<p>If you're considering a career as an actuary, you might be pondering whether to specialize in health insurance or life insurance. Health actuaries dive into health insurance, while life actuaries focus on life insurance and annuities. Naturally, one big question arises: which path offers a better paycheck?</p>
<p>While both career paths have strong earning potential, the salary can vary based on experience, credentials, location, and the type of employer. Let&rsquo;s take a closer look at the salary trends and potential earnings for health vs. life actuaries to help you make a more informed decision.</p>
<h2>Similar Credentials, High Demand</h2>
<p>Both health and life actuaries usually earn their credentials through the Society of Actuaries (SOA). Many start their careers as Actuarial Analysts or Assistants after passing a couple of exams.</p>
<p>At this entry level, salaries are pretty similar, typically ranging from $60,000 to $80,000 a year in the U.S. But as actuaries gain more credentials and experience, their pay can jump significantly. Recent surveys show that the median annual salary for actuaries across all sectors is about $125,000, with both life and health sectors contributing significantly to this average.</p>
<h2>Health vs. Life Actuary Salary Averages</h2>
<p>Here are some salary insights based on industry data:</p>
<ul>
<li>Associate-level actuaries (ASA) in both health and life sectors usually earn between $90,000 and $110,000.</li>
<li>Fellow-level actuaries (FSA) with 5 to 10 years of experience can see salaries soaring into six figures&mdash;$150,000 or more.</li>
<li>After about 10 years with an FSA designation, health actuaries typically earn around $165,000, while life actuaries come in just a touch higher at $166,000&mdash;essentially neck and neck.</li>
<li>For senior actuaries with more than 20 years of experience, health FSAs might pull ahead slightly, averaging $237,000 compared to $216,000 for life FSAs.</li>
</ul>
<p>Overall, neither specialization consistently outpaces the other; they're closely aligned in terms of compensation across different career stages.</p>
<h2>Bonus Structures and Total Compensation</h2>
<p>One area where health actuaries may have a slight advantage is in bonuses. Health insurance companies and consulting firms often throw in performance-based bonuses, especially for roles tied to dynamic markets like ACA plans or Medicare Advantage. Some surveys suggest that health actuaries tend to receive slightly higher bonuses than their life counterparts, particularly at the associate and mid-career levels.</p>
<p>Life actuaries can also snag impressive bonuses, especially if they work in investment-heavy roles or are involved in developing complex products like variable annuities or universal life insurance. While both fields offer great total compensation packages, health actuaries might enjoy more bonus opportunities, especially in fluctuating or heavily regulated markets.</p>
<h2>Industry and Employer Influence</h2>
<p>The salary you can expect also greatly depends on the industry and the specific employer, rather than just the actuarial track you choose. For example, a health actuary at a large insurance company or consulting firm may out-earn a life actuary at a small mutual company, and vice versa.</p>
<p>Consulting firms in both fields, like Milliman, WTW, or Deloitte, often offer better pay but may require longer hours. Don't forget about geography, either&mdash;actuaries in cities like New York, Chicago, or San Francisco generally see higher salaries than those in smaller towns. So, when you're comparing potential earnings, consider the company size, location, and the mix of products they offer, not just your specialization.</p>
<p>So... Which Pays More?</p>
<p>In summary, it&rsquo;s pretty much a draw&mdash;health actuaries might earn a bit more in bonuses, while life actuaries often see strong base salaries, especially in investment-related positions.</p>
<p>Instead of chasing after a small salary difference, focus on the field that really resonates with you&mdash;whether that's healthcare or life insurance modeling. Go for the career that offers long-term satisfaction and growth and provides opportunities in your ideal work environment, be it in an insurance company, consulting firm, or reinsurance agency.</p>
<p>Remember, real salary growth comes from earning credentials (like ASA or FSA), gaining experience, and specializing&mdash;and both paths have a lot to offer in that regard.</p>
<p>Want to explore real-time job opportunities?</p>
<p>Check out the ActuaryList to search across all sectors. If you&rsquo;re leaning towards health, browse active openings on our <a href="https://www.actuarylist.com/sectors/health" class="link underline">Health Actuary Jobs</a> page. Utilize keyword filters like &ldquo;life actuary&rdquo; or &ldquo;FSA&rdquo; to compare salary ranges across different companies and locations. Whether you choose health or life, <a href="https://www.actuarylist.com" class="link underline">ActuaryList</a> keeps you updated on salary trends, credentials, and career opportunities&mdash;all in one convenient place.</p>

Explore salary trends for health vs. life actuaries. Compare compensation, bonus potential, and career outlook to help choose the right actuarial path.

Health Actuary vs. Life Actuary Salary: Which One Pays More?