When it comes to getting your life insurance license their are several things you need to do in order to get it. For starters your state may have different requirements for you to complete before you can even take the exam.
Most typical states will require you to be 18 years of age, a resident in the state you are applying in, complete a pre-licensing education course, do a background check, send in fingerprints, pay the required fees, and pass an exam, all before you can have a license and be considered a life insurance agent.
So in this article I’m going to cover each of these areas in more detail on how to get a life insurance license.
Pre-Licensing Education Course
Almost all states require you to have some sort of pre-licensing education. A pre-licenseing education course is typically done in classroom, and held by a certified instructor. However some states are now allowing you to complete a portion of your the education course online.
Most states will require around 20 hours of pre-licensing education, such as Ohio, while other states like California will require 32 hours. On top of that some states will require you to take your life, an health licenses together.
Ohio use to require this which also meant you have to take 40 hours or pre-licensing education but have since separated them and now only require 20 hours per license.
Background Check & Fingerprints
Secondly, in order to get your life insurance license you will typically be required to have a background check done. A background check is used to see if you have committed any felonies, especially those that are considered a crime of dishonesty or a breach of trust.
However if you have committed a felony you may be able to have it waived. This would include filling out a waiver form and having it approved your states current insurance commissioner.
Along with the background check you also may be required to complete fingerprint impressions either with a fingerprint card or electronically. The reason fingerprints are collected is to prove you are the actual person applying for the license.
Fees & Expenses
Third you will have fees and expense in order to get your life insurance license. These fees can vary from state to state and some don’t have all the fees and expense mentioned here. Below is a list of typical fees you may encounter in your state.
- License Fee. This is the fee you have to pay in order to obtain your license.
- Background Check Fee. This fee is charged if you have to have a background check done.
- Fingerprint Fee. If you have to have fingerprints done they charge a separate fee for this.
- Exam Fee. This is a fee to take the life insurance exam. This fee is usually charged every time you take the exam, so if you fail the exam you will typically have to pay the fee again.
- Renewal Fees. A renewal fee is charged every time you have to renew your license. In most cases you won’t have to renew your license until every two years.
- Pre-License Course Fee. You will also have to pay a fee take the pre-license course. This fee depends on where you take the course at.
- Licensing Materials. When taking the pre-licensing education course in your state you will also have to buy training materials. This will typically include a study guide and even some practice exams.
Life Insurance Exam
Finally, once you’ve passed your pre-licensing education course, done your background check and fingerprints, and paid your required fees, you will need to pass the required exam in order to apply for your license.
The typical exam will usually be around a 100 questions and in most cases they will give you 2 hours to complete this. On top of that you must get at least a 70% or better to pass the exam.
How To Get A Life Insurance License
Once you have passed your exam you can apply for your life insurance license. Again, this also varies from state to state as well. For example, in some states they will issue it immediately after you pass the exam while others my require a waiting period of three to five days for processing.
Again all of these requirements vary from state to state, so take your time to review your states requirements before you sign up. To get started you can check out your states requirements here.