Insurance commission revealed.

[Perisher]

http://onemilliondiary.blogspot.sg/2012/10/commission-structure-of-insurance.html

Quoted from above source from EDMW.

Was confuse why term also can earn so much until I remember term plan premium is low, coverage is high.

 

[havetheveryfun]

hmm I thought they say they going to remove the middlemen (agents) soon and allow people to buy insurance policies next time without having to go through an agent ? when is it going to be implemented?

 

[Perisher]

hmm I thought they say they going to remove the middlemen (agents) soon and allow people to buy insurance policies next time without having to go through an agent ? when is it going to be implemented?

You mean this
http://forums.hardwarezone.com.sg/money-mind-210/comparefirst-direct-purchase-insurance-5011981.html

 

[Perisher]

The long and short of the direct insurance... warning, WOT.
http://www.investmentmoats.com/budg...arefirst-and-how-it-compares-to-diyinsurance/

 

[archcherub]

Quoted from above source from EDMW.

Was confuse why term also can earn so much until I remember term plan premium is low, coverage is high.

eh the table not correct.
me not insurance agent, but i am pretty sure term insurance is 1/2 of the life/endowment plan in terms of percentage.
25 yrs plan - 50% for life or endowment plans but 25% for term

if i am not mistaken, NTUC's term commission percentage is even worse... lol. only 7.xx% for long dated term plan.
*disclaimer i bought ntuc plans from my IFA friend*

and yup, as you pointed out, term premium also a lot lesser than such cash plans, so the commission in absolute term is also lower.

 

[gravity_infinity]

wonders why so many agents quit then since it is so profitable?

 

[cscs3]

wonders why so many agents quit then since it is so profitable?

Id not the matter of how much they can profit I guess. Sometime is the quota given by the company. To some, it may be mission impossible!

 

[archcherub]

wonders why so many agents quit then since it is so profitable?

i just had dinner with a few agents at mcd (coz they no money treat me steak) lol

and basically every large insurers slashed bonus and commission.
hardly any products has 50% commission anymore. they are now lucky if can get 40% commission products.

more people are educated and prefer DIY.
thanks to efforts by people in this forum! =)

having said that, as i was saying rich people also dont buy insurance , a private banker did share with me Universal life, saying its a good policy that rich people tend to buy.

He did ask me if i am interested, but unfortunately (for him) i dont think i can afford...
$1m policy minimum.
u guys know what is that? universal life?