Hi, I'm an under 1 year agent for a non captive firm. I was just contracted in January and have sold around $20k in AP. I'm thoroughly excited about the firm I work for. Our prospecting method is heavily through referrals, which I find to be pretty efficient.
That being said, as I was looking to supplement my time with leads to be more productive, I came across this whole thing of final expense, and final expense leads...seems like it's nothing more than cheap whole life? My current contracted company has a minimum of 25k whole life, that seems like it's on the high side for FE.
My primary question is around commission structure. I see around the forums mentioned around 110%-130% on avg. What is this % on? Is it on the annual premium? So if the AP is $500, is the commission 1.1 x $500 or $550? Then are the renewals around (AVG) 5% so .05% 500 = $25?
I'm currently paid 75% (or so) of AP, so I'm finding it difficult to understand/believe in FE you would get paid more than the first year premium..?
Second question:
How long does it typically take to get contracted with a FE company? Gerber, Assurity, etc. If you had to pick a top 5 that are goto companies that can satisfy most of your clients, which would those be? What is the processes like to get contracted? I'm currently Life/Health/LTC in multiple states and have E&O.
Thank you!
That being said, as I was looking to supplement my time with leads to be more productive, I came across this whole thing of final expense, and final expense leads...seems like it's nothing more than cheap whole life? My current contracted company has a minimum of 25k whole life, that seems like it's on the high side for FE.
My primary question is around commission structure. I see around the forums mentioned around 110%-130% on avg. What is this % on? Is it on the annual premium? So if the AP is $500, is the commission 1.1 x $500 or $550? Then are the renewals around (AVG) 5% so .05% 500 = $25?
I'm currently paid 75% (or so) of AP, so I'm finding it difficult to understand/believe in FE you would get paid more than the first year premium..?
Second question:
How long does it typically take to get contracted with a FE company? Gerber, Assurity, etc. If you had to pick a top 5 that are goto companies that can satisfy most of your clients, which would those be? What is the processes like to get contracted? I'm currently Life/Health/LTC in multiple states and have E&O.
Thank you!