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The differences between life insurance agents and licensed 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 $42,315 average annual salary of a licensed 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 licensed agent are HIPAA, customer service, and inbound calls.
| Life Insurance Agent | Licensed Agent | |
| Yearly salary | $62,552 | $42,315 |
| Hourly rate | $30.07 | $20.34 |
| Growth rate | 6% | 6% |
| Number of jobs | 68,781 | 68,666 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| 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.
Licensed Agents act as authorized brokers acting on behalf of an individual owner or organization in selling a product, service, or property. There are many different pathways a licensed agent can delve into, such as in real estate, insurance, and banking. For instance, a real estate agent uses its license to be able to sell and rent properties. Their duties include gathering property information, evaluating property estimates, marketing properties, and represent sellers in the process of negotiation. They seek prospective buyers, monitor the sale process between stakeholders, and reach a mutually agreed price.
Life insurance agents and licensed agents have different pay scales, as shown below.
| Life Insurance Agent | Licensed Agent | |
| Average salary | $62,552 | $42,315 |
| Salary range | Between $39,000 And $99,000 | Between $28,000 And $62,000 |
| Highest paying City | Anchorage, AK | Kirkland, WA |
| Highest paying state | Alaska | Alaska |
| Best paying company | AIG | HPOne |
| Best paying industry | Insurance | Insurance |
There are a few differences between a life insurance agent and a licensed agent in terms of educational background:
| Life Insurance Agent | Licensed Agent | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between life insurance agents' and licensed agents' demographics:
| Life Insurance Agent | Licensed Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.7% Female, 46.3% | Male, 41.3% Female, 58.7% |
| 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, 9.2% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |