Commissions?

Dec 7, 2015

  1. collura
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    collura New Member

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    I want to preface this post by letting the community know that I own a funeral home and we have been in business for 40 years. I wish more people had insurance to cover final expenses in some capacity. I used to sell final expense policies through a fraternal society but I felt the underwriting was very strict and I was capped in the amount I could write. That was then and this is now.

    I've been reading up and I've decided to take my state test after I spend the next several weeks studying material. Hopefully I will be licensed in the state of Pennsylvania to sell life insurance. I am already taking time away from my wife and my family to study and I plan on taking time away from my wife and my family to work leads and meet with potential clients and learn my craft as best as I can. That being said I would like to know how to achieve the best commission structure to give me the best return on my investment time?!

    It would be a very easy sell for me if I just focused on burial insurance and final expense insurance. I already have cultivated a list of warm leads for people that come into our firm asking about planning and prepaying but I don't have any vehicle to place them in. I'm aware that the results are direct parallel to the work you put in but in general terms are the commissions better in five to $10,000 final expense insurance or term/whole life ?!
     
    collura, Dec 7, 2015
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  2. TxJohnny
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    TxJohnny Super Genius

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    Are you not already doing pre-need policies?
     
  3. collura
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    collura New Member

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    We are not. Primarily because our staff limits our focus to strictly at-need calls. We don't have the man power to dedicate to pre needs.

    If a family or person casually mentions they want to plan and are questioning what can be done, we direct them to a bank (irrevocable trust accounts) or to seek life insurance. We don't have an in house product we can roll them into.
     
    collura, Dec 7, 2015
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  4. The Gimp
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    The Gimp Guru

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    Final Expense commissions will be 110% to 120% of the annual premium. For term you're looking at between 80% and 100%.
     
  5. Foreverfury
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    Foreverfury Expert

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    120%+ final expense, 130% simplified issue term here.
     
  6. WinoBlues
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    WinoBlues Guru

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    OK, Give me three SITerm plans @130%

    Thanks
     
  7. Foreverfury
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    Foreverfury Expert

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    What am I, your secretary? Term Life Express, 130%. Why you mad?
     
  8. WinoBlues
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    WinoBlues Guru

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    :twitchy: Don't get all knotted up sport You are the one doing the recruiting and making offers. If you are giving out 130% with no production for TLE then great. That is a good comp level.

    Now make a fresh pot of coffee. Oh and I dropped my pen can you bend over and pick that up for me, Hun?:twitchy:
     
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