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Salaries soar for life office salespeople

Salaries among life insurance offices’ intermediary salespeople have soared by more than 21 per cent in the past three years.

First line sales managers (or team leaders) and national account managers have had the biggest salary rises of 46 per cent and 61 per cent respectively, according to research by recruitment firm Paul Harper Search & Selection.

The industry appears to be moving away from commission-based remuneration, with basic salaries now making up over half of the sector’s total pay package.

Since 2001, broker consultants have seen their total remuneration increase by 15.9 per cent to 61,200.

First line sales managers have seen similar growth, with total pay and commission up by 15 per cent to 75,000 over the same period. Second line sales managers, who generally cover regions, are now taking home over 100,000 in total, 18 per cent up on three years ago.

Principal consultant Paul Harper says: “In 2001, 52.4 per cent of the average broker consultant’s total remuneration was achieved through bon-uses. In 2004, bonuses now equate to just 49.6 per cent.”

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