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The differences between life insurance agents and licensed insurance producers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a licensed insurance producer has an average salary of $66,026, 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 licensed insurance producer are work ethic, lead generation, and annuities.
| Life Insurance Agent | Licensed Insurance Producer | |
| Yearly salary | $62,552 | $66,026 |
| Hourly rate | $30.07 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 68,781 | 54,872 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 57% |
| 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.
An Insurance producer, also called an insurance agent that promotes and sells insurance benefits and packages to clients. This includes life insurance, property, and health insurance that is offered by not only one company. They are responsible for promoting customer service and creates a good relationship between the company and the insurer. They also serve as a point of a contract if there are insurers that need someone who can assist them with what particular package they can get.
Life insurance agents and licensed insurance producers have different pay scales, as shown below.
| Life Insurance Agent | Licensed Insurance Producer | |
| Average salary | $62,552 | $66,026 |
| Salary range | Between $39,000 And $99,000 | Between $44,000 And $97,000 |
| Highest paying City | Anchorage, AK | Washington, DC |
| Highest paying state | Alaska | Washington |
| Best paying company | AIG | Berkshire Hathaway |
| Best paying industry | Insurance | Finance |
There are a few differences between a life insurance agent and a licensed insurance producer in terms of educational background:
| Life Insurance Agent | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between life insurance agents' and licensed insurance producers' demographics:
| Life Insurance Agent | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.7% Female, 46.3% | Male, 39.2% Female, 60.8% |
| 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, 9.4% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |