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The differences between loan officers and insurance agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance agent has an average salary of $51,936, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for an insurance agent are customer service, insurance sales, and health insurance.
| Loan Officer | Insurance Agent | |
| Yearly salary | $45,817 | $51,936 |
| Hourly rate | $22.03 | $24.97 |
| Growth rate | 4% | 6% |
| Number of jobs | 63,663 | 67,977 |
| Job satisfaction | 4.5 | 5 |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 53% |
| Average age | 45 | 46 |
| Years of experience | 6 | - |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
An insurance agent is responsible for inviting potential clients to the insurance company by offering different insurance services. Insurance agents must have a comprehensive knowledge of insurance types to provide the clients with the best insurance option in the market. The insurance agents should evaluate a client's long-term needs and financial goals to create individual packages as the insurance company allowed. An insurance agent also handles policy renewals and keeps customers' insurance files for reference.
Loan officers and insurance agents have different pay scales, as shown below.
| Loan Officer | Insurance Agent | |
| Average salary | $45,817 | $51,936 |
| Salary range | Between $30,000 And $69,000 | Between $30,000 And $88,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Bangor Savings Bank | Z Capital Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and an insurance agent in terms of educational background:
| Loan Officer | Insurance Agent | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and insurance agents' demographics:
| Loan Officer | Insurance Agent | |
| Average age | 45 | 46 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 51.6% Female, 48.4% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 8% | 7% |