October 19, 2021

How to Get a Life Insurance License in Colorado

Written by: Mary Gerardine

    Getting your Colorado life insurance license is the first step toward becoming a life insurance agent. If you want to market and sell life insurance policies, follow this step-by-step guide for obtaining life insurance licensing in Colorado.

    The Colorado Department of Regulatory Agencies Division of Insurance (DORA DOI) requires you to complete a four-step process to obtain your life insurance license — from taking the life insurance exam to applying for a license.

    These steps will take a few weeks to complete so we recommend you bookmark this page so you can use it as a reference throughout the process.

     

     

    How To Get Your Colorado Life Insurance License – Quick Version

    1. Complete a Colorado Insurance Prelicense Course (ExamFX – $189+)
    2. Take the Colorado Life Insurance Licensing Exam (Pearson VUE – $47)
    3. Complete a Colorado Life Insurance License Application (Sircon or the National Insurance Producer Registry (NIPR) – $47 application fee + $5 NIPR transaction fee)
    4. Watch for Your Application Results

     

     

    Steps To Get a Colorado Life Insurance License

    Obtaining your Colorado life insurance license isn’t difficult. Just follow these four steps to start your journey toward becoming a life insurance agent. Once you earn this license, check out our guide on how to get your Colorado property and casualty (P&C) license as well.

     

    Step 1: Complete a Colorado Insurance Prelicense Course

    Before you take the Colorado life insurance licensing exam, it’s important to make time to acquire the knowledge you’ll need to pass this exam on your first attempt. Completing a pre-license education course will equip you with the necessary information and tools you’ll need to prepare for your exam.

    Colorado requires 40 hours of prelicensing education for life insurance license applicants. Every license applicant also must complete an additional 10 hours of education in the following areas:

    • Principles of Insurance (Three Hours)
    • Legal Concepts and Regulations (Four Hours)
    • Ethics (Three Hours)

    A pre-license education course provides very specific industry knowledge that will be tested during the exam. There is very little information on the test that could be considered “common sense”. Pre-license education courses are self-paced and include study materials like practice exams and flashcards.

    Beyond helping you effectively prepare for and pass the life insurance licensing exam on your first try, taking a pre-license education course also will give you a solid understanding of your duties as a life insurance agent.

    Recommended Course

    For Colorado insurance pre-license education courses and exam prep, StateRequirement recommends: ExamFX


    For 10% off, use code examfx@staterequirement.com at checkout! Visit ExamFX

     

    Step 2: Take the Colorado Life Insurance Licensing Exam

    After you complete a prep course and your own independent studying, it’s time to take the Colorado life insurance exam.

    Colorado uses Pearson VUE as its official testing service for delivering licensure exams.

    The Colorado life insurance exam outline contains a total of 80 scored questions that includes two sections: general and state-specific. The general section deals with basic life insurance product knowledge. The state section covers insurance concepts and terms, rules, regulations, and practices specific to Colorado.

    You’ll have 120 minutes to complete the examThe Colorado life insurance exam fee is $47, which you must pay at the time of reservation by credit card, debit card, or voucher. The exam is a proctored test, meaning an official proctor will closely monitor you in a controlled environment.

    If you happen to fail the Colorado life insurance exam, you can schedule an appointment to retake the exam as soon as 24 hours after your first attempt. There’s no limit to the number of attempts a candidate can make on the same exam.

    Tip:

    Check out our in-depth insurance exam guide for tips to help you pass on the first attempt.

     

    Step 3: Complete a Colorado Life Insurance License Application

    Once you pass the life insurance exam, you can apply for your Colorado life insurance license. The application fee is $47, and you must apply online via Sircon or the NIPRNIPR also charges a $5 transaction fee.

    The Colorado DORA DOI will issue a life insurance license to individuals who are at least 18 years old and have passed the proper licensing exam. You should submit your completed license application within 12 months of passing the exam.

    To apply for a life insurance license in Colorado, make sure you comply with the insurance licensing requirements as defined under the Colorado State Statutes and Colorado Insurance Regulations.

    Send any questions or supporting documents to dora_insurance@state.co.us.

     

    Step 4: Watch for Your Application Results

    After you complete the previous three steps, the Colorado DORA DOI will review your application to determine if you meet all of the licensing requirements. If review is required, the Colorado DORA DOI will determine whether or not to issue you a license. This process usually takes three to five business days from the date you mail your application.

    You can print your license from the Sircon or NIPR website. There’s a $5 fee to print a license via Sircon. If you don’t remember your license number, you can find it by using Sircon’s Customer Inquiry tool.

     

    Congratulations!

    You’re now ready to get started as a life insurance agent in Colorado.




    Next Steps After Securing Your Colorado Life Insurance License

    Once you complete the above steps and have your Colorado life insurance license, here’s what you should pursue next.

    Get Your FINRA Securities Licenses

    Overview

    Individuals planning to market and sell market-based life insurance products also must obtain the proper securities licenses. As a securities license holder, you can offer securities as part of your services. That’ll make you a credible authority in addressing all of your clients’ financial needs.

    To learn more, check out our Securities Licensing guide.

     

     

    SIE Exam

    To obtain these licenses, you’ll first need to take and pass the Securities Industry Essentials (SIE) exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority (FINRA)

    The SIE exam ensures every life insurance professional has a basic understanding of securities. While taking the SIE exam isn’t a requirement for all insurance professionals, those who don’t obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.

    Tip:

    To help you start preparing for the SIE exam, check out our full guide on How to Pass the SIE Exam.

    Obtaining a license to sell securities also requires sponsorship from a firm, company, or organization regulated by FINRA. The sponsor will pay the testing fees required for your SIE exams and submit your personal information to FINRA’s Central Registration Depository (CRD). The Series 6 and Series 7 licenses require a FINRA exam sponsorship before you can take the exam. The exam for a Series 63 license doesn’t require any sponsoring entity. 

    Once you get your securities license(s), FINRA will list you as a “registered representative.” By achieving the securities licensee designation, you’ll become a highly sought-after professional and set yourself up for a successful career in the insurance industry.

     

     

    Series 6, 7, and 63 Licenses

    Some of the most common securities licenses for insurance agents include the Series 6, 7, and 63 licenses because they allow licensees to sell almost every type of individual security.

    The Series 6 (Investment Company and Variable Contracts Products Representative) Securities License is the primary license sought by insurance sales professionals and financial advisors, allowing them to sell grouped securities related to insurance products. 

    Series 6 works together with Series 63 because they are the two partner licenses required to sell insurance policies tied to investments. The North American Securities Administrators Association (NASAA) oversees regulation of the Series 63 (Uniform Securities Agent State Law) license.

    The Series 7 license allows you to buy and sell securities (e.g., stocks, bonds, and mutual funds) as part of an investment plan for your clients. To get a Series 7 license, you will first need to register as a new candidate with FINRA and pass the Series 7 exam. The Series 7 exam is commonly known as the General Securities Representative Qualification Exam, but is sometimes referred to as the “Series 7 Top-Off Exam.”

     

     

    Get a Job in the Insurance Field

    Once you earn your license, you can start applying for jobs in the insurance field. With a life insurance license, you can provide advice and recommend insurance products to clients, sell life insurance policies that pay a beneficiary upon an insured person’s death, and sell annuities that pay a set income at retirement.

    Find life insurance job postings on our Insurance Jobs Board.

    When applying for an insurance-related job, potential employers will request your license number and National Producer Number (NPN). You can request a letter of certification, which proves you have a life insurance license in Colorado, by visiting the Sircon website.

     

     

    Complete Continuing Education and Renew Your License

    In Colorado, you must take 24 hours of continuing education (CE) every two years to maintain your license in good standing. You must complete 18 credit hours in the line of authority for which you’re licensed, three credit hours in ethics, and three credit hours in a category of your choice. 

    If you have a non-resident license and have good standing in your home state, you don’t need to take CE courses in Colorado. To find out if you need to take Colorado courses, go to the Sircon website and click on “Continuing Education Transcript Inquiry.” You can’t renew your license until you complete your continuing education hours and pay any outstanding fines.

    In Colorado, you also must renew and manage your life insurance license every two years. To avoid delays in renewing your license, you must complete your CE hours at least 90 days before your license expires. The renewal fee is $27. To date, Colorado has no grace period for license continuation and no additional fees for renewal up to 180 days after the license expiration date.

    Learn how to renew your license with our Colorado insurance license renewal guide.




    Colorado Department Of Insurance Contact Information

    Mailing Address:

    Colorado Division of Insurance
    1560 Broadway, Suite 850
    Denver, CO 80202

    Phone: 303-894-7499

    Email: dora_insurance@state.co.us

    Website: https://doi.colorado.gov/

    License Search: Colorado Insurance License Status Inquiry




    Colorado Life Insurance License FAQ

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

    Obtaining a life insurance license in Colorado requires these fees: 

    • Insurance Prelicense Education Course Fee: $189+ via ExamFX
    • Exam Fee: $47 via Pearson VUE 
    • Application Fee: $47 via Sircon or the NIPR + $5 NIPR transaction fee
    • Printing a license: $5 via Sircon

     

    How long does it take to process a life insurance license application in Colorado?

    This process typically takes three to five business days from when you submit your application.

     

     

    Can I get a temporary life insurance agent license in Colorado?

    No. Colorado no longer provides temporary licenses to insurance producers.

     

    Can I get an emergency life insurance agent license in Colorado?

    No. An emergency license isn’t available for life insurance agents in Colorado.

     

     

    Do I need to get my securities license on top of a life insurance license in Colorado?

    Probably. While you can sell certain basic life insurance products with just a life insurance license, a securities license removes the limits on what you can sell and puts you in a much better career position. As a securities license holder, you can provide your clients with products tied to the securities market as part of their retirement and life insurance plans. But, you’ll need FINRA accreditation to obtain your securities license.

     

     

    What can I sell with a life insurance license in Colorado?

    With a Colorado life insurance license, you can sell life insurance policies that pay a designated beneficiary when the insured person dies. You also can sell annuities that pay a set income at retirement.

     

     

    How much can you make with a life insurance license in Colorado? 

    According to ZipRecruiter, life insurance agents earn an average of $79,730 per year.

     

     

    What are the limitations of a Colorado life insurance license?

    Unless you have multiple licenses to sell various types of insurance products (e.g., the combined life and health insurance license), having a Colorado life insurance license only qualifies you to sell life insurance policies as well as retirement plans and annuities. You can’t sell other types of insurance. A securities license on top of your life insurance license removes that limitation and enables you to offer securities, including stocks and bonds.

     

     

    Can I cancel my life insurance license in Colorado?

    Yes. To cancel your license, download the License Cancellation Form and then submit your completed form to Pearson VUE.v

     

     

    How hard is it to get a life insurance license in Colorado?

    The process is quite simple! Follow the steps above and get started today!




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    Information on this page has been gathered by a multitude of sources and was most recently updated in October 2021.

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