A netizen shared a story about how his army friend from another platoon, who is working as an insurance agent, managed to sell insurance plans to his entire platoon and made quite a killing.
Here is what he said
One of my army friends who is an insurance agent, approached me during our recent ICT to buy a savings plan from him, which I rejected.
The whole 5-days inside camp he kept trying to sell me insurance, even when we were having outfield training, he was still trying to psycho me to buy plans from him.
Eventually he gave up trying to sell me, and he moved on to his own platoon and sold a bunch of different insurance plans to them, including whole life insurance, investment linked policies, endowment plans and term plans.
I don’t know what exactly they bought, but he closed more than 30 clients from a few platoons and from his commissions, he made quite a lot.
From my understanding, agents get a commission of about 50% for ILPs and about 45% for whole life insurance plans, and multiplied that the premiums for the first year, he made about 5 figures.
I did some maths, for a basic whole life insurance plan, if the annual premium is $4k, the agent gets $2k for his first year commission.
And I don’t know what kind of plans he sold them, probably those expensive ones since most of them earn quite a lot. And then there are other insurance plans like investment linked policies and whatnot.
All he needs to do is close 25 cases of whole life insurance policies in a year with an annual premium of $4k to be able to earn $50k in his first year, and he easily exceeded that in 5 days – and that’s just me assuming he sold them whole life insurance policies.
I went on his Instagram and saw him flaunting a new $15k Rolex.
I should’ve joined the insurance industry also…