What commissions do you get on term?

[moonlightandmargaritas]

Try Welcome to BestAgency.com!

Up to 115%, with an annualized advance.

All the top companies too.

 

[Survivor]

If I ever go independent, I'll have to check those out. Seems like there is a good range of companies there.

 

[James]

As an independent you should get around 70-80% on WL in the first year. Unlike Term, WL and UL will have healthy trails for at least 5-10 years usually around 10% for year 2 and then goes down to 2-5% in year 10. Same with DI, DI is where you should be at! I do believe AG has DI, probably not the best but if you are doing Blue Collar or Small Business Class it should suffice, go in with the other half of your health insurance that health agents don't tell you.

 

[Survivor]

James, our disability can only be set up through a work site account. It is pretty popular once we get a work site account going.

I also don't think we get paid any residual income for past business. I opened up the compensation guide, and I really can't find much on it. I know we get paid a bonus based on our ratio of business issued to business lapsed, but I don't think there is an actual residual. I'm not so much concerned about it now, but from a career perspective, it would suck to not have any residual income when you have a million dollars of AP on your book.

I guess these are questions I need to be asking.

I am just scared I'm being pulled into a "grass is greener" mentality. We had more than a few agents make over $3000 this past week alone. So, I know there is plenty of money that can be made, no matter what the commission schedule is.

 

[James]

James, our disability can only be set up through a work site account. It is pretty popular once we get a work site account going.

I also don't think we get paid any residual income for past business. I opened up the compensation guide, and I really can't find much on it. I know we get paid a bonus based on our ratio of business issued to business lapsed, but I don't think there is an actual residual. I'm not so much concerned about it now, but from a career perspective, it would suck to not have any residual income when you have a million dollars of AP on your book.

I guess these are questions I need to be asking.

I am just scared I'm being pulled into a "grass is greener" mentality. We had more than a few agents make over $3000 this past week alone. So, I know there is plenty of money that can be made, no matter what the commission schedule is.

In all honesty, I think your idea that people want something besides what you have to offer is a copout. I have no doubt, with the correct activity you can make your budget reguirements and also do 1-3 grand a week. I'm not sure about residuals with AG on worksite?

 

[fostever]

AIG 100% 1st year commish on 20 year term. 90% on 15 year and 10 year.

 

[Survivor]

Yeah, the company pays a better commission to independents than it does to captive agents.

I've been looking at our special rep (basically an appointed, independet agent) commission schedule. The commissions are in some cases double what I get as a captive, with still the eligibility of a bonus, and vesting.

I like AG's products overall. Since I already know the products, I may just quit, get appointed as a special rep, put a couple major meds in my product portfolio, and go like that.

Logically, it seems like the best way to go, actually.

 

[atlantic123]

Atlantic Financial pays up to 120% on term life and UL products with some of the top carriers along with no production requirements.

 

[Ahnuld]

Atlantic Financial pays up to 120% on term life and UL products with some of the top carriers along with no production requirements.

Me too. Is this Atlantic Financial Group?
I rep a producer group with 50+ carriers, names you would know. Only a handful reach 120% at no prod. reqs. Most are 110% to 115%. You have to have production though. Most frown on giving contracts out like candy.

 

[ims01]

Most carriers have a max. "street" level commission. In order to receive above the street most carriers require proven production and a commitment letter. Fidelity Life must approve your RVP request to get above max. street.

There are some MGA's that will pay above street via agency check. My experience is they cut in the support they provide. You have to decide what is the proper balance for you. With sufficient support and training you could produce bigger numbers and therefore justify a higher comm. level.