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Have an understanding upfront, always, never any confusion.
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You should write Life Apps on at least 30% of your health policies. It's the easiest sale in the world.
I do almost all my apps over the phone and I just simply say do you want to add $100,000 of life insurance on this for $___ a month. A lot of people say yes. You only need to gather a little more info from then than a health app. Driver's License #, Beneficiaries, Occupation and how much they make.
It adds around $150 extra per app commission. Just work with companies that don't make you get a paramed. Sell them a 10 year term for reduced cost and you're done.
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I agree Saleswolf. If you are writing health you should be able to cross sell life to your clients also. Why give up the easy commission. I could see if it was some BIG financial plan but most of the time it is for a specific need.
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If you really don't expect anything then your feelings will never get hurt.
However, if you do expect something in return it should be more than a "promise" that the other agent will send referrals to you also. That very seldom works.
I did a search for "surety" trying to find anyone discussing bonds (I am a bond producer) and I stumbled upon this thread.
When doing business I always discuss terms with brokers prior to doing anything. We have a lot of insurance brokers in need of help placing their bond business so it happens quite often.
Al, I have been considering brokering out insurance business for years now, but haven't had the time to figure it out. We have a substantial book, maybe we can work something out as well. Surety bonds are all we do...Are you licensed in all 50 states?
When doing business I always discuss terms with brokers prior to doing anything. We have a lot of insurance brokers in need of help placing their bond business so it happens quite often.
Al, I have been considering brokering out insurance business for years now, but haven't had the time to figure it out. We have a substantial book, maybe we can work something out as well. Surety bonds are all we do...Are you licensed in all 50 states?
Back to the split, not only should it be done, it should be expected. As long as you have the appropriate license (which you've already stated you do) the split should have been at the company level (prior to commission payment) unless there was some reason why you can't be appointed with the company.
I'm all for farming out when necessary (time, expertise, etc.) but you really have to make certain the person you're farming out to is doing the right thing by the client. Sadly, I've seen this dozens of times when someone farms out a permanent life plan and the client is screwed big time due to a commission-hungry agent.
It would be best to identify potential people to refer business to in advance, establish a relationship with them and as others have already said, be clear on the split up front.
Think about it: what many of us focus on constantly is getting the client - it can be 80% of our time, right? You hand delivered the client to the agent. For that, you should expect a 50/50 split!
Good job!
I'm all for farming out when necessary (time, expertise, etc.) but you really have to make certain the person you're farming out to is doing the right thing by the client. Sadly, I've seen this dozens of times when someone farms out a permanent life plan and the client is screwed big time due to a commission-hungry agent.
It would be best to identify potential people to refer business to in advance, establish a relationship with them and as others have already said, be clear on the split up front.
Think about it: what many of us focus on constantly is getting the client - it can be 80% of our time, right? You hand delivered the client to the agent. For that, you should expect a 50/50 split!
Good job!
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I do lots of deals like this and always give the referring agent 50%, I have one group of investment guys that send all their life, disability and health to me because they know their clients will get the truth and the best product. I don't split health commissions. In the case you mention, commission will be at least 1800, the agent might spend 3 hours on it, 300 per hour, not bad.
- Thread starter
- #18
G
Guest
Guest
No, only in CA, but there are several folks here who are licensed in multiple states. See link below to see "me."
Al
InsuranceSolutions123 Agency
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