Insurance is a broad category because it covers many important matters in our life. For instance, we choose life insurance policies for our life, home, property, and causalities. But it is an industry that offers job opportunities for people with the right education and experience. Do you know that in the US, over 551,470 people are working in life insurance companies? Therefore, you may wonder how many jobs are available in life insurance. You can confidently try finding a job because many positions are still vacant. The pay is also good, and the job security is high.
Know about the different job positions available in life insurance so you can apply. Do thorough research on these positions and choose the one that is suitable for you.
What is Life Insurance?
Life Insurance is the contract between a policyholder and an insurance company. They have to pay a premium to the insurance company. In return, the insurance company will pay a lump sum to the beneficiaries if the policyholder passes away due to serious accidents or health problems.
The beneficiaries can use the money for any reason they want. They can use the money to pay the bills for their college education, to buy a property or more.
Hence, the Life Insurance industry assists people to move on with their life and live without any problems, even if the family’s sole breadwinner passes away. They are not left bereft of everything in their life. Most often, the life partner of the policyholder or his children are the beneficiaries.
What are the qualifications for Life Insurance jobs?
Most job titles in the Life Insurance industry require the candidates to be a single degree holder. The candidates must have a background in maths and statistics. But the highest positions in this industry may require extra knowledge like SQL, database management and other essential skills.
Also, some jobs require special training and certifications; others only need a high school diploma. But at the end of the day, acquiring a degree from a good college or university is important to get the job you want.
The average annual income is $68,130
The work of the Claims Adjuster is to aid customers who suffered losses. They submit their claims to the life insurance company to recoup the losses and get the monetary benefit. These professionals also go by the titles like Claims Analyst, Examiner, Appraisers and more.
After examining the claims by the people, they decide what amount the company should pay for the losses. So as part of their job, they visit the areas to inspect property damages, equipment damage and more. Based on their inspection, they decide on the amount.
The average annual income is $52,180
The job of the insurance sales agent is to contact customers to sell suitable insurance policies to them. They understand all the details about the policies and guide the clients to select the best option. Plus, they also keep a record of the client’s insurance records.
Most often, Sales Agent work for insurance companies and brokerages who hire them to get more clients. Their job takes place in an office, but some agents travel to clients to visit them.
The average annual income is $115856
The job of deciding whether the clients get the coverage for their life or property falls on the Insurance Underwriter. They examine the candidate’s risk and check if the candidate for insurance meets the criteria.
Further, the Underwriter also helps fix the prices for the many insurance policies based on the risks. They work for insurance brokers and companies. Also, they specialize in one type of insurance like auto or life insurance.
Average annual income $111,030
The Actuaries are professionals who predict risk based on the analysis they do. They assist the companies in deciding what amount to set for different types of coverage. It is one of the highest-paying careers on our list. They use mathematics, statics and financial theories to know potential risks. In this way, they help their companies and clients create policies that lessen the cost of the risks. Their work is very important to the insurance industry.
Loss Control Specialist
Average annual income $69,309
The main job of the Loss Control Specialist is the prevention of damage and risk. They also offer strategies to handle the damages and risks. When they identify the risk, they immediately take action in the workplace and report it to their insurance agency. They work both in commercial and industrial settings. As part of their job description, they recommend and create cost-effective and profitable solutions for their companies.
How many jobs are available in Life Insurance? Many job opportunities are offered in this industry, so don’t feel anxious. You can get the best job easily, but you must attain the right qualifications.