Best Degree for Life Insurance Company

Discussion in 'Business and MBA degrees' started by Jabberwocky89, Jul 21, 2013.

  1. Jabberwocky89

    Jabberwocky89 New Member

    Hi folks,

    I work for a life insurance company and currently am about to finish a bachelors degree. I work in the underwriting field for right now but intend to do some upward mobility, though I don't know where just yet.

    I wanted to hear what people thought a good degree to get for flexibility in mobility. I have heard MS in Finance (degree in science, so not much overlap), an MBA (same issue), an MS in Insurance Management (though that isn't life insurance geared, more on home/auto/commercial geared) and others said to not worry about a degree but to go for designations that fit life insurance like the CLU, FALU, FLMI, and etc. (but those are life insurance specific, I don't know if they will help if I get out of life ins underwriting into another area in the company)

    Does anyone have any experience in this field? Any particular recommendations? I can see pros and cons to all these options, but I don't know what are MAJOR pros and MAJOR cons to each of these offerings.

    Your help is much appreciated, thanks!
  2. Jabberwocky89

    Jabberwocky89 New Member

    I feel it is also important to note that I would like to teach at a college at some point in insurance OR a health science (since I have to do both) OR do insurance consulting so I will eventually advance my education regardless. However, I'm in my 20's right now and would like to optimize the degrees for my initial advancement first and I'll round out the education later once I flesh out my career path a little more later. Yeah, that probably didn't help much but I figure not addressing it would result in stab-in-the-dark answers.
  3. Rich Douglas

    Rich Douglas Well-Known Member

    Unlike insurance sales, underwriting doesn't have specific designations for career advancement. If you want to stay in it, a degree that prepares you in business and management might be a good idea, as opposed to a designation like the CLU or CFP. Those designations are primarily for salespeople.

    Passing your Series 6 might be a good idea, just for the background in variable products.

    But I think the best thing to do is to talk with other people who've done what you might want to do and ask them how they did it.

    (NB: I marketed life insurance and securities (with an L&D license and a Series 6 designation) for a large insurance company for a year when I was stuck in a particular geographic area. It was a nice way to make a living temporarily.)
  4. joel66

    joel66 New Member

    Since you work for a life insurance company and plan to stay there, you should consider the Chartered Life Underwriter (CLU). You can select three electives with this designation like: Investments, Financial Planning, and others. Yes, it does help people who are in sales, but it is also very helpful for those who want to get into management, because the designation provides a solid foundation to understanding life insurance products and planning.

    I agree with Rich that having your Series 6. Keep in mind that in many states if you want to pursue a Series 6, you will also need to carry a Series 63, if you plan to sell variable products. Another thing to consider since you are in your twenties, you should look into Actuarial Science.

Share This Page