Job Description of a Financial Advisor for an Insurance Company
by Jennifer Betts
A financial advisor helps customers in a life insurance company figure out how much insurance they can afford, as well as how much coverage they need to ensure their loved ones will be cared for upon their death. They interview clients to determine their current income, expenses, financial objectives and tax status, and how much insurance coverage they would like to purchase. These professionals recommend coverage options, such as term life insurance or permanent life insurance.
As a life insurance company financial advisor, you greet customers, answer questions, discuss insurance options, analyze customers' incomes and expenses, research life insurance opportunities and create customized plans. You help clients complete paperwork about lifestyle habits and any long- or short-term illnesses, as well as discuss how age affects life insurance premiums and coverage. Insurance company financial advisors also monitor clients' accounts to determine if changes in coverage are needed and help clients plan for specific life altering circumstances, like getting married or having children.
Financial advisors within a life insurance company must have a strong understanding of life insurance policies, regulations and laws. Knowledge of accounting principles
and practices and an understanding of financial markets and sales principles are also necessary. These professionals must have strong communication skills to converse with clients, as well as exceptional customer service skills to quickly assess a client’s needs and meet their goals. Since financial advisors interact with clients daily, they need to have strong verbal communication skills to explain complex insurance concepts and principles in an easy to understand way.
Financial advisors in all business, including insurance, typically have a bachelor’s degree in finance, economics, accounting or business. However, a master’s degree can help assist you with additional advancement opportunities in the field. According to O*Net Online, 50 percent of financial advisors have a bachelor’s degree, while 33 percent hold a graduate degree. Financial advisors that sell insurance policies also require a combination of licenses that are issued by state boards, according to the U.S. Bureau of Labor Statistics. Additionally, belonging to a national association, like the National Association of Insurance & Finance Advisors, or earning certification, such as Certified Financial Planner, can enhance your credibility to customers. To earn the CFP credential, you must meet education and experience requirements and pass an exam.