Fair Commission

[Frank Stastny]

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?

You are going to have to become independent and go with someone who isn't going to try to screw you.

 

[Getzer928]

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

Im not to sure, I appoint with them but i have to put my agency on the app. If and when I leave the agency, will i lose the renewals?
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You are going to have to become independent and go with someone who isn't going to try to screw you.

Sounds like a great idea, know anyone in north carolina?

 

[Lifeman09]

Im not to sure, I appoint with them but i have to put my agency on the app. If and when I leave the agency, will i lose the renewals?
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Sounds like a great idea, know anyone in north carolina?

no the renewals are set to stop after so many years but you should still get those unless you had signed something with your agency which you said you didnt. So in theory you should be able to get contracted on your own now with out having to leave the agency, Ill double check with my lady that does contracting and I can let you know exactly how that breaks down. Thats why we keep her around.. so I dont have to think as much lol

 

[Frank Stastny]

Im not to sure, I appoint with them but i have to put my agency on the app. If and when I leave the agency, will i lose the renewals?
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Sounds like a great idea, know anyone in north carolina?

If you are not the "agent of record" it is very doubtful that when you leave you will get anything at all. That is SOP for most agencies.

I am licensed in NC and Med Supps are the same nation wide with only a very few exceptions. NC is not one of them.

 

[Getzer928]

If you are not the "agent of record" it is very doubtful that when you leave you will get anything at all. That is SOP for most agencies.

I am licensed in NC and Med Supps are the same nation wide with only a very few exceptions. NC is not one of them.

I think I am the agent on record. I have the writing numbers, i put my name and social on the apps and when they have questions they call me, they mail me the issued policy etc.... So I think I AM the "agent on record", if not, ill definitly have to go elsewhere
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no the renewals are set to stop after so many years but you should still get those unless you had signed something with your agency which you said you didnt. So in theory you should be able to get contracted on your own now with out having to leave the agency, Ill double check with my lady that does contracting and I can let you know exactly how that breaks down. Thats why we keep her around.. so I dont have to think as much lol

Yea, I like those kinds of ladies. The ones that dont make me think too often.

 

[Frank Stastny]

I think I am the agent on record. I have the writing numbers, i put my name and social on the apps and when they have questions they call me, they mail me the issued policy etc.... So I think I AM the "agent on record", if not, ill definitly have to go elsewhere

The "acid" test is who do you receive your commission and renewal checks from? If they are mailed to you directly from the insurance company, as in come to your home address then you are the AOR.

If you are paid by a check written by the agency then you are not. That means that you have assigned your commissions to the agency.

When you walk out the door, more than likely you will never again see a penny from the agency.

 

[Lifeman09]

Frank is correct but what will be nice is since you didnt sign a non compete with the agency then you can move your book of business with you if they will go. The whole basis being that the clients trust the agent not so much the product. So if you and get appointed on your own then you will generate those new commissions for yourself if you can get them to switch products amd of course if the product is actually better for them. for final expense anyways. With med supp especially for mutual youd have to move your contract I think in order to get a higher commission but im not sure how that applies to downlines. If it works like it does with regular agents then you have to wait either 6 or 12 months without writing any business before they will let you switch or get a commission increase

 

[jody108]

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)

After reading several of your post, it's obvious you aren't quite happy with your situation.

Can you tell me this (sorry if you already have)...

Are they giving you good leads?

If so, you have a good deal and don't mess with it.

If you are paying for your leads, then you have a less than perfect deal and you might as well go out there and buy them somewhere else and get paid the commissions you deserve.

These are the commissions you should be at if you were independent.

MOO 17% (give or take)
Loyal American 22% (or so)
Final Expense 110% (or so)

(You should look at your renewals too... most med sups pay you first year commissions for six years or so).

Training is relative.

All these products are easy to understand and easy to sell.

You just have to have the prospects to sell them to.

So, it comes down to the leads.

Are they giving them to you?

Or are you having to cold call or buy leads yourself?

If so, then why take the cut in commission?

Unless you need to be babysat? Which is often the case...

With FE or Med supps you just need a few companies, know their products, understand the "Sales Cycle" and just get in front of people and present, present, present.

If you do this, you will sell and you will succeed.