Outrageous Compensation %

[MLMDEFECTOR]

I'm 99% sure this was BS but I want to throw it out there just in case we are all missing out on something great.

I ran into a guy through a mutual friend that claims he's getting 200%+ comp on final expense and mortgage protection PERSONAL PRODUCTION. He hasn't been doing insurance any longer than maybe 3 years.

Has anyone ever heard of any IMO's offering the "main" carriers that high of comp? I thought I had a great deal with my main carriers 120-135%

 

[myinsurebiz]

Ask for proof

 

[MLMDEFECTOR]

Ask for proof

Have you heard of anything near that high?

 

[DonP]

No individual agent without a down line getting over 135-140% on any of the main CO's period . He's talking 200% over 10 yrs .

 

[UKTX]

200% of what though?

When I started I was told I was getting 400% commission. And I technically was. Albeit it of the monthly premium, not annual :(

 

[shonceman]

200% of what though?

When I started I was told I was getting 400% commission. And I technically was. Albeit it of the monthly premium, not annual :(

Was that a debit company? Some of them used to pay on what they called a "times" contract, meaning a multiple of premium.

 

[WinoBlues]

200%?

Be ready

https://i.gifer.com/origin/16/165af3a4678dd689501c894ad18ea82f_w200.gif

 

[Newby]

I'm 99% sure this was BS but I want to throw it out there just in case we are all missing out on something great.

I ran into a guy through a mutual friend that claims he's getting 200%+ comp on final expense and mortgage protection PERSONAL PRODUCTION. He hasn't been doing insurance any longer than maybe 3 years.

Has anyone ever heard of any IMO's offering the "main" carriers that high of comp? I thought I had a great deal with my main carriers 120-135%

Yes. He's getting scammed. Several shady IMOs promote 200% of the first 3-months premium. so it equals about a 50% annualized.

200% is the TOTAL amount that carriers pay out to get policies placed. And not all of that goes out t commissions. So no, no agent or even NMO is getting 200% of the annual premium.

If you are going to believe things that people tell you then you are not going to last long in this biz. 94.7% of anything people say is complete BS. And double that if it's agents talking about commissions.

 

[gambrinus]

He's getting 200% of 30%.. WOW!!! sign me up!!

 

[Josh]

No individual agent without a down line getting over 135-140% on any of the main CO's period . He's talking 200% over 10 yrs .

To build on this, that type of "math" is why the "Truth In Lending Act" got so much love. The "APR" was being played with a bunch of different ways, and there is now a form that has to be presented to home buyers that gives them an "effective apr" or something like that. It basically unkucks the math of buying points, closing fees, etc, and shows a consistent number you can use to compare with different lenders and know exactly what you are getting.

So maybe for those liberals, we can petition for a "Truth in Commissions Act"