Commission on Specific Scenarios:

[GeorgeSolomon]

If I sell a group with 5 employees at a monthly premium of $1000 what is the standard commission? I work out of Canada and our commission might be a little different. However, I am moving to St. Louis so I would love to know some things before I go back to my home city.

Much appreciated...

 

[tins]

If I sell a group with 5 employees at a monthly premium of $1000 what is the standard commission? I work out of Canada and our commission might be a little different. However, I am moving to St. Louis so I would love to know some things before I go back to my home city.

Much appreciated...

I do not know too much about employee benefits. But I would like to congratulate you on your upcoming move to the greatest city in the history of the world.

Go Cardinals!!!

 

[benefits365]

Depends on the carrier. As usual.

We've written some Aetna and its about $30 pmpm if I remember correctly.

Welcome to Missouri. I'm a native so I feel okay about welcoming you, even though I'm not there anymore...

 

[GeorgeSolomon]

Depends on the carrier. As usual.

We've written some Aetna and its about $30 pmpm if I remember correctly.

Welcome to Missouri. I'm a native so I feel okay about welcoming you, even though I'm not there anymore...

What do you mean by $30 pmpm? To be clear what would be the formula?

Here in Toronto it would be:

1000 (monthly premium) x 12 or 16 depending the term.

=12,000
Average agent would receive %10 of this which would equal $1200 in pocket.

Can you break it down like this for me?

 

[benefits365]

What do you mean by $30 pmpm? To be clear what would be the formula?

Here in Toronto it would be:

1000 (monthly premium) x 12 or 16 depending the term.

=12,000
Average agent would receive %10 of this which would equal $1200 in pocket.

Can you break it down like this for me?

30 dollars per member per month.
Each enrolled member will earn the agent 30 monthly.

 

[ABC]

I would say you are looking $14-$17 per month per policy. Not per member.

 

[benefits365]

I would say you are looking $14-$17 per month per policy. Not per member.

Abc is probably closer to what you would earn than my numbers. And I did misspeak: it is per POLICY. My apology.

 

[GeorgeSolomon]

I would say you are looking $14-$17 per month per policy. Not per member.

So your telling me if i sell a company for $4000 monthly im only going to only make $180? Doesn't seem very lucrative... Please enlighten me !

 

[benefits365]

So your telling me if i sell a company for $4000 monthly im only going to only make $180? Doesn't seem very lucrative... Please enlighten me !

'Murica.

That is all.

 

[Spock]

George,

Most of the answer's provided above relate to USA. Looks like things are different in Canada.

The commission will depend on what you negotiate.

For a small firm - depending on which carrier you have gone with - you can either negotiate a flat commission rate or go with the standard commission.


With small groups - I have seen a flat % anywhere between 10% - 15% OR

something like 14% on the first $10K premiums and 10% thereafter.

The standard commission with Sun Life for small groups is the above.

On $50K of annual premium - your commission will be around $5K - $6K
(Manulife pays 100% upfront - Sun Life will pay 90%) - arrears calculated at renewal.

If you need someone to take care of any of your existing prospects or groups after you have moved to St. Louis - please message me.


Good Luck.