How does commission & residual income work?

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PostPosted: Tue May 22, 2012 1:53 am   Post subject:   

It can be. But your friend does not sell "Medicare" -- he is either selling Medicare Supplement or Medicare Advantage plans to seniors. Few agents get to $300,000 in income. Have him show you his check stubs to prove it. If he won't, it's because he doesn't make what he claims. If he says he can't -- for whatever reason -- then you know for sure he doesn't make the kind of money he's talking about.



I have several personal friends who make that kind of money, and more, and who would show you their checks without batting an eyelash. Much of their income is not from personal production, however, but from commission "overrides" on the production of other agents in their agencies.



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MaxHerr
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PostPosted: Thu Mar 12, 2015 1:04 am   Post subject: looking  

i am looking accepting a job as an agent. here is the offer...hw will pay for classes, i will receive $1000 per month plus 90%commission the first 2years. then down to 70% He is givingbme the last agents book which is built up over 6 years


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PostPosted: Thu Mar 12, 2015 5:46 am   Post subject:   

Quote:
i will receive $1000 per month plus 90% commission
. Do you have any of this in writing? Because an arrangement like this is highly unusual in our business.



90% of what? You get 90% and the agency gets the other 35% on a cash value life policy, or you get 90% of the 125% and the agency gets the other 10%? I would want to see this spelled out on a piece of paper I could take to court as evidence of a breach of contract when things didn't turn out that way.



Additionally, there are virtually no residuals for life insurance business. You get a first year commission, and maybe a little something in the second year. But that's it. Always have to be writing new business.



Auto and homeowner's is different. Commissions are 15-20% of annual premium. So 90% of 15% of $1000 would be $135.



You need to ask more questions about the compensation. If there is a salary, then there is some sort of quota attached to that, because no one is giving a new, inexperienced agent a book of business and $1,000 per month plus commissions without some sort of target -- x dollars of new business per month. Are they going to give you sales training, or are you on your own, and calling your friends and relatives to drum up new business, or cold-calling people out of the phone book? What are you going to sell to the existing "book of business" that they don't already have? Or are you going to churn them out of their existing products and put them into new ones just to make a commission?



Makes very little sense to me.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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MaxHerr
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