The insurance industry is booming, and it’s no surprise that there are many high-paying jobs in this field. The average annual income for an insurance agent is over $80,000, and actuaries can earn more than $100,000 per year. In fact, according to the Bureau of Labor Statistics (BLS), the top 12 insurance jobs with the highest salaries all earn over $100K annually:
The 12 best paying jobs in life insurance are among the most lucrative ones out there. Those who earn this income can enjoy financial security and stability in their lives.
Life insurance is one of the easiest ways to secure your financial future. It’s a smart investment that can help you build a life worth living. But with so many options out there, it’s hard to know where to start.
12 Best Paying Jobs In Life Insurance
This article will highlight 12 of the best paying jobs in life insurance and why they are worth considering.
1. Actuarial Analyst
- Actuarial Analyst
As the name suggests, actuaries analyze the data in an insurance company. They are responsible for reviewing employee death experience, mortality tables and premium rates of a life insurance company.
They also determine if the benefits need to be adjusted or if there is an increase in risk for certain individuals or occupational groups. If you have a love for numbers and good at math too, this is the perfect job for you! You’ll need at least an undergraduate degree in mathematics or statistics along with extensive experience before being offered this position.
2. Underwriter
Underwriters are responsible for evaluating the risk that an insurance company will have to pay a claim. They also play a large role in the pricing and underwriting of new insurance products.
The job is not as exciting as it sounds, but if you like working behind the scenes and have an analytical mind then this could be one of your best options!
3. Insurance Agent
Insurance agents are the people who sell insurance policies. They are the first point of contact for customers, so they must be able to explain complex policies and benefits in a way that is easy for everyone to understand. They also must have a thorough understanding of every aspect of their company’s offerings, as well as its competitors’ products.
Insurance agents work with people from all walks of life, from teachers and doctors to farmers and ranchers. It may seem like a small thing, but having excellent customer service skills is essential if you want this job—and it can make the difference between closing a sale or not!
One study found that 67% of Americans believe customer service should be prioritized over price when it comes time to buy something; this means that if you’re not willing or able (or both!) then don’t even bother applying!
4. Chief Financial Officer
Chief financial officer (CFO) is one of the highest paying jobs in life insurance. The average salary for CFOs is $100,000 to $150,000 per year. The responsibilities of this job include budgeting and forecasting, as well as financial planning and analysis.
- Budgeting: The first step in creating an effective budget is to determine what your company needs to make at least a 5% return on investment (ROI) each year. This will serve as your minimum profit target.
- Forecasting: Once you’ve created your budget based on the minimum ROI formula, it’s time to forecast how much money will come into the business over the next five years or so by projecting sales volume data for each year of that period—and then estimating how much cash flow those incoming funds are likely going to generate before they’re spent on paying employees’ salaries or buying new equipment for production purposes.* Financial Planning: Once you have some idea about where things stand financially from month-to-month within any given quarter (which will come from tracking actual expenditures), it’s time for long-term planning around areas such as capital expenditures like purchasing new equipment; debt management considerations such as whether or not taking out another loan would be worthwhile based on projected cash flow; investment growth opportunities such as whether investing heavily outside of retirement plans could yield better returns than putting all available funds toward paying down debt.*
5. Treasurer
The treasurer is responsible for managing the company’s cash and investments. The treasurer is also responsible for the company’s budgeting and forecasting, financial planning, financial reporting and internal controls.
The treasurer will work with all departments of your corporation to help them understand their expenses in relation to their income so that they can make better decisions about how much money they should spend on various things.
This position is perfect if you’re someone who likes math and numbers (as most accounting jobs do) but doesn’t want to deal with clients or customers very often at all!
6. Claims Supervisor
Claims supervisors are responsible for reviewing and analyzing claim data. They research and investigate claims, as well as analyze information from a variety of sources to determine if the claims submitted should be paid or denied.
The average annual salary for a claims supervisor is $45,000, according to PayScale.com’s salary calculator; however, some companies pay their employees more than this amount. The median household income in 2014 was $53,657 per year (U.S Census Bureau).
To become a claims supervisor you need at least an associate’s degree in business administration or related field and three years’ experience in insurance processing or underwriting. You must also have excellent communication skills both written and verbal with attention to detail along with strong analytical skills since you will be working with numbers most of time while analyzing data submitted by customers who file their insurance claim over policies
, purchased from different insurance providers like State Farm Insurance Company which offers auto insurance coverage options under standard coverage terms such as “limited tort liability” (whereby an insured person cannot sue another driver) or “uninsured motorist coverage” (which provides compensation when there was an accident caused by an uninsured driver).
7. City/Regional Manager
City/regional managers are responsible for the day-to-day operations of a city or region. They report to the vice president or president and provide direct supervision to all other managers and supervisors in their areas. The city/regional manager is responsible for hiring and firing employees in their designated area.
They also negotiate contracts with vendors, set prices for goods or services offered by departments within their organization, and manage budgets for each department under their jurisdiction.
8. Certified Financial Planner (CFP)
A Certified Financial Planner (CFP) is a professional designation awarded to individuals who have met the standards required by the CFP Board of Standards. This certification requires passing a comprehensive test and meeting education and experience requirements. Once you’re certified, you must continue to meet ongoing educational requirements in order to maintain your CFP certification.
Certified Financial Planners are typically paid in one of two ways: either through an hourly rate or via commissions on the products they sell their clients.
9. Assistant Treasurer
An Assistant Treasurer is responsible for managing the financial operations of the company. They provide support to senior management in evaluating and implementing decisions pertaining to investments, cash flow, treasury operations and risk management.
10. Account Executive/Manager
An Account Executive/Manager is someone that sells insurance policies, but it’s also a full-time job in the financial services industry.
In this position, you may be working with big clients, managing those accounts and helping them with their insurance needs. You might even work for an insurance company or bank.
11. Vice President of Finance/Controller of Finance
As a Vice President of Finance/Controller of Finance, you will be responsible for the financial activities within an organization. This could include overseeing accounts payable and receivable, payroll and benefits processing, budgeting and forecasting.
With the right education and experience you can earn an average salary between $56k-$76k (U.S.) per year.
12. Property and Casualty Claims Adjuster Supervisor
As a Property and Casualty Claims Adjuster Supervisor, you will supervise and coordinate the work of adjusters in investigating and adjusting claims. You’ll be responsible for supervising the adjusters in your department or group, coordinating activities between departments, setting goals and procedures for adjusting claims, communicating with clients and other parties involved in claims processing as appropriate, resolving disputes that arise during claim investigations or negotiations (or referring them to an attorney), ensuring compliance with state laws governing insurance companies or agencies; keeping track of current trends in the industry; ensuring adequate training is provided to employees; establishing guidelines for conducting investigations; preparing statistical reports on various aspects of insurance business practices such as loss ratios (the percentage of premium dollars paid out compared to incurred losses).
This job can require travel around Massachusetts several times per year by plane which may include early mornings/late evenings due to drive time from airport because there are no direct flights from Boston Logan International Airport (BOS) into Worcester Regional Airport (WOR).
These are some of the best paying jobs in the insurance industry
These are some of the best paying jobs in the insurance industry.
- Insurance Underwriter ($60,000-$70,000)
- Insurance Sales Agent ($55,000-$60,000)
Conclusion
If you are looking for a career in insurance and are interested in a way to make money, we recommend that you consider these 12 jobs. These positions pay well and offer other benefits such as bonuses, paid vacation time and health benefits.