Looking at SL for FE home

[Futureisnow]

I’m new here, and I have a question hopefully someone with SL can answer.

In the opportunity brochure it has an example of an agency doing $500k per month in sales and the agent getting 20% override. Is that accurate in the real world, if so what is required to get that percentage?

 

[fed up]

Would depend on how many agents work out of the agency, who the focus is on for potential customers, how good the agents are at closing a sale, what the average premium per policy is. 500K per month is a little over 100K per week, let's round up to 140K ,so 20K per day in premium. If the average policy premium is 5000 per year that is only 4 sold policies per day. Maybe that should be ONLY. But an average of 5K premium per year is pretty hard to average

 

[shonceman]

Would depend on how many agents work out of the agency, who the focus is on for potential customers, how good the agents are at closing a sale, what the average premium per policy is. 500K per month is a little over 100K per week, let's round up to 140K ,so 20K per day in premium. If the average policy premium is 5000 per year that is only 4 sold policies per day. Maybe that should be ONLY. But an average of 5K premium per year is pretty hard to average

$5000 AP for an average FE policy? Wow, I need to kick up my game!

 

[Futureisnow]

Would depend on how many agents work out of the agency, who the focus is on for potential customers, how good the agents are at closing a sale, what the average premium per policy is. 500K per month is a little over 100K per week, let's round up to 140K ,so 20K per day in premium. If the average policy premium is 5000 per year that is only 4 sold policies per day. Maybe that should be ONLY. But an average of 5K premium per year is pretty hard to average

Thank you for that explanation, but 5k per year as I understand it is a bit much. From what I understand the average yearly premium is $600.

 

[myinsurebiz]

Thank you for that explanation, but 5k per year as I understand it is a bit much. From what I understand the average yearly premium is $600.

Guess it would depend on the type of insurance sold . . .

 

[theinsuranceman]

I’m new here, and I have a question hopefully someone with SL can answer.

In the opportunity brochure it has an example of an agency doing $500k per month in sales and the agent getting 20% override. Is that accurate in the real world, if so what is required to get that percentage?

I've worked exclusively with the group that owns Sr Life since Feb. 10, 1999. Yes those figures are accurate. The 20% is the difference between your commission level and the level you bring your agents on at.

Call me sometime so I can answer any other questions you may have.

 

[theinsuranceman]

Would depend on how many agents work out of the agency, who the focus is on for potential customers, how good the agents are at closing a sale, what the average premium per policy is. 500K per month is a little over 100K per week, let's round up to 140K ,so 20K per day in premium. If the average policy premium is 5000 per year that is only 4 sold policies per day. Maybe that should be ONLY. But an average of 5K premium per year is pretty hard to average

The bold up above has zero influence on the answer to the question from the OP. And your numbers are way off base.

 

[Door2Door]

500k AP a month is a very large production amount. That’s a 6 million dollar shop. A good (not amazing) FE agent produces 150k annually. You would need an agency of 40 people at that production amount to hit your requirement. If you’re a 6 million dollar shop you will be on the radar for plenty of IMOs.

 

[myinsurebiz]

If you are going to produce $500k a month - you don't want to do it with SL.

Commission level isn't high enough.

 

[theinsuranceman]

If you are going to produce $500k a month - you don't want to do it with SL.

Commission level isn't high enough.

OK, prove your point. What is the commission level for a manager with a team doing 500K per month with SL? What is the commission level for 500k per month where you're at?

PLUS SL has other things such as TV leads just minutes old, they'll do massive DM drops for the manager on credit so agents don't have to tie up $2000 just to wait about 4 weeks for their leads to come back...agents can do the contracting and be working fresh exclusive tv leads just 3 days later, group health, term, disability, cancer, dental, vision, free membership into Legacy-Assurance, no capped territories for recruiting, and more.

Does your group have that available for your agents?

It's not just commission levels, not just having the cheapest rates, not just representing 20 FE carriers, not just hopping around every year to a different organization thinking the grass is greener...lol.