Health Insurance Commission For Agents

 

Health Insurance Commission For Agents - Last update of this blog: July 10, 2023 (If our research on this blog is no longer updated, please email us at careers@ so we can update the commission rates of other companies mentioned here)

Becoming a financial advisor in the Philippines is very different from other developed countries. In other countries, financial advisors are paid a consulting fee for providing financial advice.

Health Insurance Commission For Agents

Health Insurance Commission For Agents

However, in the Philippines, financial advisors earn commissions from product sales because most Filipinos do not pay consultation fees for the financial advice provided.

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For those who want to become a financial advisor, one of the things you need to pay attention to is whether the company you are applying to become a financial advisor offers the highest commission per sale.

For example, would you choose to work for a company that only offers P100,000 per month versus P50,000 per month for the same level of effort? Most likely, you can get the highest offer.

Before writing this blog, we conducted research among all the major life insurance companies in the Philippines to determine which life insurance companies offer the highest commissions to financial advisors. Following are the results of our research:

Based on our research, this company (Company A) offers a 45% commission. If the agent meets certain parameters, the commission goes up to 65%. Here's a quick calculation:

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1. Big sale: P100,000 paid by client - commission amount P45,000 (can be P65,000 if agent can meet parameters)

Another company called Manulife Philippines provides a commission of 40% of the amount paid by the client. If the financial advisor can meet the parameters, the commission becomes 60%. Here's a quick calculation

1. Big sale: P100,000 paid by client. Commission amount is P40,000 (can be P60,000 if agent meets parameters)

Health Insurance Commission For Agents

So which company offers better commissions? Is it Company A or Manulife? The answer depends on how long you want to receive commissions over several years or whether you want to receive commissions every year until the client closes out their insurance.

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The answer lies in trail commissions. Manulife provides a commission of 0.30% of your client's total investment value. If your client does not withdraw the funds, you will receive a perpetual commission every year.

Trail commission is calculated by adding the investment fund value of your client's money and multiplying it by 0.30%. For example, if you can sell to some clients and their investment value reaches P3 Billion pesos, if you multiply it by 0.30%, you will receive P9,000,000 in additional commission every year as long as the client is not acquired. . . Withdraw their funds from Manulife. Trail commissions are a form of passive income, and so far only Manulife has rates this high.

For example, if you join Manulife at age 25, here are the projected commissions you will earn per year and per month:

As you can see, starting your 6th year as a Manulife financial advisor, you will have an estimated passive income of P137,000 per year in additional commissions, which amounts to:

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This is because the prices of goods and services increase every year, and there are times when you have no sales in that month. For example, some financial advisors take a month-long holiday abroad with the family. Trail commissions provide additional income to a financial advisor even if the advisor is unable to sell that month (because trail commissions are paid monthly). Additionally, this also allows advisors to earn more by being loyal to the insurance companies they work with.

And the winner is: ManulIFE - That's why we chose to partner with Manulife at AETOS Financial.

*In addition to what Manulife offers, Aetos Financial Insurance Agency also offers free health cards for production consultants (Inpatient, Outpatient, Consultation, Life Insurance, Critical Illness)

Health Insurance Commission For Agents

Apart from being able to sell life insurance from Manulife, the following are other products that Aetos Financial Advisors can offer:

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*If you invested P1,000 in Manulife's Global Tech Fund in January 2023, the amount could grow to P1,349.70 by July 5, 2023.

Another question a prospective financial advisor will ask is, is the product any good? For Manulife, the answer is yes for two main reasons. Their health coverage is valid up to age 100, while most companies only cover up to age 65. For example, this health insurance is valid until age 100:

Manulife offers its products to both upper and lower class consumers at very affordable prices. Think as low as P199 per year; Your customers may already be insured.

Manulife is the largest Canadian life insurance company in Canada and also the largest public company in the Philippines based on data from the Philippine Stock Exchange:

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It might be tempting to say that insurance agents make a lot of money. But keep in mind that a lot of rejection and frustration comes into the life of an insurance agent. To make one sale, you need to talk to ten people, especially those with no experience.

Commission rates for insurance agents may seem large at first. However, in essence there is a greater responsibility to care for clients until the client dies, where the agent will also assist with the claims process and coordinate with beneficiaries in the event of death or illness.

So in the end, being a financial advisor is like running a business. Entrepreneurship must exist. In fact, it's hard work that brings the highest wages, and it's the easy work that brings the lowest wages - you still choose your income.

Health Insurance Commission For Agents

Mark Fernandez, CPA, RFC, AFA, CWP, CEPP is the founder of Aetos and started as a part-time financial advisor in 2009 at the age of 22. Even though he has no friends in Cebuano and Manila, he is able to be creative. One way to expand his network and increase the client base he teaches is to recruit his financial advisors who have become multi-awarded consultants.

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He is the youngest Million Dollar Round Table (MDRT) Member Financial Advisor at the age of 23 despite having no parents/relatives who work in the insurance industry. He is currently a Life Member of MDRT and a Top Table Member in 2022. Due to its long experience, Aetos has recruited, trained, and produced several successful financial advisors from Luzon, Visayas, and Mindanao. Mark is also the Chairman of the FinancePH Group of Companies, one of the companies under the Atos Group. Aetos was ranked top 1 by FYP in the IL Life Insurance Agent Rankings across the Philippines in 2021. You can contact him at speaker@financeph.com or visit the Aetos office in Makati or visit his website at www.mjtfernandez.com. Currently he is completing his Masters at the Asian Institute of Management (AIM) Makati City.

Mica Fernandez, CPA, CWP, CEPP, GLMP is president of Aetos Financial. He worked for 3 years as an external auditor at PricewaterhouseCoopers (PwC) (also known as Isla Lipana & Company). While still working at PwC, he became a part-time financial consultant at the age of 22. At the age of 24, he decided to resign from PwC to become a full-time financial advisor, earning only pure commissions and having no steady income. This was a leap of faith because he was still young and able to support his parents in Batangas financially. This leap of faith resulted in several awards as Financial Advisor Leader from GAMA International.

He believes in the value of continuing education, which is why he stays abreast of the latest developments in finance to help him best serve his clients and advisors. Currently, he leads a group of dynamic mentors from various age groups and different regions of the country in hopes of reaching more Filipinos and helping them achieve financial freedom. He is driven by his personal mission to make a positive impact in the lives of my consultants and clients. He enjoys mentoring new financial advisors to become highly awarded financial professionals.

1. Take the quiz: Am I qualified to be a financial advisor? 2. Request Product Information 3. Apply to be a Financial Advisor 4. Talk to a Financial Advisor

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