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The differences between life underwriters and insurance underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a life underwriter has an average salary of $78,633, which is higher than the $64,163 average annual salary of an insurance underwriter.
The top three skills for a life underwriter include underwriting decisions, risk selection and health insurance. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Life Underwriter | Insurance Underwriter | |
| Yearly salary | $78,633 | $64,163 |
| Hourly rate | $37.80 | $30.85 |
| Growth rate | -4% | -4% |
| Number of jobs | 16,767 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | - | - |
A life underwriter is a person who helps give the insurer a detailed outlook on their health and presents them with a premium. An underwriter works for an insurance company and examines an insurer's eligibility for certain benefits. They then evaluate the application depending on their capacity to pay and their current health status. Also, they need to inform them about the advantages and disadvantages of having life insurance.
An insurance underwriter specializes in identifying and assessing financial risks in insurance policies. It is their duty to gather and review insurance applications, understand the coverage of policies and claims, determine a client's ability to uphold financial obligations by studying their personal information, and develop strategies to prevent the impact of risks and financial losses. They may also negotiate with external parties while adhering to the company's rules and regulations. Moreover, there are instances when an insurance underwriter must produce progress reports and presentations for managers and executives.
Life underwriters and insurance underwriters have different pay scales, as shown below.
| Life Underwriter | Insurance Underwriter | |
| Average salary | $78,633 | $64,163 |
| Salary range | Between $53,000 And $116,000 | Between $35,000 And $116,000 |
| Highest paying City | - | Hartford, CT |
| Highest paying state | - | Connecticut |
| Best paying company | - | Citi |
| Best paying industry | - | - |
There are a few differences between a life underwriter and an insurance underwriter in terms of educational background:
| Life Underwriter | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between life underwriters' and insurance underwriters' demographics:
| Life Underwriter | Insurance Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 41.7% Female, 58.3% | Male, 33.4% Female, 66.6% |
| Race ratio | Black or African American, 8.8% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 73.0% American Indian and Alaska Native, 0.4% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 72.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |