Thursday, June 16, 2022

How To Become A Life Insurance Agent In New York

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New Jersey Insurance Pre

How To Become A Life Insurance Agent | New York State License

After youve determined which licenses you need, you must now take your New Jersey insurance pre-license education courses.

Most folks choose to take their insurance pre-license course online. These courses are created specifically to give you the skills you need to pass the test. The types of licenses you choose will determine which courses you take.

Each line of authority in New Jersey requires twenty-four hours of pre-license education. This means that if you wish to get a Property and Casualty license, you must take forty-eight hours of pre-licensing, and for Life, Accident, and Health you must also take forty-eight hours.

You will receive a certificate upon completion of the course. Keep this certificate, as you will need it when taking your exam.

New Jersey requires that three of those pre-license education hours must be in ethics coursework.

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New York Insurance Continuing Education

We are an approved NYS Department of Financial Services education provider .You’re busy running a business, so you need to make the most of your time. Why not complete your continuing education online? At Your Pace Online offers easily accessible and high-quality courses to meet your CE needs. Our Insurance Producer courses are approved by the state of New York, and when you’re finished with your courses, we’ll report your credits to them – for free.

Becoming A Licensed Medicare Agent Complete A Pre

Courses tend to be similar in price and content. Depending on your own specific learning/studying style, you can choose to take the course in a traditional classroom, online or via self-study. We recommend Kaplan . Select your home state. Then choose the Life and Health option. Select the exam prep package and products that will best suit your needs.

When you satisfy the requirements for your course, you will receive a Certificate of Completion. Pre-licensing education is valid for one year from the date of completion you will need to take and pass your state exam within this timeframe. Connecticut requires you to present an original copy of the Certificate of Completion at your licensing exam, so make sure that you allow at least 5 mail delivery days between your course completion and the date of your scheduled exam.

Read Also: How To Get A Life Insurance License

Youre In Control Of Your Career Journey

Provide families and businesses with protection products.

Path to Financial Advisor1

Start as a financial professional and work towards the credentials that qualify you to be a licensed financial advisor.

Field Manager

Support from a Stable Company

Build a career with a company that has over 175 years of experience.

1 Financial Advisors offer investment advisory services through Eagle Strategies LLC, a Registered Investment Adviser. Eagle Strategies is a New York Life company.

2 New York Life Insurance Company is a mutual insurance company, which means it is not publicly traded and has no shareholders. References to ownership refer to NYLIC’s policyowners who purchase its participating products. These policyowners share certain membership rights, such as voting in board of directors elections and being eligible to share in annual dividends that are declared by the board. NYLIC is also the parent company of two other wholly owned life insurance subsidiaries. Policies issued by these subsidiaries are not participating and do not share in these rights.

3 Americas Best Employers for Diversity rankings compiled by Forbes and Statista. For more information, please see .

New York Life is an Equal Opportunity Employer M/F/Veteran/Disability/Sexual Orientation/Gender Identity.

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Submit Your Licensing Application And Background Check

New York Life

When you pass your state insurance license exam, youll submit all required licensing applications to your state licensing department. Some states will require a background check, which may involve fingerprints. Once youre officially licensed, youll be able to legally discuss and sell insurance policies.

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How To Become An Insurance Agent In New York

Insurance agents sell many types of insurance, such as life, health, property and casualty. Property and casualty is liability insurance that helps protect you against losses if you are held legally responsible for someone’s injury or property damage. Agents can work for a company or independently those who sell insurance from multiple companies to their customers are called insurance brokers. To work as an insurance agent or broker in New York, you must have a license for the type of insurance you wish to sell.

After Getting Your New Jersey Insurance License

Once youve passed your exams and completed the licensing application, you are now a licensed insurance agent in New Jersey. A common question we hear is, I have my insurance license, now what? Here are a few things you can do or need to know:

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Pass Your New York Licensing Exam

After completing your required prelicensing course, you must pass a state licensing exam. Kaplans prelicensing content is based directly on the New York licensing exams, so you will be prepared to pass the first time.

Certificate of Completion Requirements

  • To be issued a School Certificate, candidates must comply with all prelicensing course attendance requirements and pass the final course exam .
  • Candidates must permanently retain the certificate, but it is not needed at exam.
  • When submitting a license application, applicant must present evidence that they possess a school certificate.
  • Certificates are good for a lifetime.
  • The state requires those who enroll in the Premium Live Online Package to answer attendance verification polling questions for the entire live online class to earn credit.

Exam Provider: PSI

Frequently Asked Questions About the New York Licensing Exam

After completing my prelicensing, how should I prepare for exam day?

Exam Preparation

The following suggestions will help you prepare for your examination.

Exam Day

On the day of the examination, you should arrive at least 30 minutes before your appointment. This extra time is for sign-in, identification, and familiarizing yourself with the examination process. If you arrive late, you may not be admitted to the examination site and you will forfeit your examination registration fee.

Required Identification

Primary Identification Choose one

  • State issued drivers license
  • State issued identification card

What Licenses Do I Need To Become An Insurance Agent Or Broker In New York

New York Life – A successful career as an Agent

All insurance agents and brokers practising in the state of New York must obtain a license to practice from the states Department of Financial Services. Before a license will be granted, candidates must complete an approved line of pre-licensing education and pass the state licensing exam.

Agent and broker licenses in the state of New York can be issued to individuals, partnerships, corporations and limited liability companies. Individuals and sublicensees must be at least 18 years of age.

Obtaining a property and casualty insurance agent license

P& C agent licenses are issued under section 2103 of the Insurance Law. The New York Department of Financial Services says that in order to become licensed as a property and casualty agent, an applicant must:

  • Apply electronically online or submit a fully completed Property/Casualty Agent application form
  • Submit documentation showing successful completion of a Department approved pre-licensing education course, with no less than 90-hours of instruction
  • Submit documentation showing he/she has passed the state licensing exam prescribed by the Superintendent within two years of submitting the licensing application
  • Have an approved appointment from a sponsoring insurance company
  • Have an electronic payment or check payable to the Superintendent of Insurance for the license fee

Whats the standard term for P& C agent licenses?

The term for agent licenses is up to two years.

Are there any exceptions to these rules?

  • Insurance regulation
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    Ny 15 Hr Life & Health Review

    This course is approved by the NYS Department of Financial Services for 15 Hours of CE credit, and is applicable for Life and/or Accident & Health Agents, Life Consultants, Life Settlement Brokers, and Life Brokers. This course includes an ethics class.

    NYS Department of Insurance Course ID: 3652Course Expires: 11/30/2021

    New York Insurance License

    Licensing requirements for New York insurance professionals and companies.

    This page provides an overview of insurance licensing in New York for individuals and companies. You will find state requirements, application fees, filing instructions, and more. For assistance with licensing, please contact us to learn about our software and managed license services.

    Companies that provide insurance producer services in New York must apply for a license prior to doing business. Depending on the lines of authority offered by the entity and the types of services offered, multiple firm licenses may be required.

    Before applying, firms should ensure that the licensed individual to be appointed agent in charge has the necessary licenses. Firms should also gather proof of incorporation, or foreign qualification for out-of-state firms, in anticipation of application requirements.

    • Jump To:

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    How To Earn Your New York Life Health And Accident Insurance License

    What Does A New York Life And Health Agent Do?What Can You Do With A Life And Health License?What Are The Requirements For Becoming A Life and Health Insurance Agent?

    • A downloadable textbook that includes information on New York insurance laws
    • Class Notes and Audio Review
    • OnDemand Online Video Review that can be viewed as frequently as you like
    • Loads of practice exam questions

    What To Bring To The Exam: Becoming A Licensed Medicare Agent

    Agent WILLIAM SZE New York Life Insurance

    An original copy of the Certificate of Completion from a completed pre-licensing course of study

    A current, signed form of identification. The identification document must:

    • Be issued by the government
    • Contain both a current photo and your signature
    • Finally have a name that matches exactly with the name used to register for the exam

    The passing score required on each exam is 70%.

    In fact, Prometric notifies the Department of Insurance of your exam results within 2 business days.

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    Salary For Insurance Agents

    According to the Bureau of Labor Statistics, the median pay for an “insurance sales agent” is $50,560 per year or $24.33 per hour as of the latest data from 2018.

    The sales agent job title includes data from all forms of insurance, not just life insurance. A median does not show you the high end of the more established agents, or those who sell higher valued policies.

    For instance, the median pay of a personal financial advisor who may also sell life insurance is a much higher number. Hourly median is $42.73 and the number is twice as high at $88,890 per year.

    Benefit #: Renewal Commissions

    The commission you earn on a life insurance policy sale is not limited to the first year. Rather, you keep getting paid as long as the policy is in force. Your commission percentage on a policy drops after the first year, but you keep earning 5% to 10% as long as the policyholder pays their monthly premium. This is the passive income you receive each month without even having to get out of bed.

    Most life insurance agents do not last a year in the business, and even fewer make it five years. The ones who persevere, however, are rewarded immensely with renewal commissions.

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    How To Become A Licensed Insurance Agent

    Exactly how long does it take to become an insurance agent? Most people can become one in only a few weeks. If you choose to take an online course that requires a certain number of study hours, your ability to complete it will largely determine your licensing time. There may also be a week or two of waiting for the license to be issued once your exam and background checks are complete.

    If youre ready to jump into the world of insurance sales, consider these steps to becoming an insurance broker or agent.

    How To Become An Insurance Agent In New York1

    New York Life Insurance Agent Salary Range : Life Insurance & More

    Are you able to adapt to every environment you find yourself in? Do you have a talent for building relationships? Are you looking for ways to help your fellow New Yorkers? If you answered yes, you have some of the key qualities that can help make you a good insurance agent in the Empire State.

    Becoming an insurance agent in New York might seem intimidating at first. And youll have to study to get your license, which youll need to start working. But people who have been in the industry for years often say that its peoples tenacity and discipline, not their knowledge of the insurance industry, that determines success. Read on to learn more about how to become an insurance agent.

    Qualities of a good insurance agent

    How to get an insurance license in New York

    One last question prospective agents often ask: How long does it take to become an insurance agent in New York? If youre with a carrier that provides training and licensing assistance, you can begin working the moment you have your license and have been appointed with the carrier.

    Whatever your background, if working as an insurance agent piques your interest, remember that its less about having prior industry or sales experience and more about your desire to help others. Im interested in your soft skills, Mutrie says. Im looking for hungry individuals.

    That motivation pays off. And it can pay off sooner than youd think. Take it from Rowe: If youre ready to go to work, this is going to be a dream.

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    How To Quit New York Life

    There are many reasons you may want to quit New York Life, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasnt a good fit for you.

    The good news is, quitting New York Life is easy.

    Heres how to do it.

    First, start by doing your due diligence and find another insurance agency to work for. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join.

    Once you find a new agency or carrier to join, you can go ahead and switch your affiliations.

    You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization.

    You may need to cancel the affiliation with New York Life. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory.

    To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier.

    Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average.

    New York Life Insurance Review

    David DufordDisclaimer: We are not in any way affiliated with New York Life. In fact, we are a direct competitor of theirs. This article is our personal review of their agent sales career opportunity and our personal opinions of the company. If you are looking to contact New York Life directly, call them at 1-800-225-5695.

    Are you thinking about starting a career selling life insurance with New York Life?

    If so, you probably have questions about products youd sell, how much money you could make, and what the pros and cons are of a New York Life insurance agent career.

    If so, youve found the right article!

    Im going to detail what selling life insurance with New York Life is really like for people interested in becoming an agent.

    My goal is to give you a fair and balanced overview, so you can determine if a career with NYL is right for you.

    Lets begin!

    PS: Check out my other articles on insurance sales jobs for information about other organizations you could possibly join.

    NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Check out my free New Insurance Agent Resource Guide to help answer many of your questions .

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    Benefit #: Job Prospects

    Compared to most finance careers, becoming a life insurance agent is easy. No educational requirements exist beyond a high school diploma at most. Some states require you to take a licensing course and pass an exam, but truthfully, these are as easy as a fifth-grade spelling test.

    Jobs selling life insurance are everywhere. The online job search sites are full of them. Because most companies offer commission-based pay with no guaranteed income, they have no incentive to limit hiring. They offer jobs to anyone interested and hope a small percentage of hires become productive agents.

    How To Get Your Insurance License In New York

    How to Become a Life Insurance Agent: 12 Steps (with Pictures)

    Steps For Passing Your New York State Insurance Exam On The First TryStep 1. Purchase Your Pre-License Education CourseStep 2. Take Multiple Insurance License Sample Practice ExamsWhat Is On The New York Life & Health Insurance Licensing Exam?

    • Life Insurance Basics
    • Life Insurance Policy Provisions, Options and Riders
    • Annuities
    • Accident and Health Insurance Basics
    • Individual Health Insurance Policy General Provisions
    • Disability Income and Related Insurance
    • Medical Plans
    • Group Health and Blanket Insurance
    • Government Health Insurance Plans

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