10 Highest-Paying Life Insurance Jobs You Can Consider In 2023

Marcus Marion, CMA™ 1 year ago 0 73

Life insurance has become a must for many people when planning their finances. This type of financial protection assures people that if something happens to them, whether it is death or a disability, their loved ones will have the financial backup to handle expenses and get coverage for their loans.

For this reason, life insurance plans are in demand, meaning life insurance jobs are also on the rise. The insurance industry has constantly permitted professionals to earn a significant yearly sum. Still, some roles exceed candidates’ expectations because they come with substantial raises, benefits, and bonuses.

Hence the answer to the question- is life insurance a good career path? –is a big YES, but only if the roles speak to you. You can consider the following ten of the highest-paying life insurance jobs in 2023 as your ultimate career goal.

1. Chief Executive Officer (CEO)

You cannot list the best-paying jobs in life insurance and not start with the CEO role. This is the top position in an insurance company. Although experience and qualifications are indispensable to succeed in this position, you also need more than grades and expertise.

As a CEO, you must develop a vision for the company. Your tone and expectations will affect the rest of the management team. The latter will then be inspired to build their goals and expectations for their teams.

A CEO is responsible for developing strategies to reach the company’s goals while ensuring it moves as it should. The salary for a CEO is significant. The average annual salary for a CEO role in the US is $131,108, but the rate can go significantly higher, depending on the company’s size and performance.

best paying jobs in life insurance

2. Chief Financial Officer (CFO)

If numbers are your strongest point, the role of CFO may be your ultimate goal. The CFO of a life insurance company is responsible for the company’s finances. The role involves making budgets, forecasts, and financial analyses to ensure the company stays on track.

As a CFO, you would work closely with the CEO to ensure that their vision and your financial expectations complement one another. The CEO needs the CFO when making critical decisions to confirm that the company’s finances are not compromised.

Similar to the CEO role, the salary of a CFO is significant. The average salary is $147,930, but the largest life insurance companies will pay the CFO more than that.

3. Chief Operating Officer (COO)

COO is another high-ranking position you can aim for when working for a life insurance company. The position requires an individual with management experience who can oversee the company’s day-to-day operations to ensure that things run smoothly.

The duties of a life insurance COO are various. Like the CEO, the COO is responsible for developing and implementing strategies to reach objectives. The COO must also manage operations by overseeing multiple departments, including customer service, claims processing, underwriting, and policy administration.

The role of COO is vast, making it the perfect position if you want variety in your career. The role includes financial, risk, and technology management by ensuring everything from regulations to investments and expenses is on the right path.

As a COO, you are also responsible for overseeing the human resources department and engaging in strategic partnerships to manage the company’s growth. As a COO, you can earn $133,030 annually.

4. Vice President of Sales

A vice president of sales at a life insurance company has various responsibilities, all of which fall under the sales and business development umbrella. Some of your primary duties include developing sales strategies to increase the company’s earnings.

Being highly proficient in analyzing market trends, being perceptive of growth opportunities, and having a keen sense to develop new services and products are essential qualities for this role. The VP of sales must also manage the sales team, monitor performances, keep an eye on sales targets, and have the soft skills to motivate the team.

Being good at building and maintaining relationships is also essential, as is analyzing data and collaborating with other departments. The VP of sales average salary is $167,308.

highest paying jobs in insurance industry

5. Underwriting Manager

The underwriting manager of a life insurance company is the risk expert. The role involves managing the underwriting process for the life insurance policies issued. A deep understanding of risk is essential as the person must oversee the underwriting process from start to end for every policy.

The underwriting manager is responsible for creating underwriting guidelines and training underwriters. The job also involves collaborations with other departments and the ability to handle complex cases with decision-making skills and deep evaluation. The underwriting manager’s average salary is $100,975.

6. Actuary

Mathematical and statistical models are critical components for an actuary in a life insurance company. The person responsible must use them to assess and manage the financial risks involved when creating life insurance products.

The role involves four main aspects, all extracted from the former positions. These include product design, where healthcare costs, mortality rates, and other factors are analyzed. Risk assessments are associated with insuring certain people.

In this case, the actuary will use statistical models to assess. Additional responsibilities include financial planning and reserving enough money for future claims. The actuary’s average salary is $111,377.

7. Product Manager

A product manager for a life insurance company must manage the insurance products offered by the company. A product manager creates and executes strategies that will enhance the offerings of the company’s products to increase revenue while meeting your target customers’ needs.

The product manager must develop new insurance products or modify existing ones to meet the client’s expectations and company goals. They are involved in market research, pricing of products, and product launches, including training sales teams, creating marketing campaigns, and coordinating with other departments.

The product manager must also monitor the performance of the products and be highly aware of customer experiences by working with customer service teams. You can earn an average salary of $111,971 as a product manager.

list of careers in insurance

8. Insurance Broker

As a life insurance company broker, your job is to find the best life insurance policies for your clients. The role involves interacting with clients to find the best life insurance policies for their lifestyles. Accordingly, you must have excellent people skills and deep knowledge of what is available on the market.

The position involves understanding clients’ needs and providing them with a policy meeting their personal and financial goals. As an insurance broker, you must know all about policies and how they differ to help your clients find the one that suits them best.

As a broker, you must offer professional advice to your clients and assist them with forms and documents while managing policies and resolving issues. An insurance broker can earn an average salary of $85,586.

9. Sales Manager

A life insurance company’s sales manager directly manages the sales team responsible for selling life insurance policies to clients. The main goal of a sales manager is to increase company revenue through sales. The role has varied responsibilities, including recruiting and training sales representatives.

The sales manager must also establish sales targets and goals using data analysis and market research while developing sales strategies to reach objectives.

Besides the technical skills to excel in this role, the sales manager must also possess critical soft skills like emotional intelligence and empathy to motivate the sales team and improve employees’ effectiveness on the job. A sales manager’s average salary is $81,273.

10. Customer Service Manager

As a life insurance company’s customer service manager, your goal is to ensure excellent customer service. Your responsibilities include managing the customer service teams and ensuring they meet clients’ service standards while valuing employees’ training and career goals and supporting them to increase motivation and job satisfaction.

The customer service manager is also responsible for resolving customer complaints and managing complex inquiries such as premium payments, policy changes, etc. The role also includes working with other departments to create policies, standards, and procedures that meet clients’ expectations.

A customer service manager will also train customer service representatives and analyze metrics to identify areas of improvement. A customer service manager can earn an average salary of $49,968.


The salary for each of these roles is enticing. However, each job requires years of experience before you can become eligible and qualified for any of these roles. Still, this list can help you identify where your preferences lie and the role that will suit your skills best.

Start your life insurance career by earning your degree and getting licensed. After that, find an entry-level position in a life insurance company to initiate your journey toward your ultimate goals. You can also speak with your human resources manager about your goals so the person can guide you to the roles that will help you become an expert in your field.

As with all jobs, networking is critical for job opportunities and industry news. Moreover, continuing to learn by taking courses and obtaining certifications will only enhance your portfolio and help you reach the desired career heights.

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