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 [WTA] How to become an Insurance Agent?, Advice needed...

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TSllJasell
post Jul 2 2010, 11:03 PM, updated 16y ago

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I'm not sure whether this topic appeared here before or not so I'll just try my luck.

I'm thinking of getting an Insurance Agent license but I dunno the procedure. So I think maybe I can get some answers from all the professionals here. Actually I have a few questions on being an Insurance Agent. Please provide any advice which you think its relevant.

1) What is the procedure to become an Insurance Agent?
2) How many companies an Insurance Agent sign with?
3) What is the commission rate?
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
5) Which insurance company is best for it's policies and claiming?

Thanks for spending time answering my questions.
*Sorry for my poor English. tongue.gif
vandoren
post Jul 3 2010, 12:37 PM

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while waiting for other PROs to clear your doubt, i can answer part of your question, as I'm just newly pass my insurance exam this monday and havent signed to any insurance company yet smile.gif

1) What is the procedure to become an Insurance Agent?
Register at MII Malaysia Insurance Institute register for the exam at RM80.
2) How many companies an Insurance Agent sign with?
life insurance - 1, general insurance - 2
3) What is the commission rate?
not sure tongue.gif
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
of course. GI study part A&B, LI study part A&C
5) Which insurance company is best for it's policies and claiming?
not sure sad.gif
TSllJasell
post Jul 3 2010, 01:50 PM

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QUOTE(vandoren @ Jul 3 2010, 12:37 PM)
while waiting for other PROs to clear your doubt, i can answer part of your question, as I'm just newly pass my insurance exam this monday and havent signed to any insurance company yet smile.gif

1) What is the procedure to become an Insurance Agent?
Register at MII Malaysia Insurance Institute register for the exam at RM80.
2) How many companies an Insurance Agent sign with?
life insurance - 1, general insurance - 2
3) What is the commission rate?
not sure tongue.gif
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
of course. GI study part A&B, LI study part A&C
5) Which insurance company is best for it's policies and claiming?
not sure sad.gif
*
Thanks for your fast reply. I still have a few questions for you if you don't mind.
1) Im currently in Ipoh. Am i able to sit for the exam here or do i need to go to KL for the exam?
2) Do i need to sit for any courses or just directly go for the exam after self study?
3) Which insurance company are in your list now? Which one do you think is best?

Sorry for giving so much questions.. sweat.gif
TarePanda
post Jul 3 2010, 11:11 PM

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1,) I have no idea
2.) You can self study
3.) I think you should choose a right leader and a right organization instead of which insurance company...
vandoren
post Jul 3 2010, 11:51 PM

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1) Im currently in Ipoh. Am i able to sit for the exam here or do i need to go to KL for the exam?
2) Do i need to sit for any courses or just directly go for the exam after self study?
3) Which insurance company are in your list now? Which one do you think is best?

1) hey, i'm from ipoh too!
my friend told me better take the exam in KL, because in KL, everyday also got several intake for exam. ipoh also got, but maybe once per month and you have to register at least one month earlier.
2) no need. just purchase the book and self study. my friend lend me the book, i heard that the book cost around RM30.
3) i think i'm gonna join my friend's insurance company. all the way she help me a lot, help me register exam in MII KL, provide study material and fetch me to exam smile.gif

well, she's my senior since secondary school ma... tongue.gif
my friend's dad has a quite well known insurance agency in Ipoh, which will provide training to the newbie like me, to study the products, guide how to explain to customer.. etc.. hehe... wait her to explain in details to me

This post has been edited by vandoren: Jul 3 2010, 11:55 PM
lexiqa
post Jul 4 2010, 03:25 PM

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QUOTE(llJasell @ Jul 2 2010, 11:03 PM)
I'm not sure whether this topic appeared here before or not so I'll just try my luck.

I'm thinking of getting an Insurance Agent license but I dunno the procedure. So I think maybe I can get some answers from all the professionals here. Actually I have a few questions on being an Insurance Agent. Please provide any advice which you think its relevant.

1) What is the procedure to become an Insurance Agent?
2) How many companies an Insurance Agent sign with?
3) What is the commission rate?
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
5) Which insurance company is best for it's policies and claiming?

Thanks for spending time answering my questions.
*Sorry for my poor English.  tongue.gif
*
4) When u study for ur license u will find out the difference tongue.gif
basically, life insurance is anything to do with medical and mortality of a human being. everything else is general insurance. (ie: ur possessions)
yes. can sit for both at the same time.

5) choose a reputable, strong company and a great agency leader (GSM) with track-record of at least few years of MDRT. icon_rolleyes.gif
QUOTE(vandoren @ Jul 3 2010, 12:37 PM)
while waiting for other PROs to clear your doubt, i can answer part of your question, as I'm just newly pass my insurance exam this monday and havent signed to any insurance company yet smile.gif

1) What is the procedure to become an Insurance Agent?
Register at MII Malaysia Insurance Institute register for the exam at RM80.
2) How many companies an Insurance Agent sign with?
life insurance - 1, general insurance - 2
3) What is the commission rate?
not sure tongue.gif
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
of course. GI study part A&B, LI study part A&C
5) Which insurance company is best for it's policies and claiming?
not sure sad.gif
*
just want to add:
3) 20-30% depending on the product.
4) u can sit for parts A,B & C at the same time if u want.
TSllJasell
post Jul 5 2010, 02:37 PM

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QUOTE(vandoren @ Jul 3 2010, 11:51 PM)
1) Im currently in Ipoh. Am i able to sit for the exam here or do i need to go to KL for the exam?
2) Do i need to sit for any courses or just directly go for the exam after self study?
3) Which insurance company are in your list now? Which one do you think is best?

1) hey, i'm from ipoh too!
my friend told me better take the exam in KL, because in KL, everyday also got several intake for exam. ipoh also got, but maybe once per month and you have to register at least one month earlier.
2) no need. just purchase the book and self study. my friend lend me the book, i heard that the book cost around RM30.
3) i think i'm gonna join my friend's insurance company. all the way she help me a lot, help me register exam in MII KL, provide study material and fetch me to exam smile.gif

well, she's my senior since secondary school ma... tongue.gif
my friend's dad has a quite well known insurance agency in Ipoh, which will provide training to the newbie like me, to study the products, guide how to explain to customer.. etc.. hehe... wait her to explain in details to me
*
I'm thinking of sitting exams for both GI and LI. Can you tell me which paper did you sit for your GI?

QUOTE(lexiqa @ Jul 4 2010, 03:25 PM)
4) When u study for ur license u will find out the difference tongue.gif
basically, life insurance is anything to do with medical and mortality of a human being. everything else is general insurance. (ie: ur possessions)
yes. can sit for both at the same time.

5) choose a reputable, strong company and a great agency leader (GSM) with track-record of at least few years of MDRT.  icon_rolleyes.gif

just want to add:
3) 20-30% depending on the product.
4) u can sit for parts A,B & C at the same time if u want.
*
I can sit all the exams at the same time? I thought can only sit like pairs? ie. A+B or A+C?
If can take A,B and C at the same time then no need sit for A twice? Nice...rclxms.gif
faceless
post Jul 5 2010, 03:32 PM

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Yes not restriction. You can sit for all exam. Bear in mind that sometimes exam time do clash. Although this was a thing of the pass, who know with monkeys on the job it could happen again. But that should not be your worry.

Yes, the booklet they sell is good enough. If you dont want to buy it then there is a better way. Read policies for all classes of insurance. If you can understand every provisio, then you will sure pass. If you see a loophole in any of the provision, then you are better off being an adjuster.
vandoren
post Jul 5 2010, 10:52 PM

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i only taken exam for Life Insurance (part A & C)
i think you better ask an insurance agent friend to guide you, or you can straight go to MII to settle everything by yourself smile.gif
all the best!
Fat3Twister
post Jul 5 2010, 10:58 PM

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I suggest you join financial planning company rather than join insurance company...In fp, you can provide products from different companies like prudential, AIA etc...and financial planners can compare the products and provide the best to their customers...while for insurance agents, they can only provide products from their own company...
TSllJasell
post Jul 5 2010, 11:20 PM

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QUOTE(vandoren @ Jul 5 2010, 10:52 PM)
i only taken exam for Life Insurance (part A & C)
i think you better ask an insurance agent friend to guide you, or you can straight go to MII to settle everything by yourself smile.gif
all the best!
*
Thanks for your answer on my questions.. smile.gif

QUOTE(Fat3Twister @ Jul 5 2010, 10:58 PM)
I suggest you join financial planning company rather than join insurance company...In fp, you can provide products from different companies like prudential, AIA etc...and financial planners can compare the products and provide the best to their customers...while for insurance agents, they can only provide products from their own company...
*
What are those financial companies that you're suggesting? Im still a uni student btw, so I don't think Im qualify for those full time job. ^^

Added on July 6, 2010, 4:03 pmIs it a must that I join an insurance company after I obtained my license? hmm.gif

This post has been edited by llJasell: Jul 6 2010, 04:03 PM
xage
post Jul 14 2010, 02:36 PM

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think properly... think of the frens u r gonna make/lose
amyfsm
post Aug 2 2010, 03:46 PM

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just wanna ask any chinese girl wanna help for sit for the insurance exam??of course sure got income one la....
faceless
post Aug 2 2010, 04:03 PM

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QUOTE(llJasell @ Jul 5 2010, 11:20 PM)
Is it a must that I join an insurance company after I obtained my license? hmm.gif
*
NO, you are free to do what you want. There is an expire date to the exam. You cant join an insurance firm after the expiry date of the exam. My infomation may be out dated. As I know it the exam is valid for 2 years.
coolpajames
post Aug 2 2010, 05:15 PM

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wow this is great, llJasell.

In my own opinion (and I am in Insurance) it's the team factor that made me choose the agency I joined. The product, honestly, it's about the same with each different company.
To summarize = protection and savings (LI) Protection (GI)

In LI, if you want higher savings it's lesser protection and vice versa. in GI it's just protecting the item for the just in case it gets damaged and how fast and how less hassle it is to get back the monies lost.

to answer your questions: -
1) What is the procedure to become an Insurance Agent?
~ u know already. Take the exam yourself or via ur choice agency.
2) How many companies an Insurance Agent sign with?
~ LI = ONE! GI = i think it was 3
3) What is the commission rate?
~ GI average 3-5%, (1 time only) LI got 2 difference, Ordinary Life insurance 35%, Investment link insurance 25% (6 years reducing commission which totals up 105%)
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
~ u know the answer already. I m choose to focus only on Life Insurance. Lesser headache and distractions.
5) Which insurance company is best for it's policies and claiming?
~ hahaha all insurance companies are following Bank Negara Ruling, hence average 2-4 weeks claims out d in LI. in GI hahah wait la...cos need an adjuster or surveyor to ascertain the loss and submit an investigation report b4 the claims department look through it and pay, experience about 1-6 month or even more depending on the case.

I'm attached with GMA, Manulife Life Insurance in KL. IF you would like to know more do PM me. I'd be glad to help out.
tzanjiun
post Aug 3 2010, 02:15 AM

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QUOTE(coolpajames @ Aug 2 2010, 05:15 PM)
wow this is great, llJasell.

In my own opinion (and I am in Insurance) it's the team factor that made me choose the agency I joined. The product, honestly, it's about the same with each different company.
To summarize = protection and savings (LI) Protection (GI)

In LI, if you want higher savings it's lesser protection and vice versa. in GI it's just protecting the item for the just in case it gets damaged and how fast and how less hassle it is to get back the monies lost.

to answer your questions: -
1) What is the procedure to become an Insurance Agent?
~ u know already. Take the exam yourself or via ur choice agency.
2) How many companies an Insurance Agent sign with?
~ LI = ONE! GI = i think it was 3 General, you can attach with 2 company only
3) What is the commission rate?
~ GI average 3-5%, (1 time only)
General, depend on the products, from 10%-25%,
renewal basic, mean as long as your clients pay the premium yearly, you got the commission yearly
Example, premium for personal accident, yearly premium is rm200, commission with be RM 50,
mean every year you will get RM 50 as long as he/ she pay the premium LI got 2 difference, Ordinary Life insurance 35%, Investment link insurance 25% (6 years reducing commission which totals up 105%)
4) What is General Insurance and Life Insurance? Can I sit for both or either one only?
~ u know the answer already. I m choose to focus only on Life Insurance. Lesser headache and distractions.
5) Which insurance company is best for it's policies and claiming?
~ hahaha all insurance companies are following Bank Negara Ruling, hence average 2-4 weeks claims out d in LI. in GI hahah wait la...cos need an adjuster or surveyor to ascertain the loss and submit an investigation report b4 the claims department look through it and pay, experience about 1-6 month or even more depending on the case.

I'm attached with GMA, Manulife Life Insurance in KL. IF you would like to know more do PM me. I'd be glad to help out.
*
Bold are the correction
ding_
post Aug 7 2010, 12:07 PM

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hi, does anyone know how much is the fees for Life insurance + Investment Link examination? My agent ask me to pay RM250. was it too much?
coolpajames
post Aug 8 2010, 06:42 PM

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QUOTE(tzanjiun @ Aug 3 2010, 02:15 AM)
Bold are the correction
*
Thanks tzanjiun that cleared the air for me regarding General Insurance

Added on August 8, 2010, 6:45 pm
QUOTE(xage @ Jul 14 2010, 02:36 PM)
think properly... think of the frens u r gonna make/lose
*
it's more frens cos i'm in the biz

This post has been edited by coolpajames: Aug 8 2010, 06:45 PM
ANDERSON LEE
post Aug 17 2010, 12:05 PM

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Are still interested to become insurance agent, if you are, please contact me at lkyong22@msn.com or call me at 013-3651188.
We are now expanding our group operation thruout the whole nation.
You are most welcome.
Thank you
Regards,
Anderson Lee
Danielle Lav
post Aug 26 2010, 09:42 PM

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recently, i got a friend asking me to take the insurance agent license, are there any udang di sebalik batu of this invitation? coz its a sudden invitation.
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