1. Who is a Life Insurance Agent?
Life insurance agents are authorised experts who sell insurance policies on behalf of insurance companies. They may work independently and sell insurances from a wide range of companies. A life insurance agent is a person who is an expert in finding clients and meeting all their monetary requirements that may vastly range from income protection for the loved ones in case of an untimely death, hassle-free asset transfer from an estate after death to saving for retirement in the best possible tax-efficient manner. The life insurance agents must have some experience in the financial planning realm and understand all the income requirements for their client’s families, such as after the demise of the person who holds life insurance. Individuals might be estate planners, trust advisers and even investment specialists. Each insurance agent strives to provide the best possible advice to their clients and provide them with complete information about which life insurance they should buy. A life insurance agent should not sell just any insurance products or policy to their client. They should be more of a consultant or an advisor interested in learning about the requirement of their client’s history and lifestyle to assess which policy fits them appropriately.
2. What does a Life Insurance Agent do?
Duties of the life insurance agent are diverse. They have the most important job of helping people prepare for the most unexpected circumstances. The primary responsibility includes assisting people for their future and dealing with the most unexpected events. Some of their other duties also include- Marketing life insurance schemes and annuities to clients Work with clients and beneficiaries to process insurance claims Undoubtedly, being a life insurance agent and selling policies requires an individual to be passionate about marketing. A day in the life of a life insurance agent can be diverse. That may involve actively pursuing potential clients over a phone or other media like Gmail or social media. They may choose to prepare a presentation for their clients to understand better and may even meet them personally to explain the long-term goals and coverage options. Generally, life insurance involves a lot of paperwork because it includes some of the most crucial tasks, like processing changes in beneficiary and policy loan applications, updating records, etc. An insurance agent should also compare the rates of other policies in front of their clients so that they can pick up the best policy based on their requirements. There are two different routes for a life insurance agent to get employed- one can become a captive agent and sell policies for a single company or remain an independent agent who can sell policies for any company. Whether they are working for a company or individually, it is essential to recommend the best products to their clients and provide all the intermediary services to establish a long-term relationship with their clients.
3. What are the benefits of becoming a Life Insurance Agent?
A life insurance agent may feel personally satisfied in protecting their client’s wellbeing and security through insurance sales. Generally, life insurance aims to secure families from financial hardship when a person expires suddenly. In addition to job satisfaction, insurance sales offer several other benefits that include easy entry, a chance to earn a considerable amount and the opportunity to choose their work environment. Listed below are a few notable benefits of becoming a life insurance agent- Start earning quickly- One of the best advantages of being a life insurance agent is the requirement of nominal educational qualification. Most of the entry-level positions require only a high school diploma to receive a state-license. However, licensing requires you to take some approved courses and pass specific exams based on insurance and relevant state laws. Choose your environment- Another best part about being a life insurance agent is the freedom to choose a working environment. However, you may choose to work from one insurance carrier for an agency that sells policies from various companies, or you may also remain as a self-employed individual and work with flexible working hours and holidays. Earning potential- A career as a life insurance agent is quite profitable. It allows you to match your earnings to your sales ability because the agents, apart from their basic salary, also receive commissions. Therefore, the better the superior sales skill, the higher will be their commissions. Moreover, if the agents keep themselves updated and earn related degrees, their chances to increase profits will improve. Stability and advancement- Job stability is a crucial factor that needs to be considered in any career. However, the good news is that as a career in life insurance; the agents enjoy job stability and other favourable prospects. For instance, the Indian population keeps rising, which will increase the demand for health and life insurance.
4. What are the benefits offered at Payworld?
Payworld provides several services and benefits to all their life insurance agents, and these services offered makes us stand out of all the other possible options. Listed are some top services offered by Payworld- Lowest possible premiums Instantly crediting their part of the commission Initiate an utterly paperless process No medical check-up in health insurance Self-inspection for vehicle insurance
5. How does the Payworld Commission Structure work for Life Insurance Agents?
Payworld provides the best business opportunity so that anyone can earn money with meagre investments. Any customer who has registered to Payworld can initiate a transaction by visiting any Payworld retail touchpoints in cash return. Therefore with Payworld, you can now start your own business with as low as a thousand rupees only as we solely believe in investing less and earning more. However, creating an online business may seem hassle-free and comfortable, yet it involves several challenges and taking some crucial decisions at the right time. It might seem hard to believe, but there are more hurdles to entry into the online market then a traditional business. Payworld is one such option that will help you to start your business and require nothing more than a smartphone or computer with internet connectivity. The excellent news is that agents can work in a flexible working environment with no fixed working hours, holidays, and they can work at their convenience from any location. With Payworld, when a customer avails any service from a retailer, they earn a significant amount of money as their profit. The excellent news is Payworld offers a specific commission structure for all its services. According to the company, if a client purchases life insurance of Rupees 100, then Payworld will offer their agents 10-20 per cent of commission on each life insurance. Therefore each agent gets an opportunity to earn Rs. 10 to Rs. 20 per transaction, so higher the number of transactions, more significant commission will be earned.
6. Tell me more about Payworld India.
Payworld is a Fintech corporation that commenced its business operations in the year 2006. It is a business company that provides financial aid to the Semi-Urban inhabitants of India. It handles a wide area of a network, comprising 2,50,000 retailers across 630 districts in India. On average, it performs day-to-day business transactions of 2,00,000 and above. Payworld is a very vibrant source of business that provides diversity in its operations and also services that include Money Remittances, AEPS, BPPS, Bill Payments, Mobile Recharges, DTH REcharges, and more. The services further extend to a significantly greater level that includes the headings of Mutual Funds, Insurances, Loans, and so on. It facilitates the objective of providing financial inclusion and assistance to the individuals. We would like to show our thankfulness and acknowledgement to our Governing administration for involving the BC Agents in our company. These agents have stepped forward to accept the initiative of delivering essential financial services to the Indian citizens in these challenging times. The most impressive factor of Payworld is that it runs through a big network of 50,000+ BC Agents who always assure to supply the financial aid and service to over 25 Million numbers of clients all around India, who will hopefully stay unaffected and untouched in this pandemic. Payworld stands firmly on the ground in terms of aiding as well as educating countless individuals about financial services and operations. We, as a team, would like to make sure that the services provided by our organization will work in the most efficient and efficacious manner throughout this pandemic and will also guide our customers appropriately in these challenging times. We request each and every individual to reside in their homes and lead a safe and healthy life as the lives of our customers are of the utmost importance to us.