Updated: Dec 21, 2022
If you are interested in becoming a life insurance agent, you are likely driven by a desire to help people protect their loved ones and secure their financial futures. As a life insurance agent, you will have the opportunity to make a real difference in people's lives while also earning a living.
However, before you can begin your career as a life insurance agent, you must first obtain a license. In this blog post, we will walk you through the steps you need to take to become licensed as a life insurance agent in the United States.
Determine Your State's Requirements for Life Insurance Licensing
The first step in becoming a licensed life insurance agent is to determine the requirements for obtaining a license in your state. Each state has its own licensing requirements, and these can vary significantly from one state to another.
To determine the licensing requirements in your state, visit your state's insurance department website or contact them directly. They will be able to provide you with information on the requirements for obtaining a life insurance license, including any education or training requirements, exams you must pass, and any other requirements you must meet.
Complete Any Required Education or Training
Once you know the requirements for obtaining a life insurance license in your state, the next step is to complete any required education or training. In most states, you will need to complete some form of pre-licensing education before you can sit for the life insurance licensing exam.
This education may include online courses, in-person classes, or a combination of both. The amount of education you will need to complete will depend on your state's requirements, as well as the type of life insurance license you are seeking.
Pass The Life Insurance Licensing Exam
After you have completed your pre-licensing education, the next step is to pass the life insurance licensing exam. The exam is typically administered by a third-party testing company and is designed to test your knowledge of life insurance concepts and state insurance laws.
To prepare for the exam, you will want to review the material you covered in your pre-licensing education and familiarize yourself with the exam format and content. You may also want to consider purchasing a study guide or taking a review course to help you prepare.
Apply For A Life Insurance License
Once you have passed the life insurance licensing exam, the next step is to submit an application for a license. To do this, you will need to complete an application form and provide any required documentation, such as proof of your pre-licensing education and exam results.
You will also need to pay any required fees, which may include an application fee, a licensing fee, and any other fees required by your state.
Complete Any Additional Requirements
After you have submitted your application for a life insurance license, you may need to complete any additional requirements before your license is issued. These requirements may include background checks, fingerprinting, or other requirements as determined by your state.
Obtain Errors and Omissions Insurance
Errors and omissions (E&O) insurance is a type of insurance that protects you against claims arising from mistakes or oversights you may make in your professional capacity as a life insurance agent. It is typically required by state insurance departments and may also be required by the companies you represent.
To obtain E&O insurance, you will need to contact an insurance carrier or broker and provide them with information about your business and any potential exposures you may face. They will then provide you with a quote for coverage and you can decide whether to purchase the policy.
Make it Even Easier
If you are ready to join an agency that makes selling life insurance fun and lucrative, while providing consistent and ongoing support for new and senior agents, then you might want to consider Real Financial iKons! Real Financial iKons makes it easy by putting everything you need from onboarding and training to recruiting all in one place. We will even pay for your licensing course, to help you get started in the process! What are you waiting for? Our dedicated onboarding specialists are ready to help you get started with your dream job today!
If you are considering becoming an agent or if you are thinking about changing companies, Real Financial would love to have you on our team.
Click here to get started on your new career path and become an iKon