How does commission & residual income work?

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PostPosted: Thu Feb 26, 2009 12:08 am   Post subject: How does commission & residual income work?  

Hi all,

I'm in the process of learning insurance industry, and would like to know how the commission and residual income work for life insurance. I'm ready to jump into this field once I'm clear with commission & residual part. Is there commission/residual income difference for working as independent for broker company and as captive at one particular company? Thank you so much for your help.

uilee
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PostPosted: Thu Feb 26, 2009 10:47 am   Post subject:   

IMO an independent agent or an agent working for a broker firm receives higher commission on sales than their captive counterparts. However, the residual income declines faster for an independent agent than captive agents working for a particular company.


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Groundnut
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PostPosted: Thu Feb 26, 2009 11:16 am   Post subject:   

Quote:
I'm ready to jump into this field once I'm clear with commission & residual part.


ConfusedReally? ConfusedArrow



Razz Hmmmmmmmm, go get your license then we'll talk. Wink



Professional Insurance Agents earn a good living for the time spent.



Selling insurance is simple, but it's not easy.


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PostPosted: Fri Feb 27, 2009 4:52 am   Post subject:   

You get paid when you work. If you don't work, no money, honey.

You can get a salaried position being captive but then you don't get the benefit of making as much money as you want to work for. It's up to you.

Salary for me = job and job= Just-Over-Broke. No thanks, I will work my tush off and keep my commissions. I work 80-90 hours a week sometimes... sometimes more but shhh don't tell anyone because I am not a work-a-holic!



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PostPosted: Fri Feb 27, 2009 8:50 am   Post subject:   

Quote:
Salary for me = job and job= Just-Over-Broke. No thanks


Amen, sister!



What you just described is the ever relentless corporate structure who employ the cradle-to-grave mentality W-2 wage earner indentured servants, AKA, employees.



People think slavery ended with the Civil War, not so, DEBT makes you a slave to your employer/creditor.



Just like AIG is now a slave to the USA Gubment.



GM is now a slave to the USA Gubment.



The banks who are being bailed out are now slaves to the USA Gubment.



Yes, indeed...slavery is alive and well in Amerika, except now it's self imposed slavery because they've been SOLD on the idea that debt is good, buy now... pay dearly later.



And the "Masters" in Washington are loving every minute of this financial fiasco they themselves created.



You can't get out of debt by borrowing money.



Arrow AND...some advice for GM...if you are losing money on each and every car you sell you can't make it up on volume...



DO THE MATH! ShockedShocked


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PostPosted: Fri Feb 27, 2009 9:33 am   Post subject:   

Quote:
Professional Insurance Agents earn a good living for the time spent.


I guess you're pointing to the independent agents over here..am I right!

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PostPosted: Fri Feb 27, 2009 9:52 pm   Post subject:   

I will finish college in a year. I have a brother-in-law thats been in the industry for two years. He's been telling me that he will help me get started. Do you have any advice?


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ben88
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PostPosted: Fri Feb 27, 2009 10:24 pm   Post subject:   

Find out what he means by helping you. Find out what commission he is offering, what type of training, etc... Weigh out your options with others agents/agencies.



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PostPosted: Sat Feb 28, 2009 4:08 am   Post subject:   

Quote:
Find out what he means by helping you. Find out what commission he is offering, what type of training, etc... Weigh out your options with others agents/agencies.
Agreed, further I'm worried about the kind of help he would be able to offer. I think he himself is very new to this field. In two years an agent doesn't even learn about the ways an insurance business occurs. I'd like to echo Gary over here....
Quote:
Selling insurance is simple, but it's not easy.
. Hence, you also need to find out whether or not you're suitable for this career.

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boxfullofrocks
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PostPosted: Fri Jun 25, 2010 10:06 am   Post subject:   

I'm with AmeriPlan. Even though I'm personally not an Insurance Agent, I have a lot of them on my team.



They do really well because they already have prospects coming in and they just have one more service to offer them. I think it really works out great for them since if you are working with someone that will not quailify or simply can not afford the monthly premium you'd then be able to present AmeriPlan.



Being licensed and selling life/health insurance is very profitable...its also very expensive to purchase leads, continuing education, etc. Things that are very hard to maintain if you are just starting out, you don't make a profit initially. AmeriPlan is different considering the monthly maintenance fee and the marketing is very affordable.



AmeriPlan offers daily pay, weekly bonuses, monthly residual income, awesome and easily attainable commission plan, bonus builder overrides etc.



Just thought I would share that for those looking to add a product line to your exisiting portfolio and in turn increasing your income.



Much success to you all!

~TaVona

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PostPosted: Sun Jan 30, 2011 3:53 pm   Post subject: Residual Income  

How long is the residual income paid? Do you still receive it after you leave the job or the profession?


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PostPosted: Tue Mar 08, 2011 11:52 pm   Post subject: new agent  

I am a new to the insurance industry, I am looking into getting my insurance liscense. Any advice for me?


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PostPosted: Thu May 12, 2011 7:50 pm   Post subject:   

Check your state's insurance licensing requirements online.Select the type of license you want: agent, broker, adjuster or commercial.Apply for the license and/or register for the test.



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PostPosted: Fri May 13, 2011 9:42 am   Post subject:   

Quote:
Apply for the license and/or register for the test.




It's not exactly that simple. Many states have prelicensing education requirements that must be satisfied prior to taking the license exam.



See your state's Dept of Insurance website for its licensing requirements and fees.


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PostPosted: Fri May 18, 2012 2:11 am   Post subject: Salary  

I have a friend who sells Medicare and life insurance. He tells me he brings in 300k annually after 3 years in the field. I find this so hard to believe. Is this career that lucrative??


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