Fair Commission

[Getzer928]

I would like to know what the standard commission rate is for someone in my position. I am an "independent" agent, but "captive" to my agency and how they run things. I want to be able to approach them soon and ask for a fair commission because right now I think I am getting ripped. I am most interested in Med Supp and Life.

Right now Med Supp:

MOO = 13%

Loyal American = 16%

Final Expense = 60%


I think I touched base with this topic two weeks ago but I am now looking to take some action, if necessary, for a fair commission. This forum is both knowledgeable and objective (I think)

 

[Newby]

You are captive not independent. Those levels are probably fine if you are being provided a phone, desk, cards, leads, office support and any level of training.
On the other hand if you work from home and need nothing from anyone those commissions are way low.

 

[Mark]

I am an "independent" agent, but "captive" to my agency and how they run things.

YOu can't be both! Either you are free to go with other companies and do what you want, or you are not...and I bet you are not free or you would drop those low commissions and do you own thing.

It really all depends on what they do to help you and offer you. You might have a good deal and don't know it.

 

[Frank Stastny]

Getting "ripped" is subjective. If you need structure, motivation, and a work environment with someone "watching over you" then you may have a good deal. Since you are on here asking the questions my guess is that you probably do not need any of the above.

The commissions you are getting are on the low side. As an truly independent agent you would be getting a much higher percent of commission especially in FE.

You can ask for more commission but it is doubtful that you will get it. I believe you will have to get away from them and be independent, that is really where higher commissions and greater income potential is.

 

[Getzer928]

Hey thanks for the thoughts guys, this is generally where I was thinking as well. I like being there now, but wish the training and leads were better. Until I know my stuff and am financially stable, I will be with them.
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YOu can't be both! Either you are free to go with other companies and do what you want, or you are not...and I bet you are not free or you would drop those low commissions and do you own thing.

It really all depends on what they do to help you and offer you. You might have a good deal and don't know it.

Right, Im not captive, but I feel like it sometimes. I do see the benefit of having the agencies help though. Like many have posted elsewhere...its a great place to start.

 

[Lifeman09]

Hey thanks for the thoughts guys, this is generally where I was thinking as well. I like being there now, but wish the training and leads were better. Until I know my stuff and am financially stable, I will be with them.
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Right, Im not captive, but I feel like it sometimes. I do see the benefit of having the agencies help though. Like many have posted elsewhere...its a great place to start.

You should be getting at the very lest 17% for you MOO med sup and 100%+ for Final Expense unless you are a downline agent then what you are getting is about right.

 

[Getzer928]

You should be getting at the very lest 17% for you MOO med sup and 100%+ for Final Expense unless you are a downline agent then what you are getting is about right.

well I think I am a downline agent then. how do I get that 17% with moo and 100%+ for FE and what do I lose?

 

[Lifeman09]

well I think I am a downline agent then. how do I get that 17% with moo and 100%+ for FE and what do I lose?

well I guess the big question is did you have to sign some kind of non compete with the agency you are with? Or do you have the freedom to get contracted with a company on your own? usually the way it will work is that the GA would be the owner of the agency and they would get the over 100% commission and you would get 60% of that would go to you and in exchange you get leads, office space and equipment ect.. ect...

 

[Getzer928]

well I guess the big question did you have to sign some kind of non compete with the agency you are with? Or do you have the freedom to get contracted with company on your own? usually the way it will work is that the GA would be the owner of the agency and they would get the over 100% commission and you would get 60% of that would go to you and in exchange you get leads, office space and equipment ect.. ect...

I did not sign a non-compete. I do get office space and some training. The leads are just numbers though. (salesgenie)

 

[Lifeman09]

I did not sign a non-compete. I do get office space and some training. The leads are just numbers though. (salesgenie)

and the companies you write for do they come through your agency? or did you have to get appointed with them yourself?