How to Become an Insurance Broker in Illinois
Get a degree in business or finance., Choose the type of producer's license you want to gain., Enroll in your pre-licensing courses., Request proof of pre-licensing completion.
Step-by-Step Guide
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Step 1: Get a degree in business or finance.
Although you technically only need a high school diploma to become an insurance broker, a bachelor's or associate's degree will make you more competitive in the job market.
Most brokerage firms are looking for candidates with a bachelor's degree in finance, economics, or business administration.
If you want to save time and money, consider an associate's degree in insurance or risk management.When choosing a program, you might contact the business or economics department, and ask them if they offer any training programs or internships for aspiring insurance brokers.
Consult the course catalog of a prospective program.
Look to see if they offer classes on risk management, finance, or insurance.
If you are already in a program, speak to your adviser about how you can take the best courses to prepare you for a career in insurance. -
Step 2: Choose the type of producer's license you want to gain.
This is called a "Line of Authority" and it specifies what type of insurance you will be allowed to sell.
You can have multiple lines of authority, but you will have to take separate pre-licensing courses and exams for each.
Lines of authority include:
Life Health Property Casualty Motor Vehicle Personal lines of property or casualty insurance, For each line of authority, you need twenty hours of pre-licensing courses.
While you can find both online and classroom courses, at least
7.5 hours must take place in a classroom, not online.You can look up local pre-licensing courses through the Illinois Department of Insurance.The motor vehicle line of authority requires
12.5 credit hours, with 5 hours in the classroom., After you have finished your pre-licensing courses, you will receive a signed certificate.
If you do not receive this certificate immediately, ask your program or course director to send it to you.
Keep this safe as you will need to present it before your producer’s exam.
If you are currently licensed in a different state or if your license in a previous state was canceled within 90 days, you will not have to take the pre-licensing course or the examination.
Instead, you will provide proof of your certification and good standing in the other state when applying to the National Insurance Producer Registry.
To do that, you should request a letter of clearance from that state. -
Step 3: Enroll in your pre-licensing courses.
-
Step 4: Request proof of pre-licensing completion.
Detailed Guide
Although you technically only need a high school diploma to become an insurance broker, a bachelor's or associate's degree will make you more competitive in the job market.
Most brokerage firms are looking for candidates with a bachelor's degree in finance, economics, or business administration.
If you want to save time and money, consider an associate's degree in insurance or risk management.When choosing a program, you might contact the business or economics department, and ask them if they offer any training programs or internships for aspiring insurance brokers.
Consult the course catalog of a prospective program.
Look to see if they offer classes on risk management, finance, or insurance.
If you are already in a program, speak to your adviser about how you can take the best courses to prepare you for a career in insurance.
This is called a "Line of Authority" and it specifies what type of insurance you will be allowed to sell.
You can have multiple lines of authority, but you will have to take separate pre-licensing courses and exams for each.
Lines of authority include:
Life Health Property Casualty Motor Vehicle Personal lines of property or casualty insurance, For each line of authority, you need twenty hours of pre-licensing courses.
While you can find both online and classroom courses, at least
7.5 hours must take place in a classroom, not online.You can look up local pre-licensing courses through the Illinois Department of Insurance.The motor vehicle line of authority requires
12.5 credit hours, with 5 hours in the classroom., After you have finished your pre-licensing courses, you will receive a signed certificate.
If you do not receive this certificate immediately, ask your program or course director to send it to you.
Keep this safe as you will need to present it before your producer’s exam.
If you are currently licensed in a different state or if your license in a previous state was canceled within 90 days, you will not have to take the pre-licensing course or the examination.
Instead, you will provide proof of your certification and good standing in the other state when applying to the National Insurance Producer Registry.
To do that, you should request a letter of clearance from that state.
About the Author
Douglas Hill
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