Is this a Fair Commission Split for a Insurance Agent?

[Captive Soul]

Thanks for all the replies and advice guys. Percentage split wise, how much would be a reasonable split? Or in my case how much should I pocket for a $600 policy since this is the number he keeps using?

I wouldn't do it for anything less than 25% and that's still getting sorta shafted.

30-35% should be fair for a newbie.

Of course, I'm new myself so that's just my own 2 cents.

 

[crabtrap]

Is he providing the Vaseline?

At those rates, it's dry and rough my friend.

That's a whopping 2% commission!!

 

[AndrewT1993]

I wouldn't do it for anything less than 25% and that's still getting sorta shafted.

30-35% should be fair for a newbie.

Of course, I'm new myself so that's just my own 2 cents.

Thanks for your input. Just to be clear that 30-35% should be all mine right? That is the amount I should take home after everyone else gets their split?

 

[crabtrap]

Thanks for your input. Just to be clear that 30-35% should be all mine right? That is the amount I should take home after everyone else gets their split?

$100 per closed deal and some lube

 

[k4000]

Is 100$ per application (whether enrolling 1 person or a family of 4) a fair compensation?
Please experiences agents help. Some of us are new in the business and it seems there are some hyenas ready to devour babies in this business. Why??? Go figure... Please advice

 

[crabtrap]

Is 100$ per application (whether enrolling 1 person or a family of 4) a fair compensation?
Please experiences agents help. Some of us are new in the business and it seems there are some hyenas ready to devour babies in this business. Why??? Go figure... Please advice

All based on what the AV of your policy is. It's really a simple equation which 2% is laughable.

That's the equivalent of your dad paying you a quarter to mow the lawn. Give me a break.

 

[Verbgravy]

You should get minimum 50% of the gross commission. No way is the agency only making $50 on $600 in premium. They are making minimum 10%. If you take a per app rate it should be $25-$35 an application.

 

[Luv4Insurance]

$12.50 for a policy?? Is this a joke??

Run for the hills!

For an expected average of 4 sales a a day - you'd make more money doing 9-5 at a regular office job or fast food.

 

[Captive Soul]

Thanks for your input. Just to be clear that 30-35% should be all mine right? That is the amount I should take home after everyone else gets their split?

Yes. That should be yours after everyone else's take. If your manager/trainer can't give you a decent commission, there's no reason to stay. Even captive companies pay better commissions than that. You have to work a bit harder to get them but $12.50 per policy is a joke.

 

[AndrewT1993]

Yes. That should be yours after everyone else's take. If your manager/trainer can't give you a decent commission, there's no reason to stay. Even captive companies pay better commissions than that. You have to work a bit harder to get them but $12.50 per policy is a joke.

Thank you for the clarification. But isn't 25% to 35% a little high? For $1,000,000 in new policies a year that is $250,000 - $350,000 commission, I read that Insurance Agents usually only make about $50,000-$70,000 a year. Is 25% to 35% more normal in the insurance business than lower rates or higher rates?