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The differences between licensed insurance agents 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 $54,118 average annual salary of a licensed insurance agent.
The top three skills for a licensed insurance agent include excellent time management, work ethic and strong customer service. The most important skills for a life insurance agent are health insurance, life insurance license, and life insurance sales.
| Licensed Insurance Agent | Life Insurance Agent | |
| Yearly salary | $54,118 | $62,552 |
| Hourly rate | $26.02 | $30.07 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 68,781 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 53% |
| Average age | 46 | 46 |
| Years of experience | - | - |
A licensed insurance agent is primarily responsible for finding and utilizing opportunities to secure insurance sales. Moreover, a licensed insurance agent must reach out to potential clients, discuss and negotiate terms, respond to inquiries, and perform various assessments to determine their ability to uphold financial obligations. Besides building a client base, they also need to handle current policies, process renewals, monitor claims, maintain an accurate record of transactions, prepare progress reports and strategies, and distribute policy proceeds according to the company rules and regulations.
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.
Licensed insurance agents and life insurance agents have different pay scales, as shown below.
| Licensed Insurance Agent | Life Insurance Agent | |
| Average salary | $54,118 | $62,552 |
| Salary range | Between $32,000 And $88,000 | Between $39,000 And $99,000 |
| Highest paying City | Washington, DC | Anchorage, AK |
| Highest paying state | Hawaii | Alaska |
| Best paying company | Torchmark | AIG |
| Best paying industry | Finance | Insurance |
There are a few differences between a licensed insurance agent and a life insurance agent in terms of educational background:
| Licensed Insurance Agent | Life Insurance Agent | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and life insurance agents' demographics:
| Licensed Insurance Agent | Life Insurance Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 53.7% Female, 46.3% |
| Race ratio | Black or African American, 9.2% Unknown, 3.6% Hispanic or Latino, 15.7% Asian, 4.9% White, 66.5% 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% |