Commissions

[agent4sail]

I'm confused and would appreciate your opinions.

I have been looking at several different carriers intending to offer new products and plans for 2009.

New obligations may require me to relocate, and if I do, I would like to be totally independent. But only, if I can afford to do so.

I heard recently the top comish paid by BX/BS is 10%. Is this true?
What is the spread with the other carriers? I was of the impression the street level contracts were closer to 20%.

I have been considering going on an as earned basis but may not be able too. ( I am currently working with several GA"s that offer nothing!) What type of sales volume is necessary, when being paid 'as earned', to maintain a decent life style?

And, do most carriers pay the comish the month following the premium payment, or do they pay when they get paid?

Do most agents work on an as earned basis or do they get advances?

 

[David C]

Getting paid as earned will be tough unless you've got some cash in the bank.

If you can swing it you'll never regret going as earned.

 

[somarco]

BX in GA pays a level 10% but if you move to another state you may not be paid anything. KP (in GA) pays 11% level but in some states pays a flat per capita fee.

Most of the other carriers employ a high-low comp plan with first year around 20% and renewals in the 5% range.

As earned is great if you can make it. I love taking off a few days at a time and not worrying about making my monthly nut.

 

[Crabcake Johnny]

I love taking off a few days at a time and not worrying about making my monthly nut.

me too....it's called renewals

 

[moonlightandmargaritas]

me too....it's called renewals

Renewals ARE great, but I look at 'em as gravy.

New business pays four times higher comp!

 

[Crabcake Johnny]

....true - but it also results in no financial concerns

 

[lisar1208]

If you dont mind me asking, how long were you selling insurance before you started to receive your renewals and were making a decent living?