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The differences between life insurance agents and insurance brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, 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 an insurance broker are customer service, life insurance products, and lead generation.
| Life Insurance Agent | Insurance Broker | |
| Yearly salary | $62,552 | $94,006 |
| Hourly rate | $30.07 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 68,781 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
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 brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Life insurance agents and insurance brokers have different pay scales, as shown below.
| Life Insurance Agent | Insurance Broker | |
| Average salary | $62,552 | $94,006 |
| Salary range | Between $39,000 And $99,000 | Between $62,000 And $141,000 |
| Highest paying City | Anchorage, AK | Birmingham, AL |
| Highest paying state | Alaska | Washington |
| Best paying company | AIG | Liberty Mutual Insurance |
| Best paying industry | Insurance | Insurance |
There are a few differences between a life insurance agent and an insurance broker in terms of educational background:
| Life Insurance Agent | Insurance Broker | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between life insurance agents' and insurance brokers' demographics:
| Life Insurance Agent | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.7% Female, 46.3% | Male, 62.5% Female, 37.5% |
| 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, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |