Life Insurance Underwriter Job Description [Updated for 2025]

In the modern era, the importance of life insurance underwriters has never been more pronounced.

As uncertainty looms in every corner, the demand for skilled individuals who can accurately assess, price, and manage risk continues to grow.

But let’s delve into the specifics: What’s actually expected from a life insurance underwriter?

Whether you are:

• A job seeker trying to understand the crux of this role,
• A hiring manager looking to describe the perfect candidate,
• Or simply curious about the intricacies of life insurance underwriting,

You’ve come to the right place.

Today, we present a customizable life insurance underwriter job description template, created for effortless posting on job boards or career sites.

Let’s get straight into it.

Life Insurance Underwriter Duties and Responsibilities

Life Insurance Underwriters evaluate the risk and exposures of potential clients.

They determine how much coverage the client should receive and how much they should pay for it.

They are primarily responsible for the following duties and responsibilities:

• Evaluate individual applications for life insurance to assess the degree of risk
• Decide whether to provide insurance or under what terms by considering applicant’s background and financial risk
• Calculate the potential policy payouts and premium amounts
• Assess and analyze the statistical data using risk assessment software
• Interact with insurance agents and brokers to gather more information if needed
• Ensure that the policy complies with legal requirements and company policies
• Review company records to determine the amount of insurance that can be offered
• Recommend policy changes, exclusions, or modifications, or to decline coverage entirely
• Stay updated with medical developments related to diseases and other health conditions
• Prepare and present detailed reports on the findings of the assessments

 

Life Insurance Underwriter Job Description Template

Job Brief

We are looking for a diligent Life Insurance Underwriter to evaluate risk and determine the terms and conditions of insurance policies.

Your responsibilities include analyzing complex information, such as medical reports, to determine the level of risk involved, as well as setting appropriate premiums and amounts of coverage.

Our ideal candidate is someone with strong analytical skills, keen attention to detail, and a deep understanding of life insurance policies and regulations.

The ultimate goal is to provide fair terms and conditions and to ensure our company’s profitability.

 

Responsibilities

• Evaluate individual applications for life insurance based on risk assessment
• Calculate potential policy terms and decide premiums based on risk analysis
• Review and update underwriting guidelines and manuals
• Collaborate with agents and brokers to gather information and clarify details
• Prepare reports on underwriting activities and results
• Stay updated with insurance trends, regulations, and best practices
• Explain policy terms and conditions to clients and answer inquiries
• Manage relationships with brokers and clients
• Ensure compliance with insurance laws and company policies

 

Qualifications

• Proven work experience as an Underwriter, ideally within Life Insurance
• Strong analytical and decision-making skills
• Excellent knowledge of life insurance underwriting principles and procedures
• Good understanding of legal and medical terminologies
• Ability to work with complex numerical information and accurately evaluate risks
• Exceptional interpersonal and negotiation skills
• Proficiency in underwriting software and MS Office
• Bachelor’s degree in Business, Economics, Finance, or a related field
• Professional certification in underwriting (e.g. FLMI, CLU) is a plus

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Continuous professional development opportunities

 

Additional Information

• Job Title: Life Insurance Underwriter
• Work Environment: Office setting with options for remote work. Occasional travel may be required for industry conferences or client meetings.
• Reporting Structure: Reports to the Underwriting Manager or Chief Underwriter.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $58,000 minimum to $108,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Life Insurance Underwriter Do?

Life Insurance Underwriters work for insurance companies where they assess the risk and exposures of potential clients.

Their primary role is to decide whether to provide insurance and under what terms.

They use actuarial data and complex algorithms to determine the likelihood that a potential policyholder will make a claim.

They review medical records, financial information, lifestyle habits, and occupational hazards to assess risks and establish premium rates.

Life Insurance Underwriters may also be involved in negotiating policy terms with clients or brokers.

They need to ensure that the policy terms are fair and profitable, whilst also being competitive in the insurance market.

Another key part of their role is to maintain detailed records of decisions made, providing clear explanations for these decisions if required.

They may also be involved in reviewing existing policies and terms, and suggesting modifications if necessary.

In some cases, Life Insurance Underwriters may also be required to handle customer queries or complaints about their policies or premiums.

They need to be able to communicate effectively and explain complex information in a way that is easy to understand.

Their role is crucial in maintaining the financial stability and profitability of the insurance company, while also ensuring fair treatment of policyholders.

 

Life Insurance Underwriter Qualifications and Skills

Life Insurance Underwriters use a combination of technical skills, industry knowledge and interpersonal abilities to assess and manage risks associated with life insurance policies, including:

• Analytical and decision-making skills to assess the level of risk in insuring a person’s life and make accurate decisions on policy approval.
• Strong numerical and statistical aptitude to evaluate policy proposals, calculate premiums and determine policy terms.
• Knowledge of medical terminologies and conditions to make informed decisions about the risk associated with potential policyholders’ health status.
• Excellent communication skills to clearly explain complex insurance terms to clients, insurance brokers, and to liaise effectively with medical professionals for further information.
• Ability to work under pressure and manage large volumes of work, maintaining accuracy and attention to detail.
• Advanced knowledge of insurance laws, regulations, and market trends to ensure compliance and stay ahead of the competition.
• Proficiency in using underwriting software and other computer applications relevant to the job.
• Strong customer service skills to build and maintain relationships with clients and stakeholders.

 

Life Insurance Underwriter Experience Requirements

Entry-level candidates for a life insurance underwriter position typically have at least 1 to 2 years of experience, often acquired through internships or part-time positions in insurance or related fields.

This experience can also be gained through relevant roles such as Risk Analyst, Financial Analyst, or other roles that require a deep understanding of risk management.

Those with around 3 years of experience usually have honed their skills in assessing risk factors, determining premiums, and making decisions about insurance applications.

They are often proficient in using underwriting software and have a clear understanding of insurance laws and regulations.

Candidates with more than 5 years of experience often have a more comprehensive grasp of underwriting principles and practices.

They have usually developed solid decision-making abilities and may have gained some leadership experience.

These senior underwriters often handle more complex cases and may be ready for supervisory or management roles within an underwriting team.

In addition, many employers prefer their life insurance underwriters to hold certifications such as Chartered Life Underwriter (CLU) or Fellow, Life Management Institute (FLMI), which require additional study and practical experience.

 

Life Insurance Underwriter Education and Training Requirements

Life Insurance Underwriters typically have a bachelor’s degree in a business-related field such as finance, economics, or business administration.

They are expected to have a solid understanding of economics, spreadsheets, accounting principles, and financial analysis, which are all covered in these programs.

Life Insurance Underwriters must also have a deep understanding of the insurance industry, including regulations, guidelines, and risk assessment.

Many employers prefer candidates with prior experience in the insurance industry, preferably in underwriting or a related field.

In addition to formal education and experience, several professional certifications are available for Life Insurance Underwriters.

One of the most recognized is the Chartered Life Underwriter (CLU) certification, which requires completion of specified coursework and exams.

Continuing education is vital in this field, as it is important for underwriters to stay updated with changes in insurance regulations and policies.

Many employers also value strong skills in communication, decision-making, detail orientation, and analytical thinking.

These skills often help underwriters in assessing risks, interpreting complex information, and making sound decisions.

 

Life Insurance Underwriter Salary Expectations

A Life Insurance Underwriter can expect to earn an average salary of $70,113 (USD) per year.

However, this salary can vary significantly based on factors such as level of experience, certifications, geographical location, and the size and type of the insurance company they work for.

 

Life Insurance Underwriter Job Description FAQs

What skills does a Life Insurance Underwriter need?

A Life Insurance Underwriter should have analytical skills to assess the risk associated with insuring a person.

They must have excellent attention to detail to review complex medical records.

Strong decision-making skills are required to approve or deny coverage and set premiums.

They must also have good interpersonal skills as they often work in a team and may need to communicate with agents and brokers.

 

Do Life Insurance Underwriters need a degree?

Most employers prefer Life Insurance Underwriters to have a bachelor’s degree in fields such as finance, business, or economics.

However, experience in insurance or underwriting can sometimes be substituted for formal education.

Certain certifications, like the Chartered Life Underwriter (CLU) certification, might also be beneficial.

 

What should you look for in a Life Insurance Underwriter resume?

First, look for a bachelor’s degree in a relevant field, followed by experience in underwriting or insurance.

Any certification like the CLU would also be a plus.

A good life insurance underwriter resume should also demonstrate strong analytical, decision-making, and interpersonal skills.

Familiarity with underwriting software could also be beneficial.

 

What qualities make a good Life Insurance Underwriter?

A good Life Insurance Underwriter should be detail-oriented, as they need to carefully review and interpret medical records and other complex information.

They need to make sound decisions based on this information, so strong decision-making skills are a must.

Good interpersonal skills are also essential as they often work in teams and need to communicate their decisions effectively.

 

What is the career path for a Life Insurance Underwriter?

An entry-level Life Insurance Underwriter typically starts as an underwriter trainee or assistant underwriter.

With experience, they can progress to an underwriter and then to senior or supervising underwriter.

Some may specialize in a specific type of insurance, like disability insurance.

With extensive experience and further education, they can become a chief underwriter or underwriting manager.

 

Conclusion

And there we have it.

Today, we’ve unraveled the complexities of what it truly means to be a life insurance underwriter.

Surprised?

It’s not just about assessing risk.

It’s about safeguarding futures, one policy underwriting at a time.

Armed with our comprehensive life insurance underwriter job description template and realistic examples, you’re ready to embark on your career journey.

But why rest here?

Take a deeper dive with our job description generator. It’s your next stop for crafting pinpoint-accurate listings or polishing your resume to ultimate perfection.

Remember:

Every policy underwritten is a part of a larger safety net.

Let’s secure that future. Together.

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