Role of ex-felon as a life insurance agent – A felon serves a length of a jail term that leads to having an unstable career history. Further, it makes challenging for an ex-felon to start a professional career everywhere again. Meanwhile, several questions arise here about how does an ex-felon become a life insurance agent? Can the ex-offender become a life insurance agent even with a felony charge?
Ex-felon as a life insurance agent – The roles
Life Insurance agents are specialists in selling policies that pay a considerable amount to beneficiaries when a policyholder dies. In addition to this, the Life insurance agents also sell retirement plans that guarantee a daily income post-retirement.
Furthermore, the life insurance agent is responsible to satisfy potential clients and gather their personal information like legal status, occupation, and income sources. They focus on analyzing parameters like expenses, savings and income earned to supply a piece of appropriate information for a life insurance policy. Whereas, the life insurance agent also earns a percentage of the premium of the policy purchased by the client.
Ex-felon as a life insurance agent – Eligibility Criteria
When it comes to becoming a life insurance agent, the ex-felons need to meet eligibility criteria. Look at the same below.
- Age criteria of the individual, he or she must be of 18 years and above.
- The ex-offender must be a citizen of any state in the USA
- Individual’s education should be a minimum of graduate degree
- A felon must reside in a particular state where he would really like to become an agent
- Ex-felon as a life insurance agent does not require a selected degree.
- Whereas, some companies within the insurance sector give preference to a university degree.
- Knowledgeable degrees in areas of business, management, marketing, finance.
- A felon must appear for a pre-licensing life insurance exam, as this is often different from one state to a different.
- Furthermore, completion of life insurance program from a recognized institute or university, or through distance learning.
- In addition to this, receiving an adequate on-the-job training before hiring.
Does A Life Insurance Agent Require A License?
A felon who becomes a life insurance agent must pass a licensing exam that equips him with the insurance laws of the state and insurance concepts for every category. Licensing requirements have supported the sorts of insurance you sell. Life and insurance agents should pass the licensing exam that covers primary aspects of life insurance, insurance, and annuities.
How do background checks work for the ex-felons?
A felon must demonstrate honesty, integrity, and trustworthiness to survive within the life insurance industry. It is an agent’s responsibility to safeguard the interests of clients alongside their financial status. These clients work with those agents whom they will trust openly. Some states do not conduct a fingerprint analysis; these states believe the history of a felony conviction for the last 6-7 years. Background checks reveal this information.
Types of felonies disqualifying Ex-felons
- Felons with serious crimes cannot apply for an insurance license.
- A felony involving concealment, fraud, or felony associated with causing damage to financial services. These create a permanent barrier for felons to use for a license.
- Other felonies generally wait to finish their education before applying for a license.
- Signs of harming moral duties and values is a permanent ban on felons.
- Felony related to financial services disqualifies felons for up to 6-7 years.
- Dishonest, felons with a breach of trust and violation gets 4-5 years of sentence. Further, they are susceptible to pay a hefty fine
How Does A Felon Become An Effective Life Insurance Agent?
- Assesses a client’s need
- Explores suitable options
- Provides policies to satisfy client needs
- Ensures a policy offered is current.
- Get hired by an insurance agency to help ex-felons sell their products.
- Ex-felons working as independent life insurance agents
There you are. However, the responsibility of the felon is to form efforts to get an insurance license. Further, it also allows them to get a good chance to succeed by obtaining a transparent record of a felony. Whereas, accurate documentation, education, and training can play a critical role in developing the skillset of an insurance agent.
A supportive network of family and friends alongside employers who can create a possible difference within the lives of felons are required to make more career opportunities and learning platforms to achieve this industry.