Career Definition for a Life Insurance Sales Agent
Life insurance sales agents sell life insurance policies that pay out in case of death. According to Life Happens, www.lifehappens.org, agents generally sell two different types of life insurance called permanent insurance and temporary insurance. Permanent insurance provides life long coverage for individuals, while temporary insurance only covers beneficiaries for a predetermined amount of time.
|Required Education||Bachelor's degree in business or economics|
|Necessary Skills||Confidence, diligence, enthusiasm, interpersonal skills, time management skills, communication skills, sensitivity, computer skills|
|Median Salary (2018)*||$50,600 for all types of insurance sales agents|
|Job Outlook (2016-2026)*||10% for all types of insurance sales agents|
*Source: U.S. Bureau of Labor Statistics
Most employers highly recommend that potential life insurance sales agents earn a bachelor's degree in business or economics. The U.S. Bureau of Labor Statistics, www.bls.gov, reports that students in college take courses in finance, accounting, marketing, economics and business administration. It can also be beneficial for anyone looking to work in life insurance sales to focus on psychology, public speaking and sociology classes. Agents continue to receive education by shadowing experienced life insurance sales agents and learn how to write polices, interact with customers and make sales.
Life insurance sales agents have to be confident, hardworking and enthusiastic. Agents must have tremendous interpersonal skills and be able to communicate with customers on the phone and in-person. Life insurance sales agents need to manage their time well and be sensitive to any client needs. Having computer skills allows sales agents to stay organized and keep client information readily available.
Economic and Career Outlook
According to the BLS, as the overall population ages, job opportunities for all insurance sales agents, including life insurance sales agents, are expected to grow at a faster than average rate of 10% between 2016 and 2026. The BLS reports that the median salary for an insurance sales agent is $50,600 per year as of May 2018.
Alternate Career Options
Some skills necessary to become a life insurance sales agent will also apply to careers in other areas.
Personal Financial Advisor
Normally needing at least a bachelor's degree, in addition to licensing or registrations, depending on the products bought or sold, these professionals give people financial advice concerning taxes, investments and insurances. Much faster than average employment growth of 15% was forecast by the BLS for this career, from 2016-2026. Also according to the BLS, personal financial advisors earned an annual median salary of $88,890 in 2018.
Advertising Sales Agent
Although entry-level positions may be found with just a high school diploma, applicants with a bachelor's degree and sales experience may have the best prospects for these positions where agents contact clients, make presentations and maintain accounts of businesses and individuals. A 4% decline is expected in the number of available positions, according to the BLS for the 2016-2026 decade. In 2018, an annual median wage of $51,740 was revealed for these agents, per the BLS.