What is the best insurance license to get? How much money is involved?

Answer 1

The answer will depend upon you, your sales personality, your attention to detail, aggressiveness, and much more - even which state you live in.

I have been in the financial services industry for over 30 years, and focus primarily on life insurance and retirement planning; however, I also sell health insurance and other products. However, I know many agents who sell auto and home insurance, and also do well. It depends on your personality as to which one you will enjoy more.

How old are you? Do you prefer working with people in your age group, or older or younger? What is your education level (not a major factor, but a little)? What are your verbal and written skills?

You might want to take a Briggs-Meyers test (on the internet, or buy the book, "Please Understand Me"), or another personality sorter to help you in your decision.

As for money, that also depends upon your state. In my state, you must attend a 40-hour training class, which some companies will offer you free, but others charge a modest fee. The test is, I think $50. The license is $50 for two years; and you *MUST* attend Continuing Education EVERY year. Your state rules may be different.

It is a good business. You can make good money, and have a lot of independence. But, you *MUST* have the self-discipline to work. Some companies will give you a starter allowance for a few months if you go exclusively with them. I'd recommend that unless you have a TON of natural prospects. But be willing to do whatever they tell you to do. They know what works.

Your first year, you may spend a LOT of nights, weekends and evenings working. Most agents (about 2/3) fail in the first year because they get pig-headed. If you are teachable and have good work ethics, you can make a wonderful living.

"It is the easiest HARD job you'll ever have; and ... it is the HARDEST easy job you'll ever have."

Answer 2

Depends on what you want to get in to.

PROPERTY/ CASUALTY license deals with personal lines, business lines such as auto policies, fire/theft/homeowners, business liability, and the like.

LIFE AGENT license deals with life insurance (whole life, term life, group, annuities, etc) as well as medical, dental, vision, etc. for not only individuals, but businesses too (employee benefits).

Depending on what you want to get into, you might have to supplement with another license. For example, if you want to sell employee benefits lines of coverages, including 401(k)'s - you will need a Series 6 (I think it's 6) that deals with the financial aspect.

As far as cost...that really depends. In California, we must go through 52 hours of classroom instruction before we can take the test...this costs about $250, plus the exam fees, fingerprints, etc.

Some insurance companies/brokers will PAY for you to get licensed as part of their offering. Good entry level positions are member service reps, CSR's, and account management. I would recommend doing this first to imerse yourself in this industry to obtain the best real-life experience. However, if you want to go into just sales (VERY competitive - everyone seems to want to do this, lol)

I would recommend going to your residence state's Department of Insurance website for specifics. Hope this helps!