Are you looking for a job that pays well? If yes, then life insurance might be the perfect career choice for you. There are various best-paying jobs in the life insurance market, whether you wish to deal with clients in sales or study complex financial data.
This article contains a list of the 15 high-paying jobs in life insurance. Carefully read through.
Table of contents
- 15 Best Paying Jobs In Life Insurance In 2023
- 1. Life Insurance Actuary
- 2. General Adjuster
- 3. Health Actuary
- 4. Claims Director
- 5. Final Expense Agent
- 6. Underwriting Manager
- 7. Casualty Underwriter
- 8. Pricing Actuary
- 9. Claims Consultant
- 10. Actuarial Consultant
- 11. Re-insurance Analyst
- 12. Life Insurance Agent
- 13. Actuarial Analyst
- 14. Life Insurance Manager
- 15. Healthcare Sales Representative
Is Life Insurance A Good Career Choice?
Insurance is a thriving industry that affects almost everyone in the US: From organizations needing liability coverage to individuals who want health or car insurance.
The increasing demand for insurance services has given rise to progression in the industry, making it a good career choice.
People choose a career in life insurance for many reasons, ranging from its high level of job satisfaction to its financial emoluments. Here are some of our top reasons why you may want to work in insurance;
1. Social Impact
Securing a high-paying job in life insurance is highly purposeful for most persons as it offers them a chance to give back to society.
According to a report from Americorps, an estimated 30 percent of Americans enjoy volunteering for an organization like an insurance company.
Furthermore, insurance companies usually engage in charitable efforts such as local children’s organizations, animal shelters, disaster relief, etc.
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2. Earnings potential
Jobs in the life insurance profession usually come with great financial rewards. The entry-level salary for graduates can be up to $34,000 per year depending on where they work and their level of qualification.
If you are a top worker in the life insurance sector, you are more likely to earn a remarkable six-figure salary.
3. Global opportunities
The availability of many insurance companies and offices around the globe makes it easy for highly skilled graduates to secure a job in the insurance sector.
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4. Professional development opportunities
Working in a life insurance company opens up opportunities to develop yourself professionally. Most life insurance workers go on to obtain a CII Advanced Diploma in Insurance, a renowned certification that takes about three years to complete.
15 Best Paying Jobs In Life Insurance In 2023
Life insurance is a career with many juicy careers, these are a few of the best-paying jobs in life insurance.
- Life insurance Actuary
- General adjuster
- Health actuary
- Claims director
- Final expense agent
- Underwriting manager
- Casualty underwriter
- Pricing actuary
- Claims consultant
- Actuarial consultant
- Re-insurance analyst
- Life insurance agent
- Actuarial analyst
- Life Insurance manager
- Healthcare sales representative
1. Life Insurance Actuary
First on our list of best-paying jobs in life insurance is the life insurance actuary. These are persons that assist in the pricing of life insurance to cut down costs and possible risks.
Their primary responsibility is to cut down risks across clients, conduct financial analysis, and draft reports for the sales and management department. To excel in this position, you need to be attentive to details, have excellent written and verbal communication skills, and can solve problems logically.
According to data on BLS, the average salary of actuaries is $105,900 annually.
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2. General Adjuster
General adjusters are the silent heroes of the life insurance industry. They are responsible for analyzing incidents to determine the insurance company’s financial liability.
You assess the cause of the incident as well as the extent of the damage. To thoroughly investigate the allegations, you may need to conduct interviews with law enforcement, medical specialists, and eyewitnesses.
The estimated average salary of a general adjuster is $87,545 per year.
3. Health Actuary
Healthcare companies and insurance firms employ health actuaries to examine healthcare data and industry trends to make financial and strategic decisions.
They create rate files, examine plan reserves and analyze medical patterns. In addition, they generate monthly reports using collective health plan data from national databases.
The average salary of a health actuary in the United States is $96,341 per year.
4. Claims Director
A claims director works for a life insurance company and is in charge of the claims department that processes customers’ claims for coverage.
In this position, you will be in charge of the department, establishing standard criteria for insurance coverage and claims for a wide range of life events. You carry out your responsibilities based on assessment information and claim verification by other insurance professionals.
The annual pay of a claims director is $65,000 – $137,500, depending on your location and experience.
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5. Final Expense Agent
A final expense agent sells life insurance plans that cater to the deceased’s legal, funeral, and immediate household expenditures. They must reach out to possible clients, examine projected costs, and cooperate with insurance agency’s marketers.
Final expenditure agents also spend time investigating the market, analyzing numerous plans, and determining which plans most likely appeal to a specific customer. The vast majority of buyers are over the age of 55.
The average annual pay of a Final Expense Insurance Agent in the US is $76,127.
6. Underwriting Manager
Underwriting manager is also among the best-paying jobs for life insurance, the job of an underwriting manager includes overseeing the underwriting department’s everyday activities and administrative chores, often under the direction of a department head or director.
The average salary for an underwriting manager in the US is $105,680 per year.
7. Casualty Underwriter
A casualty underwriter assesses a business and personal insurance policy application to determine the terms of a casualty and possible risk exposures.
Their duties include evaluating property information and checking the applicant’s background, financial position, and job to ensure that premiums are paid.
They evaluate the risks associated with accepting applications and authorize claims and premium amounts. In addition, they are in charge of monitoring and reviewing current policies.
The annual salary for a Casualty Underwriter in the United States is $115,200 yearly.
8. Pricing Actuary
Pricing actuary is also one of the highest paying jobs in life insurance. A pricing actuary is a statistician that works in an insurance firm. They calculate risks and analyze statistical data using their math ability.
Your duty as a pricing actuary is to guarantee that the company’s costs are all taken care of. Additionally, they collect statistical data, evaluate claim payout, influence policies of new products, resolve state filing requirements, and optimize profits.
A pricing actuary earns an average annual salary of $116,914.
9. Claims Consultant
Claims Consultants handle insurance claims and evaluate new and existing policies. They are in charge of analyzing customer claims, applications, and modifications and assessing whether a client is covered by their insurance policy. They also decide how much an insurance company must pay on a claim.
According to BLS, the median annual wage for claims consultants is $65,080.
10. Actuarial Consultant
An actuarial consultant is a financial person that advises clients on investment, insurance, and pension-related matters using various indices. This is done using statistical data that best suits the client.
This best-paying job in life insurance allows you to operate as a freelancer in a big life insurance firm.
In the United States, on average, actuarial consultants make $91,160 per year or $43.83 per hour.
11. Re-insurance Analyst
A reinsurance analyst acts as a bridge between primary insurers and reinsurance businesses. In this position, you will assess insurance accounts, review insurance plans, and manage funds for reinsurance companies.
Additionally, you have to review insurance plans, identify problems with possible policies and recommend whether a claim should be accepted.
As a re-insurance analyst in a life insurance company, you can earn up to $88,000 per annum.
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12. Life Insurance Agent
A life insurance agent sells policies that pay the insured beneficiaries when an insured dies.
They assist clients in filling out insurance applications, provide guidance, and clarify confusing financial insurance concepts.
A life insurance agent receives about 30% to 90% of the premium from the client in the first year making it one of the best-paying jobs in life insurance. Subsequently, the agent may receive from 3% to 10% of each year’s premium.
According to a report on ZipRecruiter, the average annual salary for a Life Insurance Agent in the United States is $84,380 a year.
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13. Actuarial Analyst
An actuarial analyst is one of the best-paying jobs in life insurance. Most insurance companies employ actuarial analysts to analyze the possibility of accidents, injuries, product losses, and casualties that may occur under certain circumstances.
Using their strong mathematical ability, actuarial analysts calculate the average life expectancy of different demographics to decipher the applicable premium charge for each population.
Analysts work with specialized computational software and spreadsheets, so an interest in and aptitude for using technology is advantageous. You could work in various areas of the financial services industry, often as an actuarial team support member.
The average salary of Actuarial Analysts in the United States is $75,000.
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14. Life Insurance Manager
A life insurance manager evaluates workers’ performance in an insurance company to insure they stick to company standards and regulations.
An insurance manager also must ensure that all contributions from insurance brokers, appraisers, claims, etc are done in tandem with the company’s regulations.
According to wgu.edu, an insurance manager earns $50,719, roughly $31,000 to $88,000 made annually.
15. Healthcare Sales Representative
A healthcare sales representative is responsible for promoting and selling the company’s products and services to key professionals within reach.
It is their duty to give customers after-sales support and follow-ups to give them the best customer service possible.
According to the most recent report from MedReps, the average salary of medical sales reps is $149,544, with a base salary of $92,698.
FAQs On Life Insurance
Premium rates are usually determined based on age, gender, height, weight, health status, and occupation.
You mustn’t get life insurance. If you do not have dependents who rely on you financially, obtaining a life insurance policy is no longer necessary.
The appropriate amount of coverage is determined by several factors, including your financial situation, family situation, health, and age. Some experts advise buying life insurance worth eight to fifteen times your annual income.
The top skills needed to work in an insurance company are:
Customer service
Numeracy
Organization
Problem-solving
Attention to detail
Analytical skills
Communication
Conclusion
The increasing demand for life insurance has given rise to progression in the industry, making it a good career choice. I hope our list of the best jobs in life insurance satisfies your search intent.
References
- smartscholarshub.com – 20 Best Paying Jobs In Life Insurance
- zippia.com – Is Life Insurance A Good Career Path? (15 Jobs In Life Insurance: Best-Paying + Entry-Level)
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