Do you know everything what your career as an insurance agent has to offer you beyond commissions?

insurance business commissions

Insurance agency promises unlimited earning potential. If you are at least 18 years old and have cleared your Class 10 examination from rural India or cleared your Class 12 from urban India, you qualify to become an insurance agent. All you need to do is to undergo the mandatory training and then successfully clear the insurance entrance examination! You will then get a license to act as an insurance agent and sell insurance policies and earn commissions for the same.


In fact, a career in insurance is quite a lucrative one. There are loads of opportunities which can be encashed with the following benefits:


  • You can be your own boss and work as per your flexibility
  • Earn attractive commissions, renewal commissions, and other privileges as well
  • Insurance is a noble profession as you help others plan for their future by protecting them against any financial difficulty
  • Insurance is one of the only professions wherein you get incentivized every year for selling the same policy by way of collecting renewal premiums. So, as long as your customers keep paying premiums, you keep earning out of the same year after year.


Because of these opportunities, the insurance agency is recognized as an extremely good career choice and pursued by many.


Especially the ‘unlimited income’ part of the opportunity sounds like music to your ears, doesn’t it? Do you know how you can earn this ‘unlimited income’?


Let’s find out–


  • Earn first year commissions

The new policies which you sell earn you a commission on the premium you bring in. The commission rate varies across different types of plans and can go as high as 35% to 40% of the premium that you collect.


  • Earn renewal commissions

When the life insurance policies sold by you are renewed, you get a renewal commission too. This commission becomes your regular income as long as your clients pay the renewal premiums. Even in health insurance plans and motor insurance plans, if your clients renew the policy on time, you are promised a renewal commission.


Click here to read How to create your annuity through renewal premiums to know more about generating income through renewal premiums.


  • Participate in the company’s internal reward programs and earn extra

If you thought to sell insurance only brought in commissions, think again. Insurance companies have internal rewards and recognition programs too which reward agents achieving the specified target. If you meet the eligibility criteria of the company’s rewards programs, you can earn cash gifts as well as gifts in kind like appliances, gadgets, car, international and domestic holiday trips, etc.


  • Qualify for MDRT, COT, and TOT

There are international platforms too which honor performing insurance agents. There are three levels of achievement –

  • MDRT – Million Dollar Round Table
  • COT – Court of Table
  • TOT – Top of Table


There are 3 criteria for qualification: Premium, Commission and Income. The same can be checked at MDRT Membership Requirements.


For the year 2018, the criteria for India is:


QualifierMemberCourt of the TableTop of the TableConversion Factor


“The production in local currency divided by the Conversion Factor creates an equivalent amount to the U.S. production requirement.”


If you achieve the performance criteria of any of these levels, you would be internationally recognized. Every year an international agent’s meet is held for recognizing agents in these three categories. Only the top 5% of the insurance agents qualify for the MDRT meet.


Sometimes, the insurance company sponsors your visit to the meet or reimburses a part of the same. However, the very prestige of representing the top 5% of financial professionals of your country in the international forum itself is quite a prestige and it worth the effort, other than the commissions, of course!


  • Extra privileges for consistent agents

If you consistently perform well as an agent and have a track record of good sales, even the insurance company helps you in expanding your career. You are allowed a dedicated office space for carrying out your insurance business, allowances are given to you to expand your sales force and hire new employees and staff, etc. These privileges are reserved for the MDRT, COT, TOT agents or insurance agents who consistently bring good business for the insurance company.


Are you tapping into these opportunities? Here are some common reasons why many agents fail in selling insurance. Click to read.


So, to say that a career in insurance sales gives you ‘unlimited income’ is, to say the least. The career promises you much more than just money. You get recognition and honor for being an insurance agent and doing good business. In fact, the business of an insurance agent has good long-term prospects. There are renewal premiums, gifts in cash and kind and international recognition if you are dedicated to the business. Moreover, there is no retirement age. You can work for as long as you want and earn as much as you like to earn. Doesn’t this combination sound fantastic? Who knew insurance agency could promise so much!!




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