Home-based life insurance adviser

The insurers pay you commission when a client takes out a policy. Clients are usually families, new parents, home buyers, self-employed people and small business owners.

Upfront and ongoing commission on policies you arrange. Income builds slowly as your client book grows, and commission can be clawed back if a client cancels early.

• Explaining complex products in plain language
• Sensitive, trustworthy conversations
• Organised follow-up and record keeping
• Willingness to study and meet compliance requirements

• You generally need an AFSL or authorisation under someone else's licence before giving personal advice, so check with ASIC
• Education, training and registration requirements for advisers, plus ongoing training, may apply, so verify what applies to life risk advice
• Rules on how much commission can be paid and on clawbacks, so check the current life insurance commission rules
• Professional indemnity insurance, which is often arranged through your licensee, so confirm what is covered
• Slow early income while you build a client base, so plan living costs for the first months
• Privacy and record-keeping duties when handling clients' health and financial information

Estimates suggest startup costs typically sit around $3,000 to $12,000, depending on your set-up, study and what your licensee arranges. Income can be slow early on, so plan living costs for the first months.

Monthly revenue is typically estimated at around $1,500 to $7,500, depending on how many clients you build and the policies they take out. Commission rules and clawbacks can affect what you keep.

Check with ASIC, as you generally need an AFSL or authorisation under someone else's licence before giving personal advice. Also check education, training and registration requirements, current commission rules, and professional indemnity cover through your licensee.