Now I see why my insurance agent treats me like family

Wololo!!! Poleni sana, I totally forgot about this and didn't think there was any interest..seems @Impunity knows me well....in terms of the threads I contribute in the most.

Anyway, the most insurance companies in the country pay around 40% commission on premiums for every premium received.

In most scenarios, you'll earn 40% per premium for the first year, then 20% per premium for the 2nd year and maybe 10% year 4-5 and then 5% from year 5 to 10.

So you're basically earning for all previous biz and any new biz for as long as the client is paying premium.

If your client is a good client and pays premiums consistently for 1 year (12 months), we give you a 13th month persistency bonus (paid after 15 months, technicalities of when a policy is considered as lapsed). That 13th month persistency bonus is a percentage of all commissions earned in that 1 year, and there's also a 25th month and a 37th month bonus.

Ofcourse selling insurance is very challenging but the guys doing it very well are extremely successful. Remember tax is 10% withholding

Yes @icecube...then there are those times you get a business man who likes paying annually because of the nature of the business...so you get a guy paying like 250k per month x 12 = 3M, the agent makes a cool 1.2M before 10% withholding tax. It has happened a few times with some of the top agents.

Then there are those guys who are able to snatch a big corporate group medical or group life account from a broker. Let's just say the commission there can set you up for life if well invested. Those ones are few and far in between.

So in short ladies and gentlemen, you can make a pretty decent sum selling insurance - if you have dogged determination, are persistent like a rash, and have hunger for money. I've seen guys who have been retrenched come here and make more money in 2 years than they did in 10. Holla if you're that type of person, I can give you more details.

Where?

Interesting. I wonder, do they have targets which are time based? And which, if not met, they get penalized? like in general sales oriented organizations?

Or is it a matter of, whatever you bring, is what you get commision from?

What about retainer? (or is it pure commisions!).