What You Need to Know About NC Life Insurance License

Getting a life insurance license in North Carolina may seem like a daunting task, but it doesn’t have to be. Whether you’re looking to start a new career or add life insurance to your existing business, this guide will provide you with all the information you need to understand and obtain your NC life insurance license.

Why Get a NC Life Insurance License?

As with any state, North Carolina requires insurance agents to be licensed to sell life insurance. Beyond meeting the legal requirements, there are many benefits to obtaining a NC life insurance license, including:

• The ability to earn commission on life insurance sales
• Opportunities for career growth and advancement
• Ability to offer clients a broader range of financial products
• Increased credibility and trust with clients

NC Life Insurance License Requirements

In order to obtain a NC life insurance license, you must meet the following requirements:

Age Requirement

In North Carolina, you must be at least 18 years old to obtain a life insurance license. There is no maximum age limit to obtain a license.

Residency Requirement

You must be a resident of North Carolina or hold a non-resident insurance license in the state to obtain a NC life insurance license.

Education Requirement

You must complete pre-license education courses that are approved by the NC Department of Insurance. These courses cover topics such as insurance products, ethics, and laws and regulations related to insurance in North Carolina.

There are many online and in-person courses available to fulfill this requirement, and it’s important to choose a course that is approved by the North Carolina Department of Insurance. The number of hours required for pre-license education varies depending on the type of insurance license you are seeking. For life insurance, you must complete at least 20 hours of pre-license education.

Exam Requirement

Once you’ve completed your pre-license education courses, you must pass the NC life insurance license exam. This exam tests your knowledge of insurance concepts, laws and regulations, and ethics. The exam is administered by PSI Services LLC and can be taken at one of their testing centers located throughout North Carolina.

The exam consists of 100 multiple-choice questions and you’ll have 2.5 hours to complete it. To pass, you must score at least 70%. It’s important to study thoroughly for the exam, as the passing rate is only around 60%.

Criminal Background Check

All applicants for a NC life insurance license must undergo a criminal background check. The background check is conducted by the North Carolina Department of Insurance and includes a fingerprint scan. Any felony conviction, certain misdemeanor convictions, or crimes involving dishonesty or breach of trust may result in denial of the license.

FAQs About NC Life Insurance License

How long does it take to get an NC life insurance license?

The time it takes to get a NC life insurance license varies, but the process can generally take 4-6 weeks. This includes completing pre-license education courses, passing the exam, and waiting for your application to be processed and approved.

How much does it cost to get a NC life insurance license?

The cost of obtaining a NC life insurance license includes fees for pre-license education courses, exam, fingerprinting, and the license application. The total cost can vary, but you can expect to spend around $400-$500.

How often do I need to renew my NC life insurance license?

North Carolina insurance licenses must be renewed every two years. To renew your license, you must complete continuing education courses and pay renewal fees.

What happens if my NC life insurance license expires?

If your NC life insurance license expires, you will need to complete the renewal process as soon as possible to avoid a lapse in your license. You may also be subject to penalties and fines for conducting insurance business without a valid license.

Can I transfer my life insurance license from another state to North Carolina?

Yes, you can transfer your life insurance license from another state to North Carolina. However, you must still meet all of the requirements for obtaining a NC life insurance license, including passing the exam and completing pre-license education courses on North Carolina insurance laws and regulations.

Conclusion

Obtaining a NC life insurance license can be a great career move or addition to your existing business. By meeting the requirements and understanding the process, you can successfully obtain your license and begin selling life insurance in North Carolina.