National Association of Insurance and Financial Advisors

NAIFA Encourages Wider Participation in VA Program to Pay Vets' Licensing Fees

The insurance industry faces a potential shortfall of qualified agents in coming years as current advisors retire or transition to different careers. The U.S. Bureau of Labor Statistics’ “Occupational Outlook Handbook” projects that the number of openings for insurance agents will increase by 9 percent between 2014 and 2024, which is “faster than average.”
As part of NAIFA’s effort to encourage talented individuals to enter the insurance and financial services industry, the association strongly urges state insurance departments to participate in a U.S. Department of Veterans Affairs (VA) program that reimburses qualified veterans and their dependents for the cost of licensing exams.
The program, which is authorized under the G.I. Bill, requires states to pre-qualify their licensing exams with the VA. NAIFA has identified only six states that currently participate (California, Iowa, Illinois, Missouri, Montana and Utah). States do not incur any costs under the program. Steve Kline, NAIFA’s director of government relations, recently testified at a National Association of Insurance Commissioners meeting requesting that more state insurance departments consider participating in the VA program.
Military veterans often possess a number of skills that would help them achieve success as insurance advisors. A recent LifeHealthPro feature highlights the insurance industry careers of veterans, and includes profiles of several NAIFA members.
  • Posted January 10, 2017 IN

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