Hello Cynthia. I'm new to FFL as well. I spent 24 years in state government so this is my new 2nd career. I'm newly licensed (now 3 months) and of course never worked in the insurance biz before. I see many of the responses and at least in my opinion are from people who never worked for FFL before, are overly negative, and/or are not high producers themselves. Speaking from my own experience, FFL has delivered on everything they said when I first joined them. I started at 100% comp and after submitting close to $20,000 annual premium my first month was promoted to 110% comp. The last two months I have submitted just shy of $20,000 of annual premium each month so at least I'm maintaining a consistent production level. Now how much am I actually getting paid??? Well, the last 3 month average I'm pocketing about $13,000 a month with approximately $4000-$5000 due to me in months 10, 11, and 12 (three equal payments). This is all new to me but the carriers advance you 75% of the annual premium sold, at whatever comp level your contracted with them. The remaining 25% of what they owe you comes in three payments in months 10, 11, and 12. It was explained to me the reason this is the way it is structured is in case the client cancels or the policy otherwise lapses before the year is up. In that case the carriers do take their money back (called charge back) for the months remaining that the client did not pay for. I have not had one yet. As for leads, yes, FFL does advise to purchase as many fresh leads as you are able to afford so that you have a regular fresh stream of prospects, but you don't have to. From what I hear other insurance agencies make you give a list of your family and friends with the expectation you (or other agents from that agency) try to sell them a policy. Don't know if this is true but FFL does not ask for any such type of lists. I do spend approximately $1000 to $1200 a month on leads, but the return is more than exceptional. Just FYI I started with just $375 as my first lead purchases and after the return on that first expense reinvested on more leads and it just took off from there. Again, this is just my own experience. From my own interactions and observations, others are doing way better than me, and others are no doing as well. When it comes down to it, you are a "1099" self-employed business person, and like any person that is self-employed, your success is directly correlated to the time, effort, and commitment you give your business. I'm sure there are other great insurance companies out there but for someone who does not know anything different I am totally convinced I'm where I should be.
Well, you just don't know what you don't know! Give it time, you'll figure it out.
