Louis Vuitton (LV) bags are among the present crop of signature brands being sought-after by most celebrities, executives and professionals nowadays. A bag could cost around five to six figures in pesos, depending on the model and design.
I know somebody who has a good collection of LV bags. As per estimation, her total collection worth more or less Php3-million. But what is more surprising is that she's "just" working as an insurance agent from a prestigious life insurance firm in the Philippines. And aside from those expensive LV bags, she's driving a Porsche Cayenne sports utility vehicle and a Lexus 4-door sedan. (Sorry, guys! I promise not to divulge her name.)
To give you a perspective on the earning potential of a life insurance agent, let me illustrate to you the most common commission scheme in the industry.
The structure is not a one-time scheme. On the first year premium payment of a client, the agent commission is around 40% to 50% of the premium payment. On the second year premium payment, the commission is around 10% to 15%. Then, succeeding years up to the last date of premium payment (normally, payable up to 10 years), commissions are pegged between 3% and 5%. Such commission scheme provides life insurance agents of longer-term financial security, which in effect assures life insurance clients of continuous service from their respective agents.
Of course, to attain a million peso pay check an agent must have a considerable number of clients paying decent premium amount. Or it could be fewer clients paying hefty premium amount. Nonetheless, at the end of the day, it's all hard work and network.
Thus, never under estimate an insurance agent.
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