According to the most research by the U.S Bureau of Labour Statistics, the national estimates for Insurance Sales Agents indicate that there are 409,950 registered insurance agents in the U.S.
Outside of the financial services industry, there are only a few industries that provide the opportunity for relatively inexperienced professionals to earn significant income in their first year of employment. And there are few careers in the financial services industry that provide newcomers with the opportunity to earn as much as a life insurance agent does right away. In fact, a diligent insurance agent can earn more than $100,000 in their first year of business.
However, success as an insurance agent does not come cheap. It’s a demanding field, and most competitors burn out sooner rather than later. Insurance agents are far more likely to hear the word “no” than the word “yes.” And it’s not uncommon for the word “no” to be delivered with a slew of expletives and the proverbial door slammed in the face. Furthermore, many people regard insurance agents with suspicion; some even compare them to glorified con artists. However, for those who can handle the possibility of rejection, the pay and flexibility of working as a life insurance agent can be well worth the effort.
Choosing a career as an insurance agent can be very rewarding. According to this resource by The Really Useful Information Company (TRUiC), in order to qualify as an insurance agent, you need to pass the insurance exam. This task can be done in the following way:
Insurance Exam Format
The format of insurance exams is a timed, proctored multiple-choice exam with 50-180 questions. The length of each exam will vary depending on the state in which you are testing and the license for which you are applying.
When an assessment is proctored, it means that someone is present while the candidate completes it. Proctored exams can be given on a computer or with paper and pencil. The proctor may or may not be required to be certified, depending on the type of test.
Insurance Exam Cost
The cost of the insurance exams is determined by the state in which you apply. Exam prices range from $40 to $150, with an average of around $70 per attempt. Taking the exams multiple times is possible, but it can get expensive.
If you need to reschedule or cancel your exam sitting, you must do so at least 48 hours in advance. If you reschedule or cancel your exam within this time frame, many test providers will not refund your exam fee.
How Difficult Is The Insurance Exam?
The answer will obviously differ from person to person and state to state. We know a lot of people who passed the exams on their first try, and we also know a lot of people who took each test several times. We don’t say this to scare you, but to prepare you.
There is no “national average” of pass-fail statistics, but based on the states that publish results, we see that 55 percent of participants pass the exams on their first try. Retake attempts have a slightly higher pass rate. This tells us that people tend to go into the test blind and wing it in the hopes of getting the best results. If they fail, they work harder on the books, then come back and do better. Testing is a mind game, and you must control the variables that you can in order to achieve the best results.
Whether we like it or not, tests like these are sometimes more about your ability to test well than how well you know the material. This may not seem fair, but it is the truth, and we must follow the rules that have been established for us.
Final Thought
The most common reason for failing an exam is not allowing enough time to study. While cramming worked in high school, now is not the time to try to learn everything in one night. These exams contain a lot of very specific information, with 0% of it being common sense. You will not be able to cheat your way through this exam. Before you begin, gather a solid foundation of knowledge.
