I've always had great interest in insurance field and I finally decided to take a step into this field after weeks of consideration.
I did some researches on Google and read lots of posts in insurance agent forums, and gained so much valuable informations. Thanks to you all. However, before I finally make a decision, I need one last question answered that couldn't find anywhere.
I'd like to ask you that if I work as an agent for a broker company that offer Life/health/Annuity/P&C and etc. from multiple carriers, how much commission split should I expect without getting provided any leads? Is there a residual income every year for me as my clients renew their policies or is it for broker to keep? And lastly, what type of policies have residual income?
Thanks for viewing and I'd appreciate your help.
Total Comments: 6
Posted: Thu Feb 26, 2009 02:23 am Post Subject:
you should have residual with life health and p/c. Your gona have a big variation in commission levels.
Posted: Thu Feb 26, 2009 12:28 pm Post Subject:
Your gona have a big variation in commission levels.
Are you suggesting that these commission levels would vary depending on the different carriers? Or is it that they're gonna vary with the nature of insurance (i.e. different for health, P&C etc.)?
Posted: Thu Feb 26, 2009 07:22 pm Post Subject:
I would say depending on the different lines the commissions would be different. You should definately get residual income as well.
Are looking to sell a specific line or all 4?
Posted: Thu Feb 26, 2009 07:54 pm Post Subject:
I would like to start with Life & annuity part first. Is there residual income on every type of life insurance (term, whole, UL)?
Posted: Thu Feb 26, 2009 08:17 pm Post Subject:
yes in most cases you will have residuals on life. mail me at jimsowder at family1stinsurancebrokerage dot com if you want to talk some time.
Posted: Fri Feb 27, 2009 04:08 am Post Subject:
Uilee, life and annuity is certainly a great way to start. I'd agree with lisar that commission would vary with the line of insurance. And, life and annuity line of insurance would attract greater commission than the P&C line. The same would happen with the residual income as well. IMO you're making the right choice by opting the career of the life & annuity agent.