Life Insurance: Discover How Many Jobs Is In this Booming Industry

How Many Jobs Are Available in Life Insurance - BizcViral
How Many Jobs Are Available in Life Insurance - BizcViral

The life insurance industry has been experiencing massive growth in recent years. With increasing life expectancy and growing awareness of financial planning, more people recognise the importance of life insurance. This rising demand has led to thousands of new job openings at insurance companies, big and small. The thriving life insurance sector may be the perfect fit if you’re looking for an exciting career with great earning potential.

How many people work in life insurance?

According to the Bureau of Labor Statistics (BLS), over 2.5 million people were employed in insurance careers in the US in 2021. Of these, approximately 443,000 worked specifically in life insurance. The top job titles in this field include insurance sales agents, underwriters, claims adjusters, actuaries, financial analysts, and customer service representatives. Employment in the insurance industry overall is projected to grow by 8% from 2021 to 2031, adding about 209,800 new jobs. The need for life insurance professionals is expected to increase significantly.

John Smith, a veteran life insurance agent shares, “When I started out 15 years ago, our agency had maybe 10 agents. Now we have over 50 just in this branch. The industry is growing so much that experienced people like me are in high demand as managers and mentors.”

As the 75+ million baby boomers enter their retirement years, the need for retirement and life insurance products will drive much of this job growth. Plus, emerging markets in developing countries are creating new opportunities globally.

What is one of the biggest mistakes made in the life insurance decision?

One common mistake is not getting enough coverage. Many people underestimate their family’s financial needs and end up purchasing inadequate life insurance.

For example, Sarah, a young mother, opts for only $100,000 coverage, thinking it will pay off their remaining mortgage. However, this amount will not provide long-term income replacement or cover childcare, college savings, and other expenses. After discussing her full financial picture with an agent, Sarah realises she needs 10 times more coverage.

The right life insurance amount depends on factors like income, debts, number of dependents, and financial goals. Working with an experienced agent to evaluate your unique situation is key to avoiding this underinsurance error.

What is the major problem with life insurance?

The biggest issue most people face is not having any life insurance. According to LIMRA’s 2021 Insurance Barometer study, only 57% of US households have life insurance. This share has decreased compared to previous years, even as more families feel financially vulnerable.

Many assume they cannot afford coverage or that their employer policy is adequate. But term life plans are quite affordable, especially when purchased young and healthy. And work benefits are typically low, ending when you change jobs.

Having no life insurance leaves your loved ones unprotected financially in case of death. The bills keep coming, but income stops without coverage. Don’t let your family face avoidable money struggles. Speak to an agent and get covered now.

How big is the life insurance industry?

The life insurance industry in the US collects over $767 billion in premiums each year, making it a massive and influential sector. In fact, American households own $20 trillion worth of life insurance coverage as of 2021.

The US holds over one-third of the market share for life insurance premiums globally. Premium volume is expected to grow substantially as more middle-class families in developing nations obtain insurance.

Major firms like Prudential, MetLife, and Lincoln Financial each hold hundreds of billions of dollars in coverage liabilities. They employ tens of thousands and invest trillions into the economy.

While large insurers dominate, smaller mutual companies and niche innovators are expanding their reach in this profitable industry. Overall, the immense size and impact of the life insurance business create financial stability for families and stimulate economic growth.

How many people are employed in insurance?

In the US alone, over 2.5 million people work in insurance careers spanning various roles. These include:

  • Insurance sales agents: 660,800
  • Claims adjusters and examiners: 329,500
  • Insurance underwriters: 110,700
  • Actuaries: 23,000
  • Customer service representatives: 295,300
  • Insurance appraisers and investigators: 68,700
  • Insurance sales support workers: 156,600

The job possibilities are diverse, ranging from sales to analytical and administrative positions. And this count does not even include the many ancillary jobs related to accounting, legal, IT, marketing, HR and more at insurance companies.

Globally, over 5.7 million people are employed in direct insurance roles. With the widespread need driving industry growth, insurance offers job stability and a wealth of career advancement potential.

Read more: Discover 10 New Ways to Negotiate Roof Replacement with Insurance

Who is the largest life insurer in the world?

China Life Insurance is the world’s largest life insurer by total assets, headquartered in Beijing. This state-owned company was founded in 1949 and went public in 2003. China Life currently has over $1 trillion in total assets and writes one-third of China’s life insurance coverage premiums.

Some other top global life insurers are:

  • Manulife Financial – Canada
  • Nippon Life Insurance – Japan
  • Allianz Life – Germany
  • Aviva – UK
  • Ping An Insurance – China
  • MetLife – USA

The US companies Prudential Financial, MetLife, and Lincoln National are also among the biggest in the world by coverage provided. Overall, Asia dominates the global insurance market, led by firms in China, Japan, and Korea. But major European and North American companies continue to hold significant market share due to their substantial assets under management.

Who is the number one life insurance company in the US?

The largest life insurer in America is New York Life Insurance Company. This mutual company was founded in 1845 and currently provides over $1 trillion in coverage. Other top life insurance firms in the US include:

  • Northwestern Mutual
  • Massachusetts Mutual Life Insurance (MassMutual)
  • Guardian Life
  • Pacific Life
  • Lincoln Financial Group
  • Prudential Financial
  • MetLife

The rankings fluctuate year to year based on total coverage provided, premium income, assets, market share, and other variables. But these household names remain leaders in the massive US life insurance market. They provide financial safety for millions of families with their range of term life, whole life, and annuity products.

Do most jobs offer life insurance?

Unfortunately, access to employer-provided life insurance is not as common as many think. According to the Bureau of Labor Statistics, only about 44% of all US workers at private companies elect to participate in employer life insurance plans. And coverage offered is often minimal – typically 1 to 2 times the annual salary.

The percentage of employees with work-life insurance increases for:

  • Union workers – 81% participate
  • State and local government workers – 81%
  • Larger companies (500+ employees) – 62%

But most small businesses do not provide benefits. And coverage ends when you leave your job making individual life insurance a necessity. Plus, group coverage amounts are too low to protect families adequately. So having your own personal policy remains crucial.

Who buys the most life insurance?

Working parents in their 30s and 40s tend to buy the most life insurance. This demographic often has young families, a mortgage, and significant income to protect.

According to the 2021 Insurance Barometer Study by Life Happens and LIMRA, the following households were most likely to own life insurance:

  • Married couples with children – 81% have life insurance
  • Higher-income – 90% of homes earning $100k+
  • College educated – 73% of graduates
  • Working in white-collar jobs – 69% of professionals

Parents feel financially responsible for minor children and education costs. Life insurance provides funds to replace income and pay ongoing expenses if a parent dies prematurely.

While ownership peaks among middle-aged parents, anyone with financial dependents can benefit from life insurance. Many successful young professionals and retirees also obtain coverage. Working with an agent can help determine if you need life protection.


How do I choose the best life insurance company?

Look for an established insurer with strong financial ratings from agencies like A.M. Best and Moody’s. Check policy options, pricing, and customer satisfaction scores on J.D. Power, and Consumer Reports sites. An independent agent can compare quotes from top-rated companies.

What types of life insurance jobs are available?

Some key jobs include sales agent, underwriter, actuary, claims adjuster, customer service rep, financial planner, legal counsel, IT professional, and more. Roles encompass sales, analytical, medical, legal, marketing, management, and administrative functions.

What is the average life insurance agent’s salary?

The BLS reports a median pay of $50,300 annually for insurance sales agents. The top 10% earn $208,000+. With commission, motivated agents at leading firms can enjoy six-figure incomes.

How can I get hired without experience?

Many insurers offer internships and trainee programs for those new to the industry. Getting licensed to sell life insurance demonstrates commitment. Relevant coursework or jobs in business, finance, sales, analytics, or statistics are also helpful.

How stable are insurance careers?

Insurance industry employment is projected to grow 8% over the next decade, faster than most occupations. Demographic shifts driving demand for life products point to highly stable careers in this field.

Ready for an Exciting and Rewarding Career in Life Insurance?

Rising consumer interest in financial security and retirement planning fuels strong demand for life insurance professionals. Underwriters, actuaries, agents, and other key roles are increasing rapidly. With thousands of well-paying job openings at leading insurers, now is a great time to explore the possibilities in this expanding industry. Contact a life insurance recruiter today to learn more and kickstart your rewarding new career.

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