For those looking to pursue a career in life insurance, you will need to get your life insurance license before you can begin. This guide outlines the steps on how to get a life insurance license in the United States and provides tips on what to expect along the way.
Three Steps For Getting a Life Insurance License
Obtaining a life insurance license is a crucial step toward building a successful career in the insurance industry. The process involves a series of steps that require careful attention and dedication. The following steps are:
Step 1: Pre-Licensing Education
The first step is to complete the pre-licensing education requirements set forth by your state. The hours of pre-license coursework required vary from state to state but typically range from 24-60 hours. During this coursework, you’ll learn about topics such as policy contracts, life underwriting, legal regulations, and more. You’ll also be introduced to different types of policies and their purposes. Once you’ve completed your coursework, you’ll need to pass an examination that covers concepts discussed during the course.
Also Read: Which Type of Life Insurance is Best
Step 2: Licensing Exam
After completing your pre-licensing education, it’s time for the licensing exam. The exam covers topics discussed during pre-licensing courses like federal and state regulations, policy types and features, premiums, tax implications of life insurance policies, and more. Most states have contracted with third-party testing centers like Pearson VUE or Prometric Testing Centers to administer these exams. You must pass the exam in order to receive your license.
Each state sets its own passing score requirement. Usually between 70%-80%. If you do not pass on your first attempt at taking the exam, most states allow you up to two additional attempts before requiring another round of pre-license education courses.
Step 3: Submit Your Application
After passing the licensing exam comes submitting an application for licensure with your state department of insurance. Each state has its own requirements for these applications some require fingerprints or background checks or other documents like copies of transcripts or test scores. Make sure that all information requested is included when submitting your application.
Incomplete applications may delay processing time significantly. Once all necessary documentation has been received and approved by your state department of insurance, they will issue a license number that marks the completion of this process.
How to get a Life Insurance License in California
If you’re interested in becoming a life insurance agent in California, you must first obtain a life insurance license from the California Department of Insurance (CDI). The process involves several steps that require careful attention and dedication.
To get started, you must meet the state-specific requirements for obtaining a life insurance license in California. This includes being at least 18 years old, having a high school diploma or equivalent, and completing a pre-licensing education course approved by the CDI.
The pre-licensing education course covers topics such as insurance products, state and federal laws and regulations, and ethical practices. The course is designed to prepare candidates for the state insurance licensing exam.
Once you have completed the pre-licensing education course, you must pass the state insurance licensing exam. The exam is computer-based and consists of 150 multiple-choice questions. You must score at least 60% to pass the exam.
After passing the exam, you must submit an application to the CDI and pay any associated fees. The application requires you to disclose your personal and professional information, including any criminal history, and provide proof of completing the pre-licensing education course and passing the state insurance licensing exam.
Once your application is approved, you will receive your life insurance license from the CDI. Your license will allow you to sell life insurance products in the state of California.
It is essential to stay up-to-date with the latest industry trends and regulations, as well as continually improve sales and communication skills, to excel in the field of life insurance in California. Obtaining a life insurance license is the first step toward building a rewarding and fulfilling career in this field.
In Conclusion, you now have a valid life insurance license! Now that you’ve gone through all three steps outlined above. Pre-licensure education courses, passing an exam, and finally submitting your application. You are now qualified and prepared for a successful career as a life insurance agent or broker. With this newfound knowledge and experience in hand, we wish you luck in this exciting new endeavor.
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