How Often Does a License for Selling Life Insurance Need to be Renewed?

How Often Does a License for Selling Life Insurance Need to be Renewed?
Maybe you’re considering a career in life insurance, maybe you just want to stay on top of your licensing. Whatever it is, we have you covered. In this blog, we’ll discuss why you should consider a career in life insurance, how to become an agent, and how often a license for selling life insurance needs to be renewed. Read on to learn more.

Why you should consider a career in life insurance

Maybe selling insurance isn’t at the top of everyone’s list when considering a career path, but it definitely deserves a closer look. In some cases, people have misconceptions about what it means to be an insurance agent. Let’s clear up some of the confusion.

Your career is essential and important

As a life insurance agent, you are essential. Think about it: many major life events have insurance listed either as a requirement or as a major benefit. You can’t drive a car or motorcycle without insurance, you can’t get a mortgage or rent without proof of appropriate insurance coverage, and you can’t protect your family when you’re gone without the help of life insurance. When considering all the major life events people go through, it becomes clear that insurance is not only an essential product – but a career as a life insurance agent is also essential.
In addition to being essential, your work as a life insurance agent is also important. You provide an essential product and service to others, helping protect families from financial devastation in some of their most difficult times. In many respects, insurance professionals become part of their clients’ lives by helping them through some of the best and worst periods in their lives.

How to become a life insurance agent

While a college degree is not required to become an insurance agent, you will need the typical entry-level education of a high school diploma or equivalent to get started. States do, however, require all life insurance agents to be licensed.1 Licensing requirements vary by state, and in cases where you may plan to sell multiple kinds of life insurance, you will need additional licensing.
Before you get licensed, many states require that prospective life insurance agents complete a set of state-approved pre-licensing courses. These courses vary in length and material depending on your state’s requirements, but all will need to be completed. Once the courses are complete, prospective agents will need to pass an exam. If the exam and courses are completed at a satisfactory level, the state will give you a license to sell a specific form of life insurance in said state. Of course, there will come a time when your license expires. To prevent expiration, it’s essential that you get your license periodically renewed.

Renewing your license

A license renewal is the process of extending your license beyond the date of expiration through a process outlined by your state. Renewals vary from annually to every four years depending on where you’re licensed, and much like the process of getting your first insurance license, the process of renewing your license will vary based on the state. In addition, different insurance licenses (e.g. life insurance, supplemental health insurance, property and car insurance, etc.) will have different requirements for renewals, meaning that you may find yourself renewing more often for some licenses than others.

The best way to find out when and how to renew your license would be by contacting your state’s Department of Insurance. From there, they will be able to give you the most accurate, up-to-date, and detailed information you need to renew your license. Just make sure to check in before your license’s expiration date!
Whatever your plans are for the future, we hope you consider a career in life insurance. This highly rewarding career offers many opportunities to enrich your community, your life, and the lives of others. All you need to do is get licensed!

1. Kaplan Financial, Frequently Asked Questions About the Life Insurance License, 2020