What Am I Supposed to Be Paid?

[Getzer928]

I started selling insurance with an agency and they are the ones who hired me, "trained" me, "support" me and recieve overrides on me. With the two main companies I am selling, I am getting paid 16% with one and 13% with the other. This is for medicare supplements. Am I being ripped off? I keep seeing descriptions of commissions at 22%

BTW - took a solid 5 apps this week!

 

[YouGotMyMoney]

Congrats, on the sales this week.


Which carrier do you have a 13% contract with?

I have 15% with MOO.

21% with United American.

21% with Gerber.

$200 ish with AARP/UHC.

8% Humana for a High Deduct Plan F

 

[Getzer928]

Congrats, on the sales this week.


Which carrier do you have a 13% contract with?

I have 15% with MOO.

21% with United American.

21% with Gerber.

$200 ish with AARP/UHC.

8% Humana for a High Deduct Plan F

13% Omaha

16% Great American

I know I am brand new to this business, so does that make a difference?

 

[YouGotMyMoney]

Depends on the GA/MGA you go through.

Just because you are new does not mean you should get screwed on comp.

I have some contracts through a MGA that gives above street commissions. I'll PM you the info if you want.

 

[TristanTLC]

13% Omaha

16% Great American

I know I am brand new to this business, so does that make a difference?

Those are not great numbers, but they are not horrible either. Is your GA giving leads or training support? Where did you attain the product knowledge? If your GA is giving you training, leads, and product knowledge that those comps are not bad.

 

[Getzer928]

Depends on the GA/MGA you go through.

Just because you are new does not mean you should get screwed on comp.

I have some contracts through a MGA that gives above street commissions. I'll PM you the info if you want.

Well heres the newbie in me.

What is GA and MGA and what are the street commissions?

 

[Frank Stastny]

Well heres the newbie in me.

What is GA and MGA and what are the street commissions?

GA = General Agent, MGA = Managing General Agent.

Street level commissions are what anyone can or should get.

GA is "General Agent", MGA is "Managing General Agent".

MGA gets more commission than a GA.

I don't think it should matter that you are a "new" agent. Training and support should be expected, not something that you have to give up a part of your income for.

At the very least you should be receiving street level commissions. There is a good chance that the agency is getting at least five points above street level. If the agency is giving you less than street then add five points to the difference between what street is and what you are getting.

I think it really sucks the way some agencies treat their agents, especially the "new ones". If anything, I would be inclined to give an agent who wanted training and support the best contract I have to offer. In fact, that is exactly what I do for agents who contract with me.

If I knew what state you are in I could tell you what street is. PM me if you would like know.

 

[Getzer928]

Those are not great numbers, but they are not horrible either. Is your GA giving leads or training support? Where did you attain the product knowledge? If your GA is giving you training, leads, and product knowledge that those comps are not bad.

I am getting leads...the leads are names and numbers that i cold call. most of my product knowledge came from my licensing and then slowly i learned about the product. they are giving training, but i think its poor compared to what it should be. ive learned more from forums, books, and research then from actual "classroom" training. support is in the way of helping me in areas that im not familiar with...aka most of the administrative side. I will give major credit to one of my field managers I went out with (finally after being there for two months) he went to 20 appointments with me and we took 16 apps and he split them 50/50 no questions asked.

 

[jody108]

yeah, you are getting ripped...

you've got to start somewhere ...

 

[briko3]

You think it's OK to pay your managers for training?