Last Updated on March 9, 2023 by
Are you planning to build a carer in life insurance? Not a bad idea!
The life insurance sector opens more than 50,000 job opportunities every year. It also opens doors for professionals from various backgrounds. So, your profession is not limited to selling life insurance policies only.
Again, the sector has various high-paying jobs, but you need to have relevant skills and qualifications. In this article, we’ve compiled a list of the best-paying jobs in life insurance to help you choose your career path effortlessly. Check it out below!
Is Life Insurance A Good Career Path?
Yes, life insurance is a good career path. In fact, it is one of the best sectors offering high-paying jobs without a degree. Life insurance jobs provide a higher commission than other insurance sales, and the salary estimates are also higher.
You can also apply to some basic salary jobs after attending a relevant training program and move to senior roles later. Overall, the life insurance industry is a good career path for anyone willing to switch careers or build a new career.
Highest Paid Insurance Careers
The life insurance industry has interesting careers for qualified candidates. You can get a managerial, sales agent, or various other positions. The annual salary of each position is attractive, and you also get to enjoy various perks.
Here are some best paying jobs in life insurance along with their median salary range and required qualifications details.
Life Insurance Actuary
Average salary: $112,190 per year
A life insurance actuary manages the risk within the insurance industry. They assist in framing the costs of the life insurance policy and quotes to reduce the firm’s costs and risks. They assess the risk, create reports, and perform financial analysis.
Actuaries are one of the least stressful professions that don’t require you to work for long hours. To become an actuary, you need to clear nine actuarial science exams and get a bachelor’s degree.
Insurance Claims Adjusters
Average salary: $60,531 per year
Claims adjusters are professionals that assess the policies taken by the client and decide the amount of settlement they should receive based on the policy. They study and review police and medical reports, speak to property owners, and examine property damage.
A claims adjuster also conducts interviews with the claimant. You can work as an entry-level claims adjuster with a high school diploma or equivalent studies.
Average salary: $116,332 per year
The insurance underwriter is one of the highest paying jobs in life insurance. And insurance underwriter is responsible for checking all the operations in the underwriting department.
They create new procedures, deploy new strategies, and direct the underwriting department. Underwriters evaluate the risk and decide the pricing for the insurable risks.
Average salary: $77,277 per year
A risk analyst works in the finance department of any industry. Risk analysts assess financial risks, develop policies, and maximize asset growth. They provide financial advice to increase profits, create growth, and limit risks in the organization.
Risk analysts study and review financial reports. They also use government and other resources to gather information.
Average salary: $71,435 per year
Financial analyst jobs are among the best-paying life insurance jobs. It is also one of highest paying jobs in major banks. Financial analysts are responsible for analyzing financial data and documenting reports. They study and analyze current and past economic and business trends.
They also predict future outcomes based on certain company actions. To become a financial analyst, you need to have a relevant bachelor’s degree or background in finance, business, or accounting.
Final Expense Agent
Average salary: $106,428 per year
Final expense agents are one of the highest-paying life insurance company jobs. Final expense agents sell insurance packages like the death benefit. Such packages cover funeral packages, burial costs, legal dues, and other expenses of the dead.
These professionals typically get a base salary with commissions for each sale. They collect sales leads, conduct market research, and calculate expenses.
Average salary: $104,189 per year
A claims director is a lucrative career in the life insurance industry. Claims directors monitor the insurance claims departments.
They act as a bridge between claims adjusters, service providers, insurance carriers, and other parties involved. They possess strong statistical and problem-solving skills.
Average salary: $105,559 per year
Underwriting manager jobs are other interesting careers in the insurance field. Underwriting managers work directly under the underwriting head or director. They are responsible for monitoring the department and its operations.
An underwriting manager helps underwriters evaluate applications, implement suitable screening methods, and develop new procedures.
Average salary: $112,190 per year
Actuarial analyst job is another high-paying job at life insurance companies. Actuarial analysts apply statistical approaches to determine the risks for life insurance companies.
They create insurance policies, estimate premium payments, perform monthly analyses, and determine new data sources.
Life Insurance Agent
Average salary: $69,504 per year
Life insurance agent jobs are one of the most popular insurance industry jobs. Life insurance agent salary is a combination of their base salary and commissions. Life insurance agents call customers and help them purchase life insurance coverage.
They also respond to customer queries, provide insurance rates, and pitch potential clients’ life and health insurance policies.
A life insurance agent is also responsible for modifying and creating new plans to suit the client’s requirements. Insurance sales agents can work as independent agent or for insurance companies.
Average salary: $76,448 per year
A claims consultant is another high-paying insurance career. Claims consultants process life insurance claims and investigate complex cases.
They review claim submissions, verify information, and process claim payments. Claims consultants perform the activities of claims adjusters, create reports and files, and talk with claim handlers.
Average salary: $68,596 per year
Insurance manager jobs are among the best paying jobs in life insurance companies. Insurance managers oversee the employees working at an insurance company.
They mentor sales agents and insurance brokers to help them sell more insurance policies. Insurance managers study the data provided by actuarial analysts and set the insurance policy prices.
Insurance Territory Manager
Average salary: $71,776 per year
Insurance territory managers have similar responsibilities to life insurance managers. However, these professionals are assigned a specific region. They focus on training and mentoring insurance sales agents within their territory and maximize sales.
They implement sales and target goals, train insurance sales agents, follow up with clients, and assess profits.
Companies Recruiting in Insurance
Many companies post several high-paying life insurance sales jobs on their website, social media pages, or online job portals. Some companies offer flexible schedules, while others have a fixed time period.
Besides, you can get entry-level and executive-level job listings based on your skills and qualifications. Following are some companies recruiting in the insurance industry:
- The Salem Group
- IOS Staffing Services
- Henderson Taylor Staffing
- Jacobson: Insurance Talent
- The Hill Group
- Scale Executive Search
- Swingle Collins & Associates
Insurance Career Salaries by Experience and Location
The base salary for various positions in an insurance company varies depending on the location and seniority level. Senior-level professionals are paid higher than entry-level professionals. For instance, the entry-level salary for insurance sales agents is $59,208 annually.
Again, you can earn more by learning new skills and gaining more industrial experience. Below is a list of insurance agents’ annual salaries based on their region.
- Hawaii – $74,219
- New York – $69,722
- Arizona – $64,714
- Massachusetts – $63,287
- New Jersey – $62,157
Can You Make Good Money In Life Insurance?
According to labor statistics, life insurance is a stable industry. The sector involves constant hustling but offers attractive pay. You can make most money via commissions as an insurance agent or insurance broker.
The average annual pay for insurance agents in the 25th percentile is around $50,000; for the 75th percentile, it’s $99,500.
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Conclusion – Is Life Insurance A Good Career Path
Life insurance is an excellent industry for those looking to build a career in this industry. You can land your first job in this field effortlessly if you have the appropriate skills and qualifications. Additionally, you get to enjoy several perks with your base salary.