Categories
Insurance Planning

How Millionaires Build Wealth Using Life Insurance [Video]

Lets break down the secrets of how millionaires build wealth using life insurance. This method has been around for over a century …

Watch/Read More
Categories
Insurance Planning

How much commission do insurance agents make? [Video]

How much commission do insurance agents make?Curious what percent of your premium goes toward your insurance agent's commission? You're not the only one.Every traditional type of agent, captive or independent, relies on commissions as their primary source of income. There are two types of commissions agents receive: first-year commissions and renewal commissions.First-year commissionsFirst-year commissions are paid to the agent every time you make a premium payment during the first twelve months of the policy being in force. The commission percentage an agent earns differs by product. Property and casualty products, like auto and homeowner’s insurance, typically pay an agent first-year commissions between 5% and 20%.Life insurance and disability insurance products can pay agents anywhere from 50% to 100%, depending upon the insurance company and whether or not the agent is captive or independent.For example, let’s say you buy a whole life insurance policy from Mary, a captive agent, with an annual premium of $1,000. A standard captive agent contract will typically pay the agent a 50% first-year commission; so, Mary would earn $500 from this sale.But, if you bought the same policy from an independent agent, they could earn as much as the total $1,000 first-year premium you paid. Why such a difference in pay? Remember, the captive agent is also getting benefits, office space, bonuses, etc., while the independent agent pays all of their own expenses.Renewal commissionsRenewal commissions are paid to agents after the first year and will also vary by product and the type of contract an agent has. Using our example above, the renewal commission for a life insurance policy sold by a captive agent is typically 3% to 4% of the annual premium, which would pay Mary renewal commissions of $30 to $40 per year on your policy.That may not seem like a lot of money, but many agents who have steadily built a client base over a period of years earn substantial incomes just from their renewal income, which can continue for years after an agent stops actively soliciting new business.

Categories
Insurance Planning

the key to success as an insurance agent [Video]

But, success as an insurance agent doesn't come without a cost. It's a tough field and most participants burn out sooner rather than later. Insurance agents hear the word "no" far more than they hear the word "yes." And it's not uncommon for the word "no" to be delivered with a fair amount of obscenities and the proverbial door in the face. Additionally, many people hold insurance agents in low regard: Some people even equate them to glorified con artists. But, for those who can stomach the potential rejection, the paycheck and flexibility of being a life insurance agent can be worth the effort.KEY TAKEAWAYSThe career of a life insurance agent is lucrative but involves constant hustling, networking, and many instances of rejection before a sale is ever made.Life insurance agents might be given a small salary to get started but are otherwise primarily dependent on commissions to make a living.Finding potential customers is difficult and time-consuming; getting those customers to make a purchase once you track them down is even harder.A strong background in sales can get you hired; once hired, you must take a 20-50 hour class and pass a state-administered licensing exam.2When looking for a job, make sure that you only apply to companies that have received favorable reviews by rating agencies like Moody's and Standard & Poor's.Overview of the Insurance FieldWhile there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance. Agents focusing on this end of the insurance market help families, businesses, employers, and other parties protect against a financial loss when someone dies.

Categories
Insurance Planning

aircraft premium insurance [Video]

Domestic airlines struggle to pay insurance premium –NAICOMNigerian airline operators are finding it extremely difficult to pay the premium on their assets such as aircraft and others, the Director, Policy and Regulations, Nigerian Insurance Commission, Leo Akah, has said.He said any carriers were breaking the insurance premium into bits with some opting to do so monthly, some quarterly and others in pieces.Akah disclosed this while speaking on the sidelines of a two-day aviation, cargo, and export conference in Lagos.The NAICOM director stated that insurance premium was often raised any time there was a plane crash.He noted that though aviation risks were low, they were high in severity and required strict legal framework and regulatory principles in the insurance sector.He said, “Our law says no premium no cover and if you don’t pay, you are on your own. You can’t fly if you don’t have insurance. This is an issue. Even accessing foreign exchange to pay your insurance overseas is among the challenges in the sector. The insurance company won’t collect naira from you.“It is not optional for you not to have insurance as an airline operator. If you don’t insure your liabilities for example, you cannot fly. We liaise with the Nigerian Civil Aviation Authority to ensure that whatever paper is submitted to them at NCAA is an evidence that you have insurance so that they can allow you to fly.”The huge insurance premium in the aviation sector is impacting on the cost of operations of airlines, which are transferred to consumers.However, despite Nigeria’s low air crashes, insurance firms, especially those based overseas, charge the country’s airline operators high insurance premiums, a situation which has been attributed to the bad rating of the continent’s airlines in terms of safetyThe National Insurance Commission has sought the support of Kaduna State Government on implementation of the compulsory insurance policies in the country’s statutory laws.The Head, Corporate Communications and Market Development, National Insurance Commission, Alhaji Abdulrasaaq Abdulsalami, said this during the sensitisation programme for top government functionaries, Khadis and Ulamas In Katsina State.In a speech obtained by our correspondent, he said the Insurance Act 2003 and other relevant laws of the country made provisions for certain insurances to be compulsory for the protection of innocent third parties who might fall victims to unforeseen occurrences such as road accidents, building collapse, fire and accidents in public buildings, among other losses.Abdulsalami said the compulsory insurances included: “Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; All buildings under construction that are more than two floors; All public buildings including schools, offices, hotels, hospitals, shopping malls and others; Professional indemnity for all medical practitioners and hospitals; Group life insurance cover by employers for employees where there are more than three persons; and annuity for retirees as provided under the Pension Reform Act 2014.”He noted that NAICOM was seeking the support of the state executive council with respect to domesticating the compulsory insurances.

Categories
Insurance Planning

The Truth About Term Life Insurance [Video]

Many of you have heard of term life insurance; in this video, we break down what it is, how it works, and why it is the best investment you can make as a young family.When it comes to life insurance, there are two buckets of insurance. There is a permanent bucket, including whole life, universal life, index universal life, and variable universal life, and each should have its own video. Today we will dive into term life insurance, where you choose how long you will need a death benefit.There are a few reasons term insurance is best for young families, the first being the affordability factor. Term insurance is cheap when you are young and healthy and gets much, much more expensive as you age. In fact, for clients over 60, a term is more expensive than a permanent one at this point. Most people are blown away at how affordable life insurance is for its value.The second benefit is leverage. No other vehicle can do what a term life insurance can do. Let's say your neighbor Bob purchased a 1 million dollar policy last month. On his way home, the worst imaginable thing happened. Bob was killed in an accident upon impact. Bob paid $50 last month, and that $50 just bought his family a 1 million dollar tax-free benefit. Where else can $50 turn into 1,00,000?The other benefit of a term life insurance policy is the convertibility feature. You can purchase a term for 20 years for a million dollars, then 20 years later, you may not need that much, kids are grown, assets paid, but you would like to have some permanent coverage no matter when you die. You can convert up to 1 million into permanent with the same rating.If you would like to know more about life insurance or find a life insurance professional near you, please visit our website at www.icainsurance.com.0:00 - Introduction Permanent 0:38 Term Life is Ideal for Young Families1:21 - Price comparison for term life insurance for a 30-year-old vs. a 50-year-old 2:27 - Term Life insurance can provide you with leverage3:23 - Convertibility factor for your term life insurance policyVisit our website to learn more about Insurance Centers of America, Inc. and how we can skyrocket your independent insurance business into a Multi-Million Dollar Book! 👇👇👇👇👇👇Insurance Professionals looking to become an Insurance Producer:Insurance Centers of America, Inc.https://icainsuranceagents.com or call Jamie at: 719-528-5400 ext: 140Insurance Professionals looking for Insurance Education courses:ICA Insurance Educationhttps://icainsuranceeducation.com or call Barb at: 719-528-5400 ext: 123Insurance Professionals looking to join an Insurance Network:ICA Agency Alliance, Inc.https://icaagencyalliance.com or call Blaine at: 719-528-5400 ext: 121*********************************************************** Are you interested in joining one of the most extensive insurance groups in the nation? INSURANCE CENTERS OF AMERICA, INC. is advancing Insurance Professionals by helping them solve some of the most significant pain points within the insurance industry. ICA provides a multitude of assistance to Producers, starting with our proprietary Turnkey Lead Generation Program for commercial insurance. In addition to our lead generation program, we have access to most top national insurance carriers, beginner to advanced personal and commercial lines education, sales training, our in-house marketing department, support staffing if needed, very high commissions, and profit-sharing. 👇👇👇👇👇👇You are watching “Advancing Insurance Professionals,” produced by Insurance Centers of America, Inc. - where you will learn how to build a Multi-Million Dollar Book of Business.#lifeinsurance #termlifeinsurance #termlife