Anyone here work in the insurance industry

[rudedawg]

Yes you will get paid on commision. I agree with having a nest egg for the first year to stay afloat. Your big money comes with renewals.

Matt, , You are correct about being realtive.
The two agents in the TWIN TOWERS both have a book of business over $1 million. It has a great deal to do with demographics and your work ethics.

I will disagree with you on the big money coming on renewals. Your first year commission on any product is going to be bigger than following years. Most Life companies go with a 5% renenwal commission second year on Permamnent products and on term it is 0%. You don't get a damn thing after the first year but first year is typically 15 - 20% higher.

My top contract for health is 30% 1st year and only 7% for each subsequent year. Problem is the life expectancy of a health policy is 24 months or less. But if you retain your client base then you put them in the next one and get first year commissions again. That's what I am talking about being a headache......then you get someone that has a disease or is uninsurable on a plan that keeps jacking the rates and it sux BIG TIME!!

Basically IF you retain all your business from first year you need to write 75% as much as you did the previous year to make the same amount of money. This is due to the renewal commissions dropping.

 

[blistex00]

rudedawg, check you PM. I got a couple of questions for you.

I found this on a local job search. What does 90% advanced commissions mean? I don't know if this a legit advertisement for employers but it looks good to me.

"Career opportunity in 106 yr-old fraternal life insurance organization seeking qualified representatives. Up to 90% advanced commissions, laptop computer, advertising allowance. Professional training at the National Headquarters, incentive trips, major medical, retirement plan for qualifiers. Bilingual candidates encouraged to apply. Applicants must be licensed. Prelicensing information available to nonlicensed applicants. Send confidential resume to or contact:"

 

[Checkmatebloated]

I will disagree with you on the big money coming on renewals. Your first year commission on any product is going to be bigger than following years. Most Life companies go with a 5% renenwal commission second year on Permamnent products and on term it is 0%. You don't get a damn thing after the first year but first year is typically 15 - 20% higher.

My top contract for health is 30% 1st year and only 7% for each subsequent year. Problem is the life expectancy of a health policy is 24 months or less. But if you retain your client base then you put them in the next one and get first year commissions again. That's what I am talking about being a headache......then you get someone that has a disease or is uninsurable on a plan that keeps jacking the rates and it sux BIG TIME!!

Basically IF you retain all your business from first year you need to write 75% as much as you did the previous year to make the same amount of money. This is due to the renewal commissions dropping.

I guess I was in reference to you auto renewals. Just in terms of building you base and increasing it every years. Then renewals pay a lager part of you compesation. There are several agents with our company that now are dormant and do not sale any new policies. They make their money on renewals.

 

[rudedawg]

rudedawg, check you PM. I got a couple of questions for you.

I found this on a local job search. What does 90% advanced commissions mean? I don't know if this a legit advertisement for employers but it looks good to me.

"Career opportunity in 106 yr-old fraternal life insurance organization seeking qualified representatives. Up to 90% advanced commissions, laptop computer, advertising allowance. Professional training at the National Headquarters, incentive trips, major medical, retirement plan for qualifiers. Bilingual candidates encouraged to apply. Applicants must be licensed. Prelicensing information available to nonlicensed applicants. Send confidential resume to or contact:"

90% advanced commissions could mean 2 different things... 1.) it is a 90% contract with advances. 2.) it is advanced 90%. If the premium is $50/mo then it would be $600 for the year. if you were on say an 80% contract then you would be getting $40/mo times 12 months times 90% so it would be $432 advanced to you.

Sounds like an add for Modern Woodsmen to me.

 

[blistex00]

Its not Modern Woodsmen but you're close. What's the deal with fraternal life insurance companies? Good or bad?

 

[rudedawg]

Its not Modern Woodsmen but you're close. What's the deal with fraternal life insurance companies? Good or bad?

Lutheran Brotherhood??? They are pretty much the same as regular Insurance companies....they are jsut trying to have nitch in the market.