Life insurance can be an important financial instrument if you have dependents and you want to make sure that your family will be financially secure in the event of your death. But life insurance goes far beyond that, as there are plenty of jobs available within the industry itself, especially in the sales sector.
In this Article, best paying jobs in life insurance are discussed. Salary, scope, and requirements to apply for the job guidelines are also provided.
1) Sales Representative
Life insurance sales representatives can expect to earn a base salary of about $60,000 per year. That’s around $20 per hour, which is typical for a best paying job. It is also one of the best-paying jobs available in the life insurance industry. Sales reps are often paid on commission and they will often receive bonuses based on how much they sell. Some may have a quota set that needs to be met each month. If the quota isn’t met then their paychecks will be significantly smaller than expected. These quotas can vary between companies but typically range from 10% – 25%.
2) Claims Adjuster
claims adjuster is another best paying jobs in life insurance typically involves investigating and analyzing accidents, injuries, and other events that resulted from natural or man-made disasters. They are responsible for determining the extent of damages and ensuring that the correct amount is paid out to those who have been affected by these events. They usually work closely with policyholders, claimants, and attorneys to ensure that both parties come to an agreement on the terms of a settlement. The average salary is $53,000 per year according to PayScale’s salary survey data.
3) Underwriter
Underwriters review applications for insurance and decide whether to approve, reject or modify policies. They also may research a business’s solvency and stability to determine how risky it is for insurers to provide coverage. Underwriters are responsible for determining policy premiums, too. They typically need a bachelor’s degree in finance, business administration, actuarial science, or mathematics with at least 3 years of experience in underwriting. The median salary for an underwriter is $89,450 per year. The top 10% earned over $134,000 in 2013.
4) Actuary
In order to become an actuary, you’ll need to complete a bachelor’s degree from a program that is accredited by The Actuarial Standards Board (ASB) and pass one or more exams. You will also need to have at least three years of professional experience as an actuary. The average salary for this position is $97,000.
Chief Executive Officer: To be eligible for this position, you’ll need to have a bachelor’s degree from a four-year institution.
You must also be able to demonstrate strong leadership skills and five years of managerial experience.
The average salary for this position is $161,000.
5) Health Care Consultant
In order to become a Health Care Consultant, you need to have at least a bachelor’s degree in public health, management, or business. You may also need to pass an exam administered by your state’s insurance commissioner. The pay varies by employer and location but can be anywhere from $70,000 up to $150,000 per year. A BLS report states that the median salary for this profession is about $80,000 with some individual reports as high as $120,000.
Benefits typically include medical and dental coverage and retirement benefits such as 401(k) matching funds and company stock options.
You will also be able to attend workshops on various topics related to healthcare issues.
6) Financial Advisor
A financial advisor is a professional who provides advice and guidance to clients on their investments. best paying jobs in life insurance is of Financial advisors who are usually compensated through commissions, fees, or both. They typically have specialized knowledge of investments, insurance, and retirement planning. The median annual salary for a financial advisor is $83,000. There are many opportunities for advancement within this field as well as entry-level positions. Generally, these professionals need an undergraduate degree along with some specific coursework. For example, at Kaplan University you can earn a BS in personal financial planning and get started working as a financial advisor right away.
7) Medical Director
A medical director is an experienced doctor who is responsible for overseeing the clinical operations of a health care organization. The medical director may also be an officer of a company and oversee its strategy, operations and performance. They usually manage a team that includes doctors, nurses, technicians and other staff. They are also typically on call 24/7. Salary: $250,000 or more
8) Compliance Officer
The compliance officer is responsible for ensuring that all company policies and procedures are followed, with a focus on regulatory compliance. They ensure that policies and as well as rules and regulations from external sources (such as state insurance departments) are followed. The job also includes reviewing new products, product changes, and marketing materials to make sure they comply with federal or state laws. In addition, they help monitor trends and developments in life insurance industry law and then share their findings with supervisors.
9) Telehealth Lead Generation Specialist
A telehealth lead generation specialist is one of the best paying jobs in life insurance. They are professional that connects with doctors to help them find life insurance for their patients. Telehealth lead generation specialists work remotely, which gives them the ability to work from any location and schedule their own hours. The median annual salary for this job ranges between $37,000-$47,000. InsurTech Developer: An insurtech developer works to create products for the life insurance industry. They will be responsible for everything from coding software applications to researching new technologies. The median annual salary ranges between $64,000-$80,000.
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