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> Is Insurance career suitable to you?, post questions here and water testing

michwaka
post Jul 23 2011, 11:41 PM

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QUOTE(WintersuN @ Jul 23 2011, 11:19 PM)
so if i buy the plan at age 28-30 i will pay rm150 for whole life? wont increase?
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Most insurance plan works on level premium. For investment-linked plan, you'll have some savings, which is cash value, that you can utilise to pay premium after retirement. And yet, in the event diagnosed of a critical illness, the whole plan is waived as payor benefit will take effect. And you can still continue to claim from the medical plan.

PM me if you need a quotation.
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blanket84
post Jul 23 2011, 11:43 PM

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QUOTE(dreamer101 @ Jul 23 2011, 11:34 PM)
blanket84,

No. The OWNER of the insurance company earn the most money.

Dreamer
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Yeah..you're right..but what I meant was CEO probably the best salaryman..
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roystevenung
post Aug 20 2012, 07:23 PM

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QUOTE(WintersuN @ Jul 23 2011, 04:38 AM)
Is really insurance agent can earn 5k every month?
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5k only mana cukup :-)


Added on August 20, 2012, 7:43 pm
QUOTE(WintersuN @ Jul 23 2011, 08:08 PM)
Hi,

If my company already buy insurance for me then its the same as I get my own personal insurance aready right?
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It much depends on whether the company is able to continue to provide the coverage, even if we are bed-ridden (due to an accident, or dread disease like Stroke) and does not turn up for work for 6 mths to a year or for life. If the company can guarantee to cover you even if we are not able to work, then no need to buy personal insurance.

However, one day you'll retire at old age, that's when you lose all company benefits

QUOTE(WintersuN @ Jul 23 2011, 09:35 PM)
If age 55 only start buy insurance the premium will cost how much per month?

If buy early around age 28-30 then cost how much?
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Provided that you're still healthy at 55 and the insurance company can still cover you without any extra premium. It is advisable to get one while you're still young and healthy so as to build up the cash value. The cash value is savings towards taking care of the medical insurance charges (which will go up in older age) in order to maintain the policy.

QUOTE(WintersuN @ Jul 23 2011, 11:19 PM)
so if i buy the plan at age 28-30 i will pay rm150 for whole life? wont increase?
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Insurance charge will go up by age irrespective of when you get it. It is like an old car over 10 years with 100% loading. The insurance charge hike is mostly evident above the age of 65.

For example when you are age 30, and paying RM 150/mth is sufficient to cover the insurance charges of RM 1500/year. However at age 65, you may still be paying RM 150/mth (if you don't upgrade the policy, but realistically please review the policy every 5 years to curb medical inflation) but the insurance charges had gone up to RM 5K/annum.

The variance of the premium will be deducted from the cash value that you've accumulated throughout the 35 years. How long the policy can last depends on how the funds perform.

Do note that some agents will say that ILP have 'savings' and you can withdraw at anytime. This is just sales talk. It is true that you can withdraw the cash values, but who is going to pay for the insurance premium at older age when we are retired with no income and especially when the insurance charges goes up exponentially?

If there is a major market crash THERE IS A RISK that the policy may lapse and lose all the coverage if there is insufficient funds in the policy unless you do a TOP UP.

This post has been edited by roystevenung: Aug 20 2012, 07:51 PM
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QuickSilverV3
post Aug 25 2012, 01:27 AM

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I am 20 years old, still studying, but planning to take the test to become an insurance agent as part time job, currently doing diploma will be graduating in about ten months time, by doing this i can say that it wont affect my studies because usually when i got home i just sit in front of the computer and play all day long and yet i manage to sustain a reasonable grade in my studies. By substituting my day long habit to this job i would say it is a wise decision for me to make up since myself has spine issues. I do realize the importance of having an insurance because i didn't have it when the time i was admitted in the hospital in critical condition. About 200k spent on the whole process of treatment, surgery, hospitalization and more. By the time my parents was about to retire but they got no choice but to spend on the expenses incurred. I feel sad to delay their retirement, just because of my unfortunate situation, they are now still working on behalf of me. Since i had suffered from this agonizing pain, i feels that everyone should have an insurance with them in the long run because something inevitable may happen to anyone of us and we don't know it, we can't 100% guaranteed that the next day we will be as healthy as we are today, but if we got the money to soothe the sharing pain of your love ones, then it will not be a problem to us, but what if we got nothing? From my experience that i have gone through life and death, what i sees insurance is very enormous because if i bought it before i was in the incident, then my parents burden won't be that much compare to today. And thank god, i am still alive sitting down here. Cheers.

This post has been edited by QuickSilverV3: Aug 25 2012, 01:28 AM
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roystevenung
post Aug 25 2012, 09:07 AM

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QUOTE(QuickSilverV3 @ Aug 25 2012, 01:27 AM)
I am 20 years old, still studying, but planning to take the test to become an insurance agent as part time job, currently doing diploma will be graduating in about ten months time, by doing this i can say that it wont affect my studies because usually when i got home i just sit in front of the computer and play all day long and yet i manage to sustain a reasonable grade in my studies. By substituting my day long habit to this job i would say it is a wise decision for me to make up since myself has spine issues. I do realize the importance of having an insurance because i didn't have it when the time i was admitted in the hospital in critical condition. About 200k spent on the whole process of treatment, surgery, hospitalization and more. By the time my parents was about to retire but they got no choice but to spend on the expenses incurred. I feel sad to delay their retirement, just because of my unfortunate situation, they are now still working on behalf of me. Since i had suffered from this agonizing pain, i feels that everyone should have an insurance with them in the long run because something inevitable may happen to anyone of us and we don't know it, we can't 100% guaranteed that the next day we will be as healthy as we are today, but if we got the money to soothe the sharing pain of your love ones, then it will not be a problem to us, but what if we got nothing? From my experience that i have gone through life and death, what i sees insurance is very enormous because if i bought it before i was in the incident, then my parents burden won't be that much compare to today. And thank god, i am still alive sitting down here. Cheers.
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Thanks for a heart warming sharing QuickSilverV3. May I have your permission to put your story up on my blog?
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QuickSilverV3
post Aug 25 2012, 10:04 AM

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QUOTE(roystevenung @ Aug 25 2012, 09:07 AM)
Thanks for a heart warming sharing QuickSilverV3. May I have your permission to put your story up on my blog?
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Yes, go ahead. smile.gif
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roystevenung
post Aug 25 2012, 10:13 AM

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QUOTE(QuickSilverV3 @ Aug 25 2012, 10:04 AM)
Yes, go ahead.  smile.gif
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Thank you my friend, it has been posted to my blog.
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helpooo
post Aug 25 2012, 11:27 AM

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Do insurance agent receice a list of potential customer from superior. Or must become like all the typical insurance agent go and promote to everyone they know or even stranger. And and hated by most of his/her friend?
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roystevenung
post Aug 25 2012, 11:38 AM

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QUOTE(helpooo @ Aug 25 2012, 11:27 AM)
Do insurance agent receice a list of potential customer from superior. Or must become like all the typical insurance agent go and promote to everyone they know or even stranger. And and hated by most of his/her friend?
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1. How many friends/family do you have? 100? 200? 300? 400? What happens after this ran out? Close shop?

2. Will all of them buy from you because you're their friends/relative --> No

3. Will our friends hate us because we are insurance agents? --> It depends on whether you're there to help them or whether you're there just for the business. If help them, no, if promo only, most probably YES. Understanding their needs and just let them know you're in this business.

When they are ready and if you keep in contact with them on a regular basis not for insurance ... i'm sure they will buy from you. Trust is something you need to earn...

Cold calling is a must if you want to stay long in this business.

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babyphie
post Sep 21 2012, 11:59 PM

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i need advice from any prudential agent sifu...

tis mayb a bit out of topic...

come across sumbody recommend to work at prudential office as executive

no selling ... most on paper works...

so roughly how much an executive earn?

tq in advance...
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roystevenung
post Sep 22 2012, 09:49 AM

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QUOTE(babyphie @ Sep 21 2012, 11:59 PM)
i need advice from any prudential agent sifu...

tis mayb a bit out of topic...

come across sumbody recommend to work at prudential office as executive

no selling ... most on paper works...

so roughly how much an executive earn?

tq in advance...
*
Just pretty much a desk job executive unless you advances yourself to management level. However, I do know some desk job executives who refer people to agents, to earn extra as at times, there are walk in customers who wanted to buy but don't of any agent.
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babyphie
post Sep 22 2012, 11:01 AM

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tq for ur info...
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roystevenung
post Sep 22 2012, 11:39 AM

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QUOTE(babyphie @ Sep 22 2012, 11:01 AM)
tq for ur info...
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No problem, and I could be that agent should you decide to join Prudential :-)
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tetsu
post Sep 22 2012, 05:52 PM

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Insurance awareness is still low in Malaysia because most people unaware about general insurance(besides motor insurance) and what it covers. Hence, they only associate life insurance with insurance. You can also sign up as a general insurance agent with general insurance companies like, Allianz General, MSIG, Lonpac and etc.

As very few people study insurance at university, there is a shortage of experienced staff in the general insurance industry despite all the recent M & A activities. Quite a few people I know were headhunted and offered jobs in Singapore too.

Because of a few bad apples and lack of regulation previously, most people perceive life insurance agents in a negative manner, and it is not easy to be a life insurance agent without the right contacts and sales skills.

In my opinion, its easier to sell general insurance(like motor/ foreign worker/ fire insurance) because it is required by authorities/banks. Hence, most banks and vehicle dealers are now agents for general insurance companies to earn additional income, and the commission rate range from 10-25% annually.





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glenelg
post Nov 4 2012, 11:50 PM

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just my opinion. i was in the insurance industry for 7 yrs. not agent/ business development or sales or by anyother name called, but same function.
i was more on the "back-end". as someone mentioned earlier, there's actually a big group of us behind the scene that keeps the company running. claims, underwriters, finance, and of course the usual audit, sec, legal etc. i dared say that we form an even bigger group than the sales ppl.
i'll try to bring this topic back to building a career in the insurance industry rather than selling of insurance. insurance companies earns a living not only by selling policies to the public. incomes generated from policies or investment from shareholders are also used for other investments such as re-insurance, shares, bonds, etc. an insurance company is a company regulated by Bank Negara Malaysia, hence, it won't go bust overnight. there'll be tell tale sign.
there are also many types of general insurance, such as fire, marine, PA/H&S, engineering etc, which leads to specialisation of underwriters. underwriters are mostly deskjobs. biz development ppl will bring in a case and underwriters will determine the risk/reward for the company to undertake each case. when something bad actually happens, surveyors will be send to the scene to assess the damage. for those of u who like to run around, go out station on short notice (like tell u in the morning, by afternoon, u'll need to be in alor star or something like that), this is a part good for you. surveyors will curn out reports used by claims to assess how much to actually pay out. and finance finally will release payment.

the public's perception of insurance are usually marred by the life insurance agents who are much more agressive, maybe be cause commission / tariff is much lower? i stand corrected.

for independent agents i know who specialises in fire, marine, engineering etc they do earn a pretty decent living. the premium for ONE fire policy for say a large scale factory or a block of condominium (u know the type that our condo management buys on our behalf every year), can easily be RM1million. i'm not sure how much commission or in BNM's words "tariff", but 1% is good enough for me.

and then there is the re-insurance industry (a different kind of specialisation), and also brokers (let's not forget them).... hmm... what else? any helpers? smile.gif
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silverwave
post Dec 27 2012, 04:11 PM

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QUOTE(roystevenung @ Aug 25 2012, 11:38 AM)
1. How many friends/family do you have? 100? 200? 300? 400? What happens after this ran out? Close shop?

2. Will all of them buy from you because you're their friends/relative --> No

3. Will our friends hate us because we are insurance agents? --> It depends on whether you're there to help them or whether you're there just for the business. If help them, no, if promo only, most probably YES. Understanding their needs and just let them know you're in this business.

When they are ready and if you keep in contact with them on a regular basis not for insurance ... i'm sure they will buy from you. Trust is something you need to earn...

Cold calling is a must if you want to stay long in this business.
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I must agree on the bolded part.

I have friends who are just interested to sell only. The first thing that comes out from their mouth will be i'm doing insurance/MLM/selling smtg, let's meet up and talk. Naturally, if someone is not interested, the defense level just increases and we avoid them.



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veryveryuglybetty
post Dec 27 2012, 05:25 PM

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Hye smile.gif
what about working in international insurance co. like Manulife or AIG (as a back-end staff not as agents)?
will it provide good career advancement>?

thanks smile.gif

This post has been edited by veryveryuglybetty: Dec 30 2012, 12:46 AM
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