Online Classes For Insurance Agent License

Online Classes For Insurance Agent License

Online Classes For Insurance Agent License – Obtaining a life insurance license in New York is the first step to becoming a life insurance agent. If you want to sell and sell life insurance policies, follow this step-by-step guide to getting a life insurance license in New York.

The New York State Department of Financial Services (DFS) requires you to complete a four-step process to obtain your life insurance license—from passing the life insurance exam to applying for a license.

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It will take several weeks to complete these steps, so we recommend that you bookmark this page so you can use it as a reference throughout the process.

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Getting a life insurance license in New York is not difficult. Just follow these four steps to begin your journey to becoming a life insurance agent. Once you’ve earned this license, check out our guide on how to get your New York Property and Casualty (P&C) license as well.

Before taking the New York Life Insurance Licensing Exam, it is important to take the time to acquire the knowledge you will need to pass this exam on your first try. Completing a pre-licensing education course will equip you with the necessary information and tools you will need to prepare for your exam.

In New York, you must take a 20-hour life insurance pre-license course. After completing the course, you will need to present a valid photo ID and an original certificate of completion from the approved pre-licensing education provider when you arrive to take the licensing exam. Your pre-license course certificate will remain valid for 12 months.

The pre-license education course provides very specific industry knowledge that will be tested during the exam. There is very little information about the test that could be considered “common sense”. Pre-licensure education courses are self-paced and include study materials such as practice exams and flashcards.

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In addition to helping you prepare effectively and pass the life insurance licensing exam on your first try, taking a pre-license education course will also give you a solid understanding of your duties as a life insurance agent.

Once you’ve completed the prep course and your self-study, it’s time to take the New York life insurance exam.

The New York Life Insurance Exam contains a total of 100 questions covering two parts: general and state-specific knowledge. The general section deals with the basic knowledge of the life insurance product. The state-specific section covers insurance concepts and terms, rules, regulations and practices specific to New York.

You will have 120 minutes to complete the exam. The New York life insurance exam fee is $33, which must be paid at the time of booking by credit card, debit card or voucher. The exam is a proctored test, which means that an official proctor will closely monitor you in a controlled environment.

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If you happen to fail the New York life insurance exam, you can schedule a retake as soon as 24 hours after your first attempt. There is no limit to the number of attempts you can make at the same exam.

Tip: Check out our detailed insurance exam guide for tips to help you pass your first attempt.

The best way to understand if you are ready for the test is to take the life insurance practice exam.

After you pass the life insurance exam, you can apply for a life insurance license in New York. The application fee is $40 and you must apply online through the secure DFS portal.

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The New York State DFS will issue a life insurance license to individuals who are at least 18 years of age and have passed the appropriate licensing exam. You must submit the completed license application within 12 months of taking the exam.

To apply for a New York life insurance license, make sure you meet the insurance licensing requirements as defined in the New York Insurance Law and the New York Administrative Code.

Once you have completed the previous three steps, New York State DFS will review your application. It reviews applications in the order they receive them, and this process usually takes one to five business days from the date you submit your application.

After New York State DFS has finished reviewing your application, it will email you with its decision or ask you to provide more information.

New York Life Insurance License

Once you’ve completed the above steps and have your New York life insurance license, here’s what to do next.

Individuals planning to market and sell market-based life insurance products must also obtain the appropriate securities licenses. As a securities licensee, you may offer securities as part of your services. It will make you a credible authority in solving all the financial needs of your clients.

To obtain these licenses, you will first need to take and pass the Securities Industry Essentials (SIE) exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority (FINRA).

The SIE exam ensures that every life insurance professional has a basic understanding of securities. Although passing the SIE exam is not a requirement for all insurance professionals, those who do not obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the opportunity to invest in securities-related products as part of their life insurance plans.

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Tip: To help you start preparing for the SIE exam, check out our complete guide on How to Pass the SIE Exam.

Obtaining a license to sell securities also requires sponsorship from a firm, company or organization regulated by FINRA. Sponsor will pay the testing fees required for your SIE exams and submit your personal information to FINRA’s Central Registration Depository (CRD). Series 6 and Series 7 licenses require FINRA exam sponsorship before you can take the exam. No sponsoring entity is required for the Series 63 license exam.

Once you get your securities licenses, FINRA will list you as a “registered representative.” By achieving the securities licensee designation, you will become a highly sought-after professional and set yourself up for a successful career in the insurance industry.

Some of the most common securities licenses for insurance agents include the Series 6, 7, and 63 licenses, as they allow licensees to sell almost any type of individual security.

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The Series 6 Securities License (Representative of Investment Company Products and Variable Contracts) is the primary license required by insurance sales professionals and financial advisors, allowing them to sell pooled securities related to insurance products.

Series 6 works alongside Series 63, as they are the two affiliate licenses required to sell investment-linked insurance policies. The North American Association of Securities Administrators (NASAA) oversees the regulation of the Series 63 (Uniform State Securities Dealer Act) license.

The Series 7 license allows you to buy and sell securities (eg stocks, bonds and mutual funds) as part of an investment plan for your clients. To obtain a Series 7 license, you will first need to register as a new applicant with FINRA and pass the Series 7 exam. The Series 7 exam is more commonly known as the General Securities Representative Qualifying Exam, but is sometimes referred to as the “ Series 7 Top Exam”.

Once you get your license, you can start applying for jobs in the insurance field. With a life insurance license, you can give advice and recommend insurance products to clients, sell life insurance policies that pay out to the beneficiary upon the insured’s death, and sell annuities that pay a certain income in retirement.

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When applying for an insurance-related job, potential employers will ask for a license number and a National Manufacturer Number (NPN). You can request a letter of verification, proving that you have a life insurance license in New York, by logging into the secure DFS portal. You may need to submit this letter along with your job applications.

In New York, you must take 15 hours of continuing education (CE) every two years to keep your license in good standing. To find these courses, visit the New York State DFS Continuing Education Course Offerings website.

If you have a nonresident license in good standing in your home state, you do not need to take CE courses in New York.

In New York, you must also renew and operate your life insurance license every two years. To avoid license renewal delays, you must complete the required CE classes at least 120 days before your license expires. Your CE provider will report your successful course completion to the New York State DFS. The renewal fee is $80.

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New York Life Insurance License FAQ How much does it cost to get a life insurance license in New York?

This process usually takes one to five business days. You will receive an email once New York State DFS has reviewed your application.

Do I need to get my securities license in addition to my New York life insurance license?

Probably. While you can only sell certain basic life insurance products with a life insurance license, a securities license removes the restrictions on what you can sell and puts you in a much better career position. As a securities licensee, you can provide your clients with securities market related products as part of their retirement and life insurance plans. But you will need FINRA accreditation to get your securities license.

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With a New York life insurance license, you can sell life insurance policies that pay out to the designated beneficiary when the insured person dies. You can also sell annuities that pay a certain income in retirement.

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