Life insurance agents make money through commissions on the products they sell. If Term insurance, these commissions are usually paid for the first year, then sometimes there is a very small residual commission earned annually after that. If the policy is dropped in the first 6-12 months, commissions are often withdrawn back from the agent.
Permanent policies usually have a small recurring commission annually, which is how many life insurance agents are able to supplement Social Security income during retirement.
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Permanent policies usually have a small recurring commission annually, which is how many life insurance agents are able to supplement Social Security income during retirement.