I'm in Colorado and am currently a producer for a Farmers agent. I'd like my own gig some day. Few credit issues that I'm cleaning up. I was curious what other captive opportunites were out there.
What kind of commission does Shelter pay?
While you are on salary (first year or two) you get a fixed salary based on the size of the book you started (1mil prem agency is around 50k yearly salary) as well as a monthly stipend for office expenses (3k-ish).
During this time you don't get any renewal commissions from your book, however you do get all first year commissions. (40% perm life, 25% term life, 10% P&C).
Typically the new agent will make around 50% of his salary in commissions and bonus's his first year if he's successful.
Once you contract and go off salary, you get basically 10% of your books premium on renewal's but you can wind up getting another 50-70K a year in bonus's if your loss ratio, growth and life sales are decent (can't remember numbers offhand but very very attainable...especially after coming from State Farm's agent aspirant program).
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While you are on salary (first year or two) you get a fixed salary based on the size of the book you started (1mil prem agency is around 50k yearly salary) as well as a monthly stipend for office expenses (3k-ish).
During this time you don't get any renewal commissions from your book, however you do get all first year commissions. (40% perm life, 25% term life, 10% P&C).
Typically the new agent will make around 50% of his salary in commissions and bonus's his first year if he's successful.
Once you contract and go off salary, you get basically 10% of your books premium on renewal's but you can wind up getting another 50-70K a year in bonus's if your loss ratio, growth and life sales are decent (can't remember numbers offhand but very very attainable...especially after coming from State Farm's agent aspirant program).
I'd like to add, as far as initial compensation while getting started it's great.
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