Getting your new york life insurance license is the first step in becoming a life insurance agent. If you want to market and sell life insurance policies, follow this step-by-step guide to obtaining a life insurance license in New York.
- Premium Tax Credits & Form 1095-A | NY State of Health
- Unemployment Insurance Top Frequently Asked Questions | Department of Labor
- 2022&039s Best 10,000 Whole Life Insurance (Companies & Rates)
- I have no health insurance, what are my options? – Reeve Foundation
- What is the Average Payout for Whiplash? | Whiplash Injury Claims (2020)
the new york state department of financial services (dfs) requires you to complete a four-step process to obtain your life insurance license, from taking the life insurance exam to applying a license.
Reading: What is life insurance license
how to get your new york life insurance license – quick version
- complete a new york insurance prelicensing course (webce – $149+)
- take the new york life insurance license exam (psi – $33)
- complete a new york life insurance license application (dfs secure portal – $40 application fee)
- keep an eye on the results of your application
steps to get a new york life insurance license
Getting your new york life insurance license is not difficult. Simply follow these four steps to begin your journey to becoming a life insurance agent. Once you get this license, check out our guide on how to also get your New York Property & Casualty (P&C) license.
step 1: complete a new york insurance prelicensing course
Before taking the new york life insurance license exam, it’s important to take time to gain the knowledge you’ll need to pass this exam on your first try. Completing a pre-licensing education course will equip you with the information and tools you need to prepare for your exam.
In New York, you must take a 20-hour pre-licensing course on life insurance. After completing the course, you will need to present a valid photo ID and an original certificate of completion from the approved prelicensing education provider when you arrive to take your licensing exam. Your pre-licensing course certificate will remain valid for 12 months.
A pre-licensing educational course provides very specific industry knowledge that will be tested during the exam. there is very little information about the test that can be considered “common sense”. Pre-licensing education courses are self-paced and include study materials such as practice tests and flashcards.
Beyond helping you effectively prepare for and pass the life insurance licensing exam on your first try, taking a pre-licensing education course will also give you a solid understanding of your duties as a life insurance agent. life.
Step 2: Take the New York Life Insurance Licensing Exam
After completing a preparation course and your own independent study, it’s time to take the New York life insurance exam.
new york uses psi as its official testing service to deliver licensure exams.
the new york life insurance exam contains a total of 100 scored questions covering two sections: general and specific knowledge of the condition. the general section deals with 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. new york life insurance exam fee is $33, payable at time of booking by credit card, debit card, or voucher. The exam is proctored, which means you will be closely supervised by an official proctor in a controlled environment.
If you don’t pass the new york life insurance exam, you can schedule a time to retake it as soon as 24 hours after your first attempt. there is no limit to the number of attempts you can make on the same exam.
Step 3 – Complete a New York Life Insurance License Application
once you pass the life insurance exam, you can apply for your new york life insurance license. the application fee is $40 and you must apply online through the secure dfs portal.
the new york state dfs will issue a life insurance license to individuals who are at least 18 years old and have passed the appropriate licensing exam. You must submit your completed license application within 12 months of passing the exam.
To apply for a life insurance license in New York, make sure you meet the insurance license requirements as defined by New York Insurance Law and the New York Administrative Code.
Send questions or supporting documents to firstname.lastname@example.org.
step 4: look at the results of your request
After completing the three steps above, the new york state dfs will review your application. reviews requests in the order you receive them, and this process typically takes one to five business days from the date you submit your request.
once the new york state dfs finishes reviewing your application, they will send you an email with their decision or ask you to provide more information.
You can print your license from the secure dfs portal. there is no charge to print a license.
You are now ready to get started as a life insurance agent in New York.
next steps after getting your new york life insurance license
once you complete the steps above and have your new york life insurance license, here’s what to do next.
get your securities licenses from finra
Individuals who plan to trade 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. that will make you a trusted authority in addressing all of your clients’ financial needs.
To obtain these licenses, you must first take and pass the Securities Industry Fundamentals Examination (SIE). Securities industry professionals must take the SIE and a series of exams administered by the Financial Industry Regulatory Authority (FINRA).
The sie exam ensures that all life insurance professionals have a basic understanding of values. While taking the Sie exam is not a requirement for all insurance professionals, those who do not obtain at least a securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.
Obtaining a license to sell securities also requires sponsorship from a Finra-regulated firm, company or organization. The sponsor will pay the required testing fees for your SIE exams and submit your personal information to Finra’s Central Records Repository (CRD). Series 6 and Series 7 licenses require an exam sponsorship from Finra before you can take the exam. The exam for a series 63 license does not require a sponsoring entity.
once you obtain your securities license(s), finra will list you as a “registered representative”. Upon achieving the Securities Licensee designation, you will become a highly sought after professional and prepare yourself for a successful career in the insurance industry.
series 6, 7 and 63 licenses
Some of the most common securities licenses for insurance brokers include series 6, 7 and 63 licenses because they allow licensees to sell almost all types of individual securities.
The Series 6 Securities License (Investment Firm and Variable Contracts Product Representative) is the primary license sought by insurance sales professionals and financial advisors, allowing them to sell product-related pooled securities insurance.
Series 6 works in conjunction with Series 63 because they are the two partner licenses required to sell investment-linked insurance policies. The North American Securities Administrators Association (NASA) oversees the Series 63 (Uniform State Securities Dealers Act) license regulation.
The Series 7 license allows you to buy and sell securities (for example, 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 candidate with Finra and pass the Series 7 exam. The Series 7 exam is commonly known as the General Securities Representative Qualifying Exam, but is sometimes referred to as It is known as the “Complete Series 7 Review”.
get a job in the insurance field
once you get your license, you can start applying for jobs in the insurance field. With a life insurance license, you can provide advice and recommend insurance products to clients, sell life insurance policies that pay a beneficiary upon the death of an insured person, and sell annuities that pay a fixed income at retirement.
Find life insurance job openings on our insurance job board.
When applying for an insurance-related job, potential employers will ask for your license number and National Producer Number (NPN). You can request a letter of certification, showing that you have a life insurance license in New York, by logging into the DFS Secure Portal. you may need to submit this letter with your job applications.
complete continuing education and renew your license
in new york, you must take 15 hours of continuing education (ce) every two years to keep your license current. To find these courses, visit the New York State DFS Continuing Education Course Offerings website.
If you have a non-resident license in good standing in your home state, you do not need to take CE courses in New York.
You cannot renew your license until you complete your continuing education hours and pay any outstanding fines.
See also : What is auto insurance? | III
In New York, you must also renew and manage your life insurance license every two years. To avoid delays in renewing your license, you must complete the required CE hours at least 120 days before your license expires. Your CE provider will report successful completion of the course to the New York State DFS. the renewal fee is $80.
new york state department of financial services contact information
main office 1 state street new york, ny 10004-1511
phone: (800) 342-3736
license search: new york insurance license search
new york life insurance license frequently asked questions
how much does it cost to get a life insurance license in new york?
obtaining a life insurance license in new york requires these fees:
- Insurance Pre-Licensing Education Course Fee: $149+ via webce
- exam fee: $33 through psi
- application fee: $40 through the secure dfs portal
how long does it take to process a new york life insurance license application?
This process typically takes one to five business days. You will receive an email once the new york state dfs reviews your application.
can i get a term life insurance agent license in new york?
no. new york does not provide a term life insurance license.
can i get an emergency life insurance agent license in new york?
no. An emergency license is not available to life insurance agents in New York.
do i need to get my securities license in addition to a new york life insurance license?
probably. While you can sell certain basic life insurance products with just a life insurance license, a securities license removes the limits on what you can sell and puts you in a much better professional position. As a securities licensee, you can provide your clients with securities-linked products as part of their retirement and life insurance plans. but you will need finra accreditation to get your securities license.
what can i sell with a new york life insurance license?
With a new york life insurance license, you can sell life insurance policies that pay to a designated beneficiary when the insured person dies. You can also sell annuities that pay a fixed income at retirement.
how much can you earn with a life insurance license in new york?
according to ziprecruiter, life insurance agents earn an average of $79,730 per year.
what are the limitations of a new york life insurance license?
unless you have multiple licenses to sell multiple types of insurance products (for example, the combined life and health insurance license), having a new york life insurance license only qualifies you to sell insurance policies as well as retirement plans and annuities. cannot sell other types of insurance. A securities license in addition to your life insurance license removes that limitation and allows you to offer securities, including stocks and bonds.
can i cancel my life insurance license in new york?
yes. To cancel your license, send a written letter requesting cancellation of your license to the New York State Department of Financial Services at 1 State Street New York, NY 10004-1511. you must include your license with the letter of application. If you do not have your license in your possession, you must clearly state this on your letter.
how difficult is it to get a life insurance license in new york?
The process is quite simple! Follow the steps above and get started today!
The information on this page has been compiled from a multitude of sources and was last updated in October 2022.
the information on this site is not guaranteed or guaranteed to be correct, accurate or up-to-date. staterequirement and its members and affiliates are not responsible for any loss, monetary or otherwise. staterequirement is not affiliated with any state, government, or licensing agency. For more information, contact your state insurance authority.
When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. learn more