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The differences between life insurance agents and finance advisors can be seen in a few details. Each job has different responsibilities and duties. Additionally, a finance advisor has an average salary of $64,993, which is higher than the $62,552 average annual salary of a life insurance agent.
The top three skills for a life insurance agent include health insurance, life insurance license and life insurance sales. The most important skills for a finance advisor are team support, wealth management, and securities.
| Life Insurance Agent | Finance Advisor | |
| Yearly salary | $62,552 | $64,993 |
| Hourly rate | $30.07 | $31.25 |
| Growth rate | 6% | 15% |
| Number of jobs | 68,781 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 74% |
| Average age | 46 | 45 |
| Years of experience | - | 4 |
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.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Life insurance agents and finance advisors have different pay scales, as shown below.
| Life Insurance Agent | Finance Advisor | |
| Average salary | $62,552 | $64,993 |
| Salary range | Between $39,000 And $99,000 | Between $34,000 And $121,000 |
| Highest paying City | Anchorage, AK | New York, NY |
| Highest paying state | Alaska | New York |
| Best paying company | AIG | Enbridge |
| Best paying industry | Insurance | Finance |
There are a few differences between a life insurance agent and a finance advisor in terms of educational background:
| Life Insurance Agent | Finance Advisor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between life insurance agents' and finance advisors' demographics:
| Life Insurance Agent | Finance Advisor | |
| Average age | 46 | 45 |
| Gender ratio | Male, 53.7% Female, 46.3% | Male, 72.3% Female, 27.7% |
| Race ratio | 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% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 5% |