MrProducer
Super Genius
- 240
Ok....110% Foresters....better? Jeez, it's just a sample illustration. And my final expense policy sales DO average that. Sorry to hear yours don't.
First Year Producer Salary?
- Thread starter srdrgz11
- Start date
- 586
You average an 18% charge back ratio and your sorry I don't?
What?Maybe don't push such big policies on the clients and you could have a 10% or less charge back ratio.
MrProducer
Super Genius
- 240
Actually, I haven't had a charge back in over a year. However, reading a lot of these threads, it appears that some people on here do.
If I had used 5% charge back in my EXAMPLE, you would have said "But, but, but, but.....they're going to have MORE than 5% charge back!"
And if you READ what I initially wrote, you would see that nowhere did I say this was MY actual charge back percentage.
So, to make you happy, I will use an actual production amount from one of my agent's first year sales.....
This guy worked 40-50 hours a week COLD CALLING (knocking on doors...period.)
He sold a total of 76 policies in his first 12 months.
Total annual premium (mixture of term, whole and FE) = approx. $85,300.
He had 4 charge backs in that same period of time, which accounted for approximately $5,500 annual premium.
His net annual premium = $79,800
Do the math.
As for me, I focus on strictly 65+ age group.
Run a $25,000 whole life quote for a 65 yr old male NonSMK, standard issue (let's take Foresters rate quote). That comes to $145.34/month (PlanRight W/L product).
Now, let's say he only wanted $15,000. It's still $88.46/month.
What if he was 70 yrs old?..... $15K = $112.49/mth......$25K = $184.71/mth.
So why would you sound shocked that my FE premiums average $100/mth, when my target market is seniors age 65+ (many of whom have NO life insurance, thus the need for more than just to cover the funeral expenses).
I'm just sayin. Don't judge me if you don't know me. Grow up.
If I had used 5% charge back in my EXAMPLE, you would have said "But, but, but, but.....they're going to have MORE than 5% charge back!"
And if you READ what I initially wrote, you would see that nowhere did I say this was MY actual charge back percentage.
So, to make you happy, I will use an actual production amount from one of my agent's first year sales.....
This guy worked 40-50 hours a week COLD CALLING (knocking on doors...period.)
He sold a total of 76 policies in his first 12 months.
Total annual premium (mixture of term, whole and FE) = approx. $85,300.
He had 4 charge backs in that same period of time, which accounted for approximately $5,500 annual premium.
His net annual premium = $79,800
Do the math.
As for me, I focus on strictly 65+ age group.
Run a $25,000 whole life quote for a 65 yr old male NonSMK, standard issue (let's take Foresters rate quote). That comes to $145.34/month (PlanRight W/L product).
Now, let's say he only wanted $15,000. It's still $88.46/month.
What if he was 70 yrs old?..... $15K = $112.49/mth......$25K = $184.71/mth.
So why would you sound shocked that my FE premiums average $100/mth, when my target market is seniors age 65+ (many of whom have NO life insurance, thus the need for more than just to cover the funeral expenses).
I'm just sayin. Don't judge me if you don't know me. Grow up.
G
Guest
Guest
WOW, glad you guys read the entire thread, the OP says they work for ALLSTATE, since when does ALLSTATE sell final expense or Forresters????
My question for the OP is you are making $1700 for the first 5 months? What about commissions now, not in 5 months?
This agent is screwing you,
My question for the OP is you are making $1700 for the first 5 months? What about commissions now, not in 5 months?
This agent is screwing you,
- 586
Go stop in at an all state. They sell life insurance. In fact they even have whole life.
I will admit to contributing to derailing this thread though. My bad.
MrProducer
Super Genius
- 240
I will admit to contributing to derailing this thread though. My bad.[/QUOTE]
My bad, too.... but I feel better now.....LOL
My bad, too.... but I feel better now.....LOL
G
Guest
Guest
you both should be banned for 30 days....LMAO
- 882
Todd02,
I agree with you. Been there, done that too
Sounds like you're doing a good job.
RBA, I agree, P&C is not FE. But I also disagree that $1700 is too little. That is almost $10/hour. Producer is just learning the job. Most never get comfortable selling life. There is a HUGE valley between someone that is an employee & those of us that are self-employed.
Allstate learned that when they changed from the "booth agent" in the Sears store & put them in offices. They Really learned it with the agent revolt when they made them self-employed vs. employed agents. Most people are not cut out to be self employed, that is a fact. They are good "technicians" but not good businessmen/women.
But, that is another discussion:(
IMO, nothing wrong with $10/hour while one learns the business. My concern if 20/ month is the goal. If that is by cold-calling then he's paying you too little. If by X-selling his book, working internet leads....different IMO.
I agree with you. Been there, done that too
Sounds like you're doing a good job.
RBA, I agree, P&C is not FE. But I also disagree that $1700 is too little. That is almost $10/hour. Producer is just learning the job. Most never get comfortable selling life. There is a HUGE valley between someone that is an employee & those of us that are self-employed.
Allstate learned that when they changed from the "booth agent" in the Sears store & put them in offices. They Really learned it with the agent revolt when they made them self-employed vs. employed agents. Most people are not cut out to be self employed, that is a fact. They are good "technicians" but not good businessmen/women.
But, that is another discussion:(
IMO, nothing wrong with $10/hour while one learns the business. My concern if 20/ month is the goal. If that is by cold-calling then he's paying you too little. If by X-selling his book, working internet leads....different IMO.
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