Life Underwriter Job Description [Updated for 2025]

In the modern era, the focus on life underwriters has never been more apparent.

As the insurance industry continues to evolve, the demand for skilled professionals who can evaluate, assess, and mitigate risks is continually rising.

But let’s delve deeper: What’s truly expected from a life underwriter?

Whether you are:

• A job seeker trying to understand the core responsibilities of this role,
• A hiring manager crafting the profile of the perfect candidate,
• Or simply interested in the intricacies of life underwriting,

You’re in the right place.

Today, we present a customizable life underwriter job description template, crafted for easy posting on job boards or career sites.

Let’s dive right into it.

Life Underwriter Duties and Responsibilities

Life Underwriters evaluate the risk and exposures of potential clients.

They decide how much coverage the client should receive, how much they should pay for it, and whether to accept the risk and insure them.

Their typical duties and responsibilities include:

• Evaluating recommendations from underwriting software
• Contacting field representatives, medical personnel, and others to obtain further information
• Deciding whether to offer insurance
• Determining appropriate premiums and amounts of coverage
• Reviewing and updating the rules that govern automated underwriting systems
• Assessing the risk and exposures of prospective clients
• Examining documents to determine the degree of risk, such as medical reports and risk assessments from nurses or physicians
• Consulting with actuaries, senior underwriters, and other professionals
• Managing and updating client files with issuing paperwork, changes, and statuses
• Performing administrative tasks such as dealing with paperwork, correspondence, keeping detailed records, and handling policy renewals

 

Life Underwriter Job Description Template

Job Brief

We are seeking a diligent Life Underwriter to evaluate insurance applications and determine coverage amounts and premiums.

The Life Underwriter’s responsibilities include analyzing information in insurance applications, determining the risk of insuring a client, calculating appropriate premiums, and writing policies to cover this potential risk.

Our ideal candidate has a strong background in life insurance underwriting, excellent analytical skills, and a deep understanding of risk assessment techniques.

 

Responsibilities

• Evaluate insurance applications for risks and decide whether to provide insurance
• Determine coverage amounts and premiums
• Examine documents to ensure compliance with company’s policies and procedures
• Use underwriting software to determine whether to accept an application
• Assess and predict financial risks and returns
• Calculate premiums according to degree of risk
• Coordinate with legal experts to ensure that the policies and practices are in line with regulatory and compliance requirements
• Update and maintain records and prepare reports

 

Qualifications

• Proven work experience as a life insurance underwriter
• Excellent mathematical and analytical skills
• Proficient in relevant technology and software
• Sound judgment and decision-making abilities
• Great attention to detail and observant nature
• BSc degree in Business, Finance, Insurance or relevant field
• Certification in life insurance or financial underwriting may be required

 

Benefits

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

 

Additional Information

• Job Title: Life Underwriter
• Work Environment: Office setting with options for remote work.
• Reporting Structure: Reports to the Underwriting Manager.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $55,000 minimum to $85,000 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 Underwriter Do?

Life Underwriters generally work for insurance companies where their main role involves assessing the risk and exposures of potential clients.

They determine the suitability of the client for life insurance, based on a comprehensive review of their medical history, lifestyle, occupation, and other relevant factors.

This can involve conducting interviews, reviewing medical records, and consulting with medical professionals.

Their job is to calculate the potential risks of insuring the client and accordingly decide the premium costs and terms of the insurance policies.

They also assist in the development and modification of company underwriting policies, and keep up to date with any changes in legislation or regulations that may affect life insurance policies.

Life Underwriters need to have a strong understanding of mathematics and statistics, as well as a comprehensive knowledge of medical terminology and health issues.

They are often required to make critical decisions and therefore must have excellent judgment and decision-making skills.

They also need to be detail-oriented, as they are responsible for analyzing complex information and identifying any potential risks or issues.

 

Life Underwriter Qualifications and Skills

A proficient Life Underwriter should possess the skills and qualifications that align with your job requirements, such as:

• Knowledge of insurance products, including life, health, and long-term care policies, to appropriately underwrite potential clients.
• Strong analytical skills to evaluate and interpret complex data, medical reports, and financial documents to determine insurability and premium rates.
• Excellent communication skills to clearly explain underwriting decisions, policy terms, and premium rates to clients and brokers.
• Exceptional attention to detail to accurately assess risk factors and determine appropriate coverage for potential clients.
• Problem-solving skills to identify and mitigate potential risks that could lead to policyholder claims.
• Interpersonal skills to effectively work with a variety of clients, brokers, and team members to achieve underwriting goals.
• A strong understanding of regulatory requirements and industry standards to ensure all underwriting activities are compliant.
• Proficiency in using underwriting software and computer systems to manage client information and track underwriting decisions.

 

Life Underwriter Experience Requirements

Life Underwriters often start their journey with a bachelor’s degree in finance, business, or a related field, where they acquire foundational knowledge about insurance principles, risk assessment, and financial management.

Entry-level Life Underwriter candidates may have 1 to 2 years of experience in the insurance industry, often through an internship or part-time role in insurance underwriting or a similar field.

They may have gained experience in reviewing insurance applications, determining the risk of insuring a client, and negotiating policy terms.

Candidates with more than 3 years of experience often develop their understanding of medical terminologies, legal aspects, and decision-making skills in entry-level underwriter roles.

They may also have familiarity with underwriting software and technological platforms.

Those with more than 5 years of experience often have deep expertise in risk evaluation and pricing of insurance products.

They may have some leadership experience, demonstrating the ability to manage a team of junior underwriters, and are typically ready for a managerial or team-lead position.

Moreover, many employers prefer candidates who have a Chartered Life Underwriter (CLU) certification or similar professional credential, which showcases their commitment to the industry and a high level of expertise in life insurance underwriting.

 

Life Underwriter Education and Training Requirements

Life Underwriters often hold a bachelor’s degree in business, economics, finance, or a related field.

They require strong analytical skills, as they must assess an applicant’s financial risk.

A background in insurance, sales, or customer service can also be beneficial for this role.

While not always mandatory, many employers prefer candidates who have attained professional certifications such as the Chartered Life Underwriter (CLU) or Associate, Life Management Institute (ALMI).

These certifications demonstrate a thorough understanding of life insurance underwriting principles and practices.

Some roles may require or prefer Life Underwriters to have a master’s degree in business administration or finance, particularly for higher level or more complex underwriting positions.

Continuous professional development is essential in this role to stay updated with changes in insurance regulations, products, and underwriting practices.

Many underwriters also take advanced courses or attend seminars on risk assessment and negotiation to enhance their skills and knowledge.

 

Life Underwriter Salary Expectations

A Life Underwriter can expect to earn an average salary of $69,380 (USD) per year.

However, this figure can significantly vary based on factors such as work experience, certification levels, geographical location, and the size and type of the hiring company.

 

Life Underwriter Job Description FAQs

What skills does a Life Underwriter need?

Life Underwriters need to possess strong analytical skills to evaluate insurance applications accurately.

They should have keen attention to detail to identify potential risks or inconsistencies in the application.

Also, they should be able to communicate effectively with agents and applicants to clarify necessary information, and make sound judgment calls based on their findings.

Proficiency in using insurance rating software is also beneficial.

 

Do Life Underwriters need a degree?

While some Life Underwriters might start their careers with only a high school diploma, most employers prefer candidates with a bachelor’s degree in business, finance, or a related field.

They also need to pass an exam to become licensed.

Some might choose to pursue further certifications such as the Chartered Life Underwriter (CLU) designation to advance in their careers.

 

What should you look for in a Life Underwriter resume?

A Life Underwriter resume should highlight the candidate’s experience in underwriting, risk analysis, and decision-making abilities.

Proficiency in relevant software and knowledge of life insurance policies and regulations is crucial.

A degree in a related field, relevant certifications, and a state-issued license should also be present.

Look for candidates with strong analytical, decision-making, and communication skills.

 

What qualities make a good Life Underwriter?

A good Life Underwriter is analytical, detail-oriented, and has excellent judgment to assess the potential risk in providing insurance coverage.

They have to be decisive, as their decisions impact the profitability of the insurance company.

Good communication skills are also essential for explaining complex insurance terms to clients or agents.

They must also be proficient in multitasking and time management, as they often work on multiple cases simultaneously.

 

Is it difficult to hire Life Underwriters?

The demand for Life Underwriters is generally steady, but hiring can be challenging due to the specific skills and knowledge required for the job.

Employers need to provide competitive salaries, continuous training opportunities, and a supportive work environment to attract and retain talented Life Underwriters.

 

Conclusion

And there we have it.

Today, we’ve unraveled the true essence of what it means to be a life underwriter.

Surprised?

It’s not just about calculating risks.

It’s about safeguarding the future, one policy at a time.

Armed with our comprehensive life underwriter job description template and real-world examples, you’re ready to take the next step.

But why limit yourself?

Delve further with our job description generator. It’s your ultimate tool for crafting precise job listings or perfecting your resume.

Keep in mind:

Every policy is a piece of a larger puzzle.

Let’s secure that future. Together.

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