Avergage Comm. in Final Expense ?

[WinoBlues]

could you kindly post what companys pay on submission?

Just my personal opinion, But that has to be a recipe for charge back hell. And I very rarely have a non take. I was surprised to find out some companies pay at issue and not after the first draft.

 

[Agentguy5]

Hi Friends,

Forgive a Newby for asking a simple question...i'm not even sure there is a definate answer BUT

I'm a brand new licensed agent in Fla. and was trying to get an idea on how much FINAL EXPENSE co's are paying these days. I'm gonna keep my day job and do this PT until i get moving and figure where i fit in.

On average i was hoping for some answer to the following:

1. I WAS HOPING someone would be so kind as to tell me how much avg. comm. are when selling a Final Expense Plan.
2. Aprox. how much do they advance you and when?

...sure do appreciate the input.

thanks!

If with an IMO that has a fixed cost-per-leads deal, you should see anywhere between 70% and 90% contract level... some even less

If you're coming up with your own lead, 100% to 110% is about average... some even more

All insurers advance 6-9 months

I average $62.00 per sale... most sales are around $30-$40 but the $100+ premiums that you get a couple times a month bring the average up... for me...

 

[SportsNut]

could you kindly post what companys pay on submission?

There are more companies that will based on the IMO/Agency relationship... meaning if you approach one IMO/Agency, X company will not pay on submit. Another IMO/Agency who indemnify's that business can get the same X company to pay agents on submit. This may be a recruiting edge. Key word being 'MAY'.

It IS also a prescription for a BIG problem. The list of companies who 'USED TO PAY on SUBMIT' is larger than the ones who will pay on submit now. ForeThought comes to mind... they no longer pay on submit.

There is no reason to get 'pay on submit' business. One can go out and write 'paid on issue business' with lots of companies. This means that prior to the clients bank acct being drafted and the policy beiing paid for, the company will advance once there is approval of the policy and they have verified the bank acct info. i.e. Wrote one on Thurs, approved on Friday, paid on Monday; draft date is nearly 3 weeks away. I don't need pymt on isse but this is just how it works, all at no cost to me for advance. Others are paid as earned by choice.