I'm new to insurance. Educated in Finance and have been working in EMS. I've been offered a farm bureau job am reluctant to take it. I kind of want to just keep my full time job and drudge through superior access with my own natural market. FB location would be 15 miles from my hometown of 2,000 as theirs a new agent in our town. Neighboring city is probably 10,000+.
Basically they are paying on a ghost policy renewal. You have to sell (and keep_ at least 4 P&C Households with $8,000 annual premium each month. If you can do that the commissions start at $4,351.00 the first month and evenly escalate up to $5,511.00 in the 12th month. Rates go from 9.5% on up to 13% if you sell the 4 policies monthly. They hit 14% if you can do 5 policies monthly.
The kicker: By the end of month 6, you need $7,000 in life production. You have to hit $21,000 in life production by the end of month 12. It continues to escalate in a linear fashion up to $34,500 required production after 5 years.
Is this a realistic formula for success for a new agent with no experience?
Basically they are paying on a ghost policy renewal. You have to sell (and keep_ at least 4 P&C Households with $8,000 annual premium each month. If you can do that the commissions start at $4,351.00 the first month and evenly escalate up to $5,511.00 in the 12th month. Rates go from 9.5% on up to 13% if you sell the 4 policies monthly. They hit 14% if you can do 5 policies monthly.
The kicker: By the end of month 6, you need $7,000 in life production. You have to hit $21,000 in life production by the end of month 12. It continues to escalate in a linear fashion up to $34,500 required production after 5 years.
Is this a realistic formula for success for a new agent with no experience?
