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The differences between insurance underwriters, sales and life insurance agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, a life insurance agent has an average salary of $62,552, which is higher than the $40,226 average annual salary of an insurance underwriter, sales.
The top three skills for an insurance underwriter, sales include lead generation, financial services and customer service. The most important skills for a life insurance agent are health insurance, life insurance license, and life insurance sales.
| Insurance Underwriter, Sales | Life Insurance Agent | |
| Yearly salary | $40,226 | $62,552 |
| Hourly rate | $19.34 | $30.07 |
| Growth rate | 6% | 6% |
| Number of jobs | 50,699 | 68,781 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 53% |
| Average age | 46 | 46 |
| Years of experience | - | - |
A sales insurance underwriter evaluates new or renewal applications in turn for insurance coverage for companies and individuals. Insurance underwriters analyze insurance proposal risks and identify policy terms. They perform calculations on premiums based on statistical, background, and actuarial information. Several insurance businesses and companies operate graduate schemes that offer to underwrite. Among the necessary skills for this job include communication, decision making, and detail orientation.
A life insurance agent is responsible for offering life insurance services for clients according to their needs and qualifications. Life insurance agents handle insurance claims of the beneficiaries, ensuring the accuracy of documents and account statements for verification. They also discuss possible options and alternatives, as well as considering the clients' long-term financial goals and objectives. A life insurance agent must be well-knowledgeable of the insurance services offered by the company, discussing policies and coverage to suit the clients' best interests.
Insurance underwriters, sales and life insurance agents have different pay scales, as shown below.
| Insurance Underwriter, Sales | Life Insurance Agent | |
| Average salary | $40,226 | $62,552 |
| Salary range | Between $28,000 And $56,000 | Between $39,000 And $99,000 |
| Highest paying City | Los Angeles, CA | Anchorage, AK |
| Highest paying state | Wisconsin | Alaska |
| Best paying company | New York Life Insurance | AIG |
| Best paying industry | Insurance | Insurance |
There are a few differences between an insurance underwriter, sales and a life insurance agent in terms of educational background:
| Insurance Underwriter, Sales | Life Insurance Agent | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters, sales' and life insurance agents' demographics:
| Insurance Underwriter, Sales | Life Insurance Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 53.7% Female, 46.3% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 16.0% Asian, 4.9% White, 66.1% American Indian and Alaska Native, 0.1% | Black or African American, 9.4% Unknown, 3.6% Hispanic or Latino, 16.0% Asian, 4.9% White, 66.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |