October 22, 2021

How to Get a Life Insurance License in Maryland

Written by: Mary Gerardine

    Getting your Maryland 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 Maryland.

    The Maryland Insurance Administration 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 Maryland Life Insurance License – Quick Version

    1. Complete a Maryland Insurance Prelicense Course (ExamFX – $189+)
    2. Take the Maryland Life Insurance Licensing Exam (Prometric – $60)
    3. Complete a Maryland Life Insurance License Application (National Insurance Producer Registry (NIPR) – $54 application fee + $5 transaction fee)
    4. Watch for Your Application Results

     

     

    Steps To Get a Maryland Life Insurance License

    Obtaining your Maryland 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 Maryland property and casualty (P&C) license as well.

     

    Step 1: Complete a Maryland Insurance Prelicense Course

    Before you take the Maryland 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.

    Maryland requires life insurance applicants to complete 20 hours of prelicensing education. 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.” Prelicense 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 Maryland 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 Maryland Life Insurance Licensing Exam

    After you complete a prep course and your own independent studying, it’s time to take the Maryland life insurance exam. You should take the exam within six months from the date you receive your pre-license education certificate.

    Maryland uses Prometric as its official testing service for delivering licensure exams.

    The Maryland life insurance exam outline contains a total of 80 scored questions. Effective Oct. 21, 2021, Maryland changed its insurance exam format to a one-part examination. The one-part exam contains everything you need to know about life insurance — from Maryland insurance regulations to federal tax considerations for life insurance and annuities.

    You’ll have 105 minutes to complete the examThe Maryland life insurance exam fee is $60, 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 Maryland life insurance exam, you must wait four days before retaking the exam. Your exam results will remain valid for six months. If you don’t apply for the appropriate license within six months, your exam results will expire and you must take the prelicensing course again in order to retake the exam.

    Tip:

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

     

    Step 3: Complete a Maryland Life Insurance License Application

    Once you pass the life insurance exam, you can apply for your Maryland life insurance license. The application fee is $54 plus a $5 transaction fee. You must complete the National Association of Insurance Commissioners (NAIC) Uniform Application through the NIPR.

    The Maryland Insurance Administration 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 six months of passing the exam.

    To apply for a life insurance license in Maryland, make sure you comply with the insurance licensing requirements as defined under Maryland Laws and Regulations.

    Send any questions or supporting documents to producerlicensing.mia@maryland.gov.

     

    Step 4: Watch for Your Application Results

    After you complete the previous three steps, the Maryland Insurance Administration will review your application and background check. It reviews applications in the order it receives them, and this process usually takes three to five business days from the date you submit your application.

    You can print your license from the NIPR website. There’s no charge to create an account or print a license. If you need to search and verify your license, you can use the NAIC State Based Systems Maryland Lookup tool.

     

    Congratulations!

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




    Next Steps After Securing Your Maryland Life Insurance License

    Once you complete the above steps and have your Maryland 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).

     

     

    Complete Continuing Education and Renew Your License

    In Maryland, you must take 24 hours of continuing education (CE) every two years to maintain your license in good standing. Three of those 24 hours must focus on ethics or consumer protection. Prometric is Maryland’s appointed CE vendor. 

    If you have a non-resident license with good standing in your home state, you don’t need to take CE courses in Maryland. 

    You can’t renew your license until you complete your CE hours and pay any outstanding fines.

    In Maryland, you must also renew and manage your life insurance license every two years. The Maryland Insurance Administration will send you a renewal notice to the email address you provided with your license application. To avoid delays in renewing your license, you must complete your CE requirements at least 90 days before your license expiration date. Renew your license through the NIPRThe renewal fee is $69 and the late fee is $100.

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




    Maryland Insurance Administration Contact Information

    Mailing Address:

    Maryland Insurance Administration
    200 St. Paul Place, Suite 2700
    Baltimore, MD 21202

    Phone: (410) 468-2347

    Email: producerlicensing.mia@maryland.gov

    Website: https://insurance.maryland.gov/Pages/default.aspx 

    License Search: Maryland Insurance License Lookup




    Maryland Life Insurance License FAQ

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

    Obtaining a life insurance license in Maryland requires these fees: 

    • Insurance Prelicense Education Course Fee: $189+ via ExamFX
    • Exam Fee: $60 via Prometric
    • Application Fee: $54 application fee + $5 transaction fee via the NIPR

     

     

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

    This process typically takes three to five business days from the date you sent your application.

     

     

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

    Yes. Maryland provides a 15-month, temporary life insurance license. To apply, refer to the Maryland Insurance Administration’s Initial Producer Licensing guide and follow the application instructions.

     

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

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

     

     

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

    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 Maryland?

    With a Maryland 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 Maryland? 

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

     

     

    What are the limitations of a Maryland 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 Maryland 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 Maryland?

    Yes. To cancel your license, email your request to producerlicensing.mia@maryland.gov or fax it to 410-468-2399. You may submit a request to delete a line of authority or a request for certification/clearance by following the instructions within the Maryland Insurance Administration’s FAQs.

     

     

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

    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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