Term Commission Levels?

[SomeDude99]

Quick question for you guys. I have a friend who is with United Underwriters selling term policies thru Transamerica and Banner Life Insurance. He has 30 years experience and is making 75% commission on term policies sold. Is this a fair commission level?

What commission levels do you get on term policies? Is it possible to make 100% commission on term or higher?

Im new to the business and trying to learn. Any advice is appreciated.

 

[anonymous1]

Depends on company and the term of the policy.

 

[ChrisN19]

Depends on if he is direct appointed to transamerica or not. I know a direct appt will yield about 85% on a 20 or 30 yr. I am direct with them but through ABS with banner and they pay 80 for banner and trans

 

[sman]

Quick question for you guys. I have a friend who is with United Underwriters selling term policies thru Transamerica and Banner Life Insurance. He has 30 years experience and is making 75% commission on term policies sold. Is this a fair commission level?

What commission levels do you get on term policies? Is it possible to make 100% commission on term or higher?

Im new to the business and trying to learn. Any advice is appreciated.

75% is terrible for those carriers. There's no reason anyone should take less than 100% from those carriers unless they need some hand holding (i.e. - training). I wouldn't think a person with 30 years experience would need any hand holding.

 

[Tahoe Ray]

Quick question for you guys. I have a friend who is with United Underwriters selling term policies thru Transamerica and Banner Life Insurance. He has 30 years experience and is making 75% commission on term policies sold. Is this a fair commission level?

What commission levels do you get on term policies? Is it possible to make 100% commission on term or higher?

Im new to the business and trying to learn. Any advice is appreciated.

I see that you're in CT. Any chance that your friend is in NY?

 

[sman]

I see that you're in CT. Any chance that your friend is in NY?

That would be an unbelievably high commission for Banner in NY, wouldn't it? At least based on what I've seen from William Penn (Banner in NY). Not sure about Transamerica in NY.

 

[SomeDude99]

He is located in CT as well. He doesnt require any type of training.

 

[Tahoe Ray]

That would be an unbelievably high commission for Banner in NY, wouldn't it? At least based on what I've seen from William Penn (Banner in NY). Not sure about Transamerica in NY.

It wouldn't be just base (William Penn's base is 45 on term, Trans is 55), but he could be getting a big override from his GA if he has the experience the OP mentioned and actually writes business.

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He is located in CT as well. He doesnt require any type of training.

Well there goes that theory...

 

[sman]

It wouldn't be just base (William Penn's base is 45 on term, Trans is 55), but he could be getting a big override from his GA if he has the experience the OP mentioned and actually writes business.

My GA gives a 10% override on William Penn, so the total is 55%. I can't imagine how much business someone would need to do to get 30 points override.

Now that we know the guy is from CT, he's getting hosed in my opinion. He's giving up a minimum of 25 points on every app he writes.

 

[Tahoe Ray]

My GA gives a 10% override on William Penn, so the total is 55%. I can't imagine how much business someone would need to do to get 30 points override.

Now that we know the guy is from CT, he's getting hosed in my opinion. He's giving up a minimum of 25 points on every app he writes.

Most of the NY GAs that I know are pretty reasonable with their levels.

As you pointed out though, being in CT he should be higher.