A life insurance broker is a type of insurance representative. A person with this title sells life insurance products from different companies rather than focusing on the insurance offerings of a single organization. While a degree is not an ironclad requirement for a person who wants to become a life insurance broker, many employers are more willing to hire candidates who have degrees; many interested in this field pursue degrees in business or economics. Additionally, many aspiring life insurance brokers complete insurance courses in preparation for this job. Typically, an aspiring life insurance broker also has to pass an exam to become licensed.
Many people seek ways to ensure their loved ones will be financially secure after they are gone. For example, parents often secure life insurance policies to provide money for loved ones and burial expenses after they die. Likewise, spouses often have life insurance policies intended to help provide for the surviving spouse in the event of the policy holder’s death. There are many different companies that sell life insurance policies and various types of policies from which a person may choose. A life insurance broker helps individuals find, apply for, and buy life insurance, offering life insurance products from many different companies.
A person who wants to become a life insurance broker typically pursues a degree in preparation for this job. An individual interested in this career may earn a bachelor’s or master’s degree in a finance-, business-, or economics-related field, though a college degree isn’t an absolute requirement. An aspiring broker may also take insurance courses, either at a brick-and-mortar school or online, to prepare for the licensing test. Others use study guides to prepare.
Before choosing an educational path, an aspiring broker may do well to check the laws in his jurisdiction. Some places may require aspiring brokers to secure a minimum level of insurance education before taking a licensing test. These requirements usually apply to classroom hours rather than degrees.
In most places, a person who wants to become a life insurance broker has to obtain a license. Usually, this involves taking one or more tests and passing them with a satisfactory score. These exams typically cover life insurance law and different types of insurance products. An individual who wants to become a life insurance broker may also seek certification or additional licensing necessary to sell a range of financial products and instruments, including securities.