals. Training agents and sales affiliates, designing sales plans for a wide range of policy alternatives, following up with clients, and measuring sales and profits are all part of the job.

How to Get High-Paying Jobs in the Life Insurance Industry

As promised, here is some useful information to help you land a lucrative and well-paying position in the life insurance sector.

#1. Complete your high school education.

While many insurance jobs require a college degree as a minimum, you can also get an entry-level job with just a high school background. This enables you to study the dynamics of the industry at all levels, giving you a higher chance of thriving and making a prosperous career in the future.

You can get started in numerous insurance sales professions if you have good interpersonal, sales, and communication abilities, as well as a high school graduation certification.

#2. Pursue a Bachelor’s Degree

Consider pursuing a related degree if you wish to pursue a life insurance position that focuses on business, analytical, marketing, and mathematical principles. Finance, marketing, accounting, mathematics, business, and other related degrees can help you acquire a high-paying insurance job.

Obtaining professional qualifications such as Fellow of the Society of Actuaries (FSA), Chartered Life Underwriter (CLU), or Certified Insurance Counselor (CIC) can also improve your credibility and job prospects in the sector.

#3. Gain Industry Knowledge

You might choose an entry-level position in insurance that requires little to no experience. Many businesses, however, require some industry working experience and knowledge of how insurance works to get a senior-level or associate position.

To succeed, you can apply for jobs as a sales representative or administrative assistant, among other entry-level positions or internships. In this manner, you’ll obtain the necessary skills and, eventually, a career with life insurance.

#4. Establish a Network

Networking is a significant resource for finding jobs in the life insurance sector. You can open doors for interviews, recommendations, and internships by networking with people in the sector and inquiring about any openings.

Consider joining professional insurance organizations, both offline and online, to expand your network. A quick online search will reveal whether there are any local meetups for people in the life insurance sector.

Furthermore, networking may connect you with hiring managers, mentors, and industry experts who can educate you on trends and patterns as well as practical recommendations to help you progress in your profession and improve yourself.

#5. Obtain a License

While most agencies do not require any special qualifications or degrees, an insurance license can help you win one of the best-paying jobs in life insurance. Some organizations will work with you while you wait for your license to be issued, but others will require it before onboarding you.

#6. Research your Ideal Employers

It’s important to understand that all insurance companies have different commissions, salaries, and benefits. As a result, depending on your income and other perks expectations, you must undertake extensive research to ensure you set foot in the proper area. Furthermore, after conducting research, you may find a perfect fit based on your level of experience.

#7. Keep Current with Industry Trends

Finally, keep in mind that the life insurance sector is always changing owing to regulatory changes, variations in customer preferences, and technological advancement. As a result, keep up with current upgrades and trends to stay relevant and competitive in business.

Subscriptions to life insurance magazines, social media following of thought leaders, and participation in workshops and webinars are all recommended. You’ll eventually be a suitable candidate for a decent insurance job.

What to Think About Before Applying for a Life Insurance Job

Here are some crucial aspects to consider before entering the life insurance industry:
Job fulfillment is about more than simply money. You should think about your working environment and how it fits into your lifestyle.

#1. Working Conditions and Hours

Working in the life insurance market can be time-consuming and stressful, so prepare accordingly. It may necessitate working long hours or working the occasional weekend shift.

You should also make sure that you are at ease at your workplace. Some jobs may need you to work in a physical office, but others, such as work-from-home or part-time ones, may allow for more flexible working arrangements.

Job fulfillment is about more than simply money. You should think about your working environment and how it fits into your lifestyle.

#2. Educational Requirements

Do you understand the educational requirements for your selected life insurance career? Depending on the position, you may require a degree in a relevant discipline such as finance, mathematics, or economics.

You may also need to take further training or professional development courses.
Regardless of your function, you should be well-versed in life insurance products and laws to provide the best advice and support to your consumers.

#3. Salary and Location

No matter whatever life insurance vocation you choose, if the work isn’t in a suitable area, it won’t be a long-term career move. When it comes to compensation and job advancement, location is also significant.

Here’s how your geographic location affects your life insurance career:
Because of their higher cost of living, certain states may provide larger salaries than others.
Certain cities may be better suited to your demands if you are seeking job advancement.
Smaller communities may have fewer work possibilities and lower pay.
Before making a final decision, do your homework and explore the local job market.

#4. Possibility of Professional Advancement

Some businesses are small and may not provide many opportunities for advancement. However, if you join a larger life insurance company, you will have more growth opportunities.
Before joining an organization, inquire about its structure and opportunities for advancement. This allows you to get a better sense of the position and how you might be able to advance within the organization in the future.

Some large corporations invest in their employees by providing excellent career advancement possibilities. Internal promotions, wage raises, and leadership positions are examples of this.
Before making any judgments about a life insurance profession, evaluate the points outlined above and get as much information as possible about various jobs.

#5. Reputation of Insurance Companies

Always conduct research on a firm before starting employment with them. Consider their employment reputation and customer satisfaction scores.

Nowadays, it is simple to locate company information online. Check out what other life insurance brokers have said about the company as well. This can provide vital insight into what it might be like to work for them.

Resources

Here are a few resources to assist you in finding the best-paying life insurance jobs:

ZipRecruiter
Ultimate Insurance Jobs
Monster
Insurance Journal
InsuranceJobs.com

Is It Possible to Make a Lot of Money With Life Insurance?

Yes, you can make a lot of money in the life insurance industry. Between $50,000 in the 25th percentile, $99,500 in the 75th percentile, and $130,000 in the 90th percentile, the average salary for life insurance brokers is between these ranges. A life insurance agent often gets a commission in addition to their base wage.

Which Life Insurance Firm Offers the Best Opportunities for Advancement?

Allstate, State Farm, and Northwestern Mutual are among the best life insurance businesses to work for. These businesses offer competitive commissions and sales bonuses, as well as retirement pensions and benefits.

Is Selling Life Insurance a Viable Career Option?

Yes, selling life insurance is a viable career option. It is a solid industry with strong expected job growth and pay. To enter the field, you only need a high school diploma or a GED, and you can learn how to become an insurance agent through hands-on experience.

What Are the Best Technology Jobs in the Insurance Industry?

Software engineers, data scientists, data analysts, security analysts, and systems analysts are among the best IT jobs at insurance businesses. Coding, database administration, analytical skills, web development, and mathematics skills are among the most in-demand tech skills in insurance organizations.

Summary

Investigate the various career pathways available in the life insurance sector today, from entry-level positions to senior-level management positions. Don’t pass up the chance to land a well-paying career. Take action right now to begin your successful career in life insurance.