I was wondering do life insurance agents get paid houly or off commission. And is it good pay
Total Comments: 3
Posted: Tue Jun 07, 2011 10:48 pm Post Subject:
There are some insurance "representatives" (not agents) who answer telephones and take applications for "direct response" insurance companies. Those persons get paid an hourly wage plus bonuses.
The vast majority of all types of life insurance agent are paid on a commission basis. Some licensed agents these days are employees of major banks (Chase, Wells Fargo, Citi, BofA), and they are paid an hourly wage or base salary and can receive a share of commission compensation from the sale of insurance products because they are licensed, but may not "actively" be transacting, rather simply referring customers to the financial rep in the branch.
Posted: Thu Jun 09, 2011 10:28 am Post Subject:
Whether it is a good pay or not has to be decided on the worth of your years of experience. Regardless of whether you're drawing an hourly wage or earning out of your commissions, you may actually earn a much higher amount each month depending on your experience.
Posted: Thu Jun 09, 2011 04:33 pm Post Subject:
you may actually earn a much higher amount each month depending on your experience.
An agency may give an experienced agent a slightly higher commission split, but agents working directly with insurers (as either captives or independents) get a commission based on a neutral scale -- the newest agent gets the same commission as an experienced agent -- an agent who writes more business may earn "bonus" compensation regardless of experience.
Sales organizations such as Primerica, World Financial Group, InSphere have layered commission structures based on recruiting and sales goals. The more recruits on one's "team", the higher the "promotion" level, and the more "overrides" on subordinates' sales. Similar structures are now available in the entrepreneurial side of companies such as State Farm and Farmers that were once captive organizations that did not encourage local "agency-building" efforts.
Posted: Tue Jun 07, 2011 10:48 pm Post Subject:
There are some insurance "representatives" (not agents) who answer telephones and take applications for "direct response" insurance companies. Those persons get paid an hourly wage plus bonuses.
The vast majority of all types of life insurance agent are paid on a commission basis. Some licensed agents these days are employees of major banks (Chase, Wells Fargo, Citi, BofA), and they are paid an hourly wage or base salary and can receive a share of commission compensation from the sale of insurance products because they are licensed, but may not "actively" be transacting, rather simply referring customers to the financial rep in the branch.
Posted: Thu Jun 09, 2011 10:28 am Post Subject:
Whether it is a good pay or not has to be decided on the worth of your years of experience. Regardless of whether you're drawing an hourly wage or earning out of your commissions, you may actually earn a much higher amount each month depending on your experience.
Posted: Thu Jun 09, 2011 04:33 pm Post Subject:
you may actually earn a much higher amount each month depending on your experience.
An agency may give an experienced agent a slightly higher commission split, but agents working directly with insurers (as either captives or independents) get a commission based on a neutral scale -- the newest agent gets the same commission as an experienced agent -- an agent who writes more business may earn "bonus" compensation regardless of experience.
Sales organizations such as Primerica, World Financial Group, InSphere have layered commission structures based on recruiting and sales goals. The more recruits on one's "team", the higher the "promotion" level, and the more "overrides" on subordinates' sales. Similar structures are now available in the entrepreneurial side of companies such as State Farm and Farmers that were once captive organizations that did not encourage local "agency-building" efforts.
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