1035 Commission Mass or Other

[Deepsea]

Sold a UL today.
1035 exchange of about 25k.
The premium is about 4k

I know what my commission will be on the 4k of premium, but what about the 25k transfer.

Anyone know. 2%, 3% ?

Thanks

 

[anonymous1]

Look at your commission schedule for excess premium it will tell you

 

[Deepsea]

Didn't see it on a comp schedule I was given.

I guess I will ask next time in office

 

[Larry Tew]

It's probably on the schedule, but if not it will be close or the same as the renewal commission percentage.

 

[WinoBlues]

Sold a UL today.
1035 exchange of about 25k.
The premium is about 4k

I know what my commission will be on the 4k of premium, but what about the 25k transfer.

Anyone know. 2%, 3% ?

Thanks

What company?
What commission level are you at?

Can be as little as Zero or as high as first year comp up to target if it is a rolling target and you did not reach target the first year.

 

[Deepsea]

I saw it on the comp schedule it's 3% every year so that I guess if it was based on 25,000 then the commission every year on that part would be $750.

Since I am a new agent on financing....would I get my financing bonus on the $750 ?

 

[WinoBlues]

I saw it on the comp schedule it's 3% every year so that I guess if it was based on 25,000 then the commission every year on that part would be $750.

Since I am a new agent on financing....would I get my financing bonus on the $750 ?

Not exactly sure what you are asking. If you mean advance, You will probably be paid the advance when the policy is issued/paid then get the rest of the annual when the 1035 comes in. Then on your as earned statement you will get 3% Xs $25k (minus the $4,000) one time. probably get the 3% of the monthly premium the first year if paid monthly.

If you renewals are also 3% you will get $4,000 Xs 3% per year.