See the Best Paying Jobs in Life Insurance (Top 5)

Life insurance pays beneficiaries when a policyholder dies to ensure that things like funeral costs and other end-of-life expenses won't bankrupt the policyholder's family. Many life insurance policies also provide retirement income through annuities.

The life insurance industry is the largest subsector of the trillion-dollar insurance industry. Life insurance premiums have raked in close to $150 billion of revenue yearly for the last half-decade. If you want an insurance career, consider these five life insurance jobs that are off the beaten path of traditional insurance.

Life insurance policy agents contact potential customers and sell life insurance.

What It Is:

A significant part of a life insurance policy agent's job is to have conversations with customers and potential customers, either over the phone or in person.

During this process, agents can interview prospective clients to gain knowledge about their financial resources and existing coverage. They explain policy features and customize packages to suit individual needs.

When chatting with people who are already clients, life insurance policy agents can analyze a customer's current policy and suggest additions or changes. They also handle policy renewals and maintain client records.

Most life insurance policy agents work in offices. They often travel during business hours to meet with clients, spending their evenings in the office doing paperwork and preparing presentations.

If you are a people person and love being face-to-face with potential clients, this is a perfect job for you.

Required Education:

Most life insurance agent jobs require a high-school-level education, but many agents have a bachelor's degree. All life insurance policy agents need state certification to operate in that state.

Expected Salary:

As of May 2021, the median salary for insurance sales agents was $49,840. Life insurance policy agents who work directly for carriers make more than those who work for insurance agencies and brokerages ($57,990 vs. $48,830).

Job Growth:

Employment of insurance sales agents is expected to grow by 6 percent over the next decade. Insurance companies need a steady stream of new customers to maintain profitability. The fastest growth area is likely to be in the realm of brokerages, as buying insurance through them tends to be cheaper than directly through a carrier.

Incident Investigators evaluate life insurance claims where the company suspects criminal activity, such as fraud, arson, or staged accidents.

What It Is:

Incident Investigators are a bit like private investigators, collaborating with police and legal counsel to determine if a policyholder's death was due to foul play.

Most incident investigators work full-time. They often work outside the office, inspecting properties on which claims have been made and sometimes doing surveillance.

Required Education:

Most entry-level incident investigator jobs require a high-school-level education. Some positions require a bachelor's degree and experience in the insurance industry.

Expected Salary:

As of May 2021, the median salary for claims adjusters, examiners, and investigators was $65,080. Those who work for the federal government tend to earn high, with a median salary of $81,890.

Job Growth:

The employment of claims adjusters, appraisers, examiners, and investigators is expected to decline by 6 percent over the next decade. This is primarily due to advanced computer software that can automate parts of the process.

Policy Processors process applications for insurance policies and handle customers' requests to change or cancel their policies.

What It Is:

Policy processors interview clients and review insurance applications, ensuring all their questions have been answered. Once a change is made, policy processors inform the insurance firm's accountants and agents.

Most policy processors work full-time in offices.

Required Education:

Most policy processor jobs require a high-school education, and on-the-job training is usually provided.

Expected Salary:

As of May 2021, the median salary for policy processors was $45,520. This is slightly higher than the average salary for financial clerks ($44,760).

Job Growth:

Overall employment of policy processors is expected to decline by 2 percent over the next decade. This is due to the rise of productivity-enhancing software.

Administrative Support Associates do the routine clerical and organizational tasks required to keep an office running smoothly.

What It Is:

Administrative Support Associates answer telephones, keep event calendars up to date, arrange staff meetings, handle mail, prepare memos, edit documents, and maintain databases.

Most administrative support associates work full-time.

Required Education:

A high-school education and skill with spreadsheet and word processing programs are required for entry-level administrative support associate jobs.

Expected Salary:

As of May 2021, the median salary for administrative support associates was $37,880. This was slightly lower than the general average for secretaries and administrative assistants, at $39,680.

Job Growth:

The employment of administrative support associates is expected to decrease by 10 percent over the next decade. This is primarily due to technology allowing organizations to prepare documents without secretaries. In addition, many managers have been taking over tasks formerly done by secretaries.

Life Insurance Underwriters evaluate life insurance applications and determine whether or not to provide insurance and the terms under which the company will give it.

What it is:

Life Insurance Underwriters take specific information about a prospective client, such as their age and financial history, and enter it into a computer program. The program uses this information to provide recommendations on coverage and premiums. The underwriter then examines the program's advice and makes a final judgment call.

Required Education:

Most life insurance underwriter jobs require a bachelor's degree. Still, some companies will accept insurance-related work experience and strong computer skills in place of a degree.

Expected Salary:

As of May 2021, the median annual salary for insurance underwriters was $76,390. Those who work for insurance agencies and brokerages made slightly more, at $76,450.

Job Growth:

Overall employment for insurance underwriters is expected to decrease by 4 percent over the next decade. This is primarily due to the advent of advanced underwriting software that allows workers to process applications quickly.

Working in life insurance has many opportunities to grow your career. You can choose different job opportunities in life insurance based on your passion, experience, and qualifications.

Now that you have learned more about 5 of the best-paying jobs in life insurance, it’s time to join or apply for that job in life insurance and start earning the pay you deserve.