3 organizations running U.S. insurance classes
- The insurance industry is expected to see strong growth in 2021, mirroring the projected global economic development.
- Global premiums are expected to rise by approximately 5.1%
- Unsurprisingly, the United States (+5.3%) and China (+13.4%) are expected to be the two most significant growth engines.
Financial security is undoubtedly one of our most fundamental needs as human beings. The importance of life insurance stems from its ability to provide a somewhat ‘’safety net’’ in terms of monetary security to a policy holder in case of a loss of life.
In the last year, the life insurance industry has proliferated in almost every single market in the world.
Global insurance premiums have far surpassed any previous cap that was seen, hitting a worth that exceeds USD $5 trillion.
The United States, currently the largest insurance market in the entire world, is likely to retain its leading place within the next decade, although China’s expansions in the industry may make it a close call by the year 2029 according to analyst projections.
Advanced markets have also seen lower real premium growth rates in comparison to the emerging ones [unsurprisingly]. This means that emerging countries (such as China) will likely attain a more robust position in the global life insurance market within the next couple of years.
Individuals interested in pursuing a career as an Insurance Agent are legally required to obtain an insurance license. Although mandatory, this process usually involves a significant degree of preparation and capital, and consequently persons have increasingly begun to rely on online ‘’insurance classes’’ for their preparation.
Below we examine the best three organizations that are currently running insurance-licensing courses within the U.S., and finish off by providing a few tips on how to best get started in the sector.
Top 3 organizations running insurance licensing
A recent report published by State Requirement considered the current best insurance classes available- taking into account student satisfactions and pass rates, availability of extra resources and capital, flexibility of study, and diversity of packages.
Let us have a look at these below.
The most flexible and holistically fruitful option was ExamFX, as they offered four different packages which included a plethora of exclusive benefits- such as self-paced learning, in-person training, and an exceptionally high rate.
If you are a highly self-motivated learner, A.D. Banker is indubitably one of the best choices for you. The company’s learning packages are extremely coherent- making self-learning relatively easy, and their prolific options include both live and pre-set online courts which make them ideal for individuals who may not have a fixed schedule.
Kaplan Financial Course
Kaplan Financial Course has become one of the most noteworthy names in the insurance licensing industry in the last couple of years.
Their services provide quality pre-licensing education, exceptional test pass rates (which exceed 93%), essential learning resources, and cost-efficient pricing.
It has been ranked as the best option in a plethora of sites, which is mainly a result of the students’ unrivalled pass rates.
How to get started with licensing
1. Decide what kind of insurance you want to work with
The first step for anyone looking to engage with the insurance licensing industry is deciding what types of insurance they would like to specialize in. These are referred to as ‘’lines of authority’’ and include: health insurance, life insurance, casualty insurance, property insurance, and variable products insurance- to name a few.
Another option would be working as an ‘adjuster’; this is a business that investigates and consequently ‘’adjusts’’ claims on specified insurance policies.
Usually, persons tend to work in more than just one line of authority; for example, they may combine two, working in the sphere of property and casualty insurance.
2. Understand the general legal requirements involved
After you have determined the exact type of insurance agent that you want to be- and consequently the type of insurance that you want to work with, your next step should be to read up (and understand) the general regulations and legal requirements of the licensing process.
In the U.S, there are several prerequisites, and these tend to vary depending on your state of residence. They include: a) needed to be at least 18 years of age, b) needing to complete a pre-licensing education for each line of authority that you want to work in (the number of hours and capital required will vary depending on the state that you are in), c) needing to pass your state’s insurance licensing exam for your specific line (or lines) of authority, d) needing to pass a robust background check, and e) needing to continue your field-related education so as to maintain or renew your license.
3. Decide on a state
The first two steps are meant to allow you to ascertain a general picture of what you are meant to do; after that is complete, you need to take some time and figure out what state you want to sell insurance in; is it your home [residency] state, or another state in the United States?
Each state has authority over its own insurance licensing process and laws, and consequently the requirements for each one tend to differ- albeit quite marginally. Even though you can work in more than one state, you will need to ensure your practice satisfies the prolific regulations and mandates of each one.
4. Research agencies you want to work in
Your penultimate step should be to research the specific agencies that you want to work for after you are legally licensed.
This is because many have extra requirements for their applicants, and the sooner you know these, the better. Doing this step early on can also be beneficial as a plethora of agencies hire their agents before they officially qualify- so as to allow them to follow their own specific process along the way.
5. Hire a licensing course & pass your state exam
Finally, after completing all of your research you will want to hire an insurance licensing course to help you prepare.
Whilst this is not mandatory- and many individuals can pass without it, it has been proven to significantly increase your chances of passing your exam on your first try, and it can make for a much more holistically enjoyable experience without the stress of having to learn and understand everything completely by yourself.
We have discussed the best online insurance licensing courses, and provided some tips relating to how to best get started. However, it should be noted that readers are always encouraged to carry out their own research before making a final decision.
Story by Virginia Sagal