Getting Paid

[0b1kanobee]

I usually get asked what my commision is because Dave Ramsey or Suzie told them to ask me. I have been asked a lot of times and I always say the insurance company pays me but they still insist on my commision so I tell them what I think they want to hear because they think they are paying for it anyway. It is just human nature for people to think that and I usually use some humor in there as well when I respond. Then again when I trained for months for this business I was told I would never get asked a lot of the questions I do get asked. I guess the crazies atract the crazies.....

 

[Mark]

I tell them I do it for free since I make all my money dancing at the strip club!

Now, back to the 1st question.

I don't think any client believe we work for free.

 

[tsorrels]

You guys/gals get paid??? I thought this was getting to be a hobby!!

 

[Full Throttle]

How do you get paid?
I get paid out of the insurance company's marketing budget.

How much? (never been asked this question)
About 1 years premium over a 10 year period.

 

[moonlightandmargaritas]

they think they are paying for it anyway

They are paying for it.

The insurance company (or whomever) is merely a transfer agent - the customer provides the dollars!

 

[Full Throttle]

I have been asked a lot of times and I always say the insurance company pays me but they still insist on my commision so I tell them what I think they want to hear because they think they are paying for it anyway.

They are paying for it, but it's no different than buying tooth paste, a car, a computer, or anything else. Any company that sells a product or service has a marketing budget and that is built into the cost of the product or service sold. All that should matter to the consumer is the cost is $X. They don't need to know the break down of what gets paid out to marketing, operations, finance department, reserves, ect as it makes no difference to them, the cost is still $X.

We don't go to Target and ask customer service how much the Colgate manufacturer's rep made in commissions selling to the company. The fact that a live sales rep is used instead of direct mail, print, television advertising, internet marketing, ect makes no difference. If a carrier could use those sources more effeciently to sell a product for less and capture more market share, they would have already done it.

 

[Jabez]

I do not get asked this very much. But when asked the figure I give is the monthly commission never an advanced commission. Most feel the monthly is pretty low because they don't do the math.

 

[Mark]

I wonder how many car salesmen tell their clients how much they made from the sale.

 

[pdoyle]

For Life Insurnace (financial products) Arkasas has a full comp dosclosure law already in place. New York is working on one now and there is a push in congress to have all agents, nation wide, disclose full comp to clients and get a comp disclose statemnent signed.

 

[0b1kanobee]

They are paying for it.

The insurance company (or whomever) is merely a transfer agent - the customer provides the dollars!

OK I'm gonna say it again. I have never been asked how I get paid. They know that as exactly how you have stated.

I get asked what my COMMISSION is. Another words how much money do you make? I don't ramble on and explain something they already know because they know the insurance company pays me and you and everyone else regardless what insurance we sell.
The last guy I told my commission to, which was about 19k still insisted he was paying my 19k out of his pocket even though his account doesn't reflect that. Once he got his policy he understood.
Now I just tell people what they want to hear. If the commission is say 5k say on 4% payout after taxes and expenses I don't make or net that, so I'll tell them 2% some arbitrary number. It isn't anyones business what I make and unfortunately I don't do one everday.
So to recap I tell everyone that asks that I get paid by the company. When the ask how much cuz Dave and Sue told them to ask, then I'll give them a number they can live with.
You all can explain it however you want but I have found that with the Internet these days and all the know it alls out there people are asking these questions.
My response takes me two or three sentences and I usually will say if I was chasing commissions this wouldn't be the company or the product I would put you in because others would pay me much better.
Being asked how you get paid and what you get paid (how much) are two different questions. I will not however tell them they pay me as you have suggested. I answer pretty much like the others have commented.