Which companies advance commisssions?

todder

Expert
36
I currently am getting advance commissions through Assurant. I like getting the money up front even if there is risk involved. I was wondering what other carriers advance? Also, anyones comments on the pros and cons of advances would be great.
 
There's zero risk involved if you're selling correctly.

Assurant
Golden Rule (must find a Key Broker willing to advance you)
Unicare
Continental General
Amerian Republic
World
 
Most companies offer advances--at least all of the companies I write for do. Advances help an agent get a "head start" if they are new in the business. There are some disadvantages of course, mainly if you have a client that cancels a policy while in the "advance period".

If you are consistently writing business, and possibly are being paid renewals, then as earned would be a good choice. That's my two cents.

My main health carrier pays a 9 month advance but holds out a reserve to cover cancelled policies. It's already saved my butt once.
 
Most companies offer advances--at least all of the companies I write for do. Advances help an agent get a "head start" if they are new in the business. There are some disadvantages of course, mainly if you have a client that cancels a policy while in the "advance period".

If you are consistently writing business, and possibly are being paid renewals, then as earned would be a good choice. That's my two cents.

My main health carrier pays a 9 month advance but holds out a reserve to cover cancelled policies. It's already saved my butt once.
 
If charge-backs are an issue for anyone then:

1) You're hard-closing clients
2) Not going over how the plans work
3) Signing up the wrong client base ie; not signing up self-employed clients
 
Thanks guys for the info. You voiced the thoughts I had on the topic. Just good to see confirmation of it.
 
Nice post john pretty much sums it all up right there. Everyone will get a charge back eventually and that is just how the world works. If you were that perfect you wouldn't be human.

justin
 
John is correct when it comes to health insurance; however life is a completely different story. Charge backs will be a way of life, but you will be making 70 to 110% commissions (my primary final expense company pays me %110. You can suck up a life chargeback quite easily if you produce on a regular basis.

You have to think of advances as a loan, that is, someone else is giving you their money. If you had to risk someone else's money, what would you bet it on?
 
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