How Do Insurance Agents Get Paid?
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- čas přidán 17. 01. 2020
- Insurance agents often aren't really open to sharing how they make money. No problem, we're here to pull back the veil and show you exactly how they get paid.
We'll explain Salary, Commission, Bonuses, & Profit Sharing. Then we'll explain how different types of agents get these different types of pay. It'll be the most fun you've had learning since Granny taught you to breakdance.
Prepare to be smarter!
I would like to see a video on how to pay your agents as a new agency. Thanks for all the knowledge
Awesome video. I would love to know more about your company. This video was very informative in plain English. It kept me interested in learning more.
Great informative stuff! Can you please explain how recurring commissions work?
Each year most policies renew. At that time agents often get paid another round of commission. The amount can vary but generally its between 10% & 13%
In cash and in unmarked bills dropped off at the regular spot
That could work. What's the time and location? 😂
Love it!!! Way to break it down!!
You all do a great job as well. We should collab some time.
Thank you for making this video.
Happy to! Hope it helps .
Just got hired at State Farm $20 an hour plus 4% auto and home insurance, with the chnace to be bump up base on sales $100 per life this is good?
Very helpful information because im considering becoming a sales agent. I just applied for a position but I got to thinking if there'd be a base salary or not...
Thanks for the information. I have one question regarding independent insurance agencies, besides commissions and profit sharing, can they also charge broker fees in addition?
Yeah, most don’t and it depends on state laws but some agencies charge huge broker fees. Not cool if you ask us.
Thank you for the valuable information. Hey just a quick question I am a new insurance agent and how should I negotiate a commission and an override with MGA? Can you please guide as all the agencies have different compensation structure, someone is offering me 100% of the commission (i.e if an insurance company pays 65% then entire 65% I get to keep )and top of that they give 40 % as an Override, so is this considered a good compensation ? as not sure how to negotiate, thanks a ton ,much appreciated
what about broker's fee from independent agent?
I just started exams for being an agent , what should be my goal an independent or captive ?
Thanks
No problem!
Sir which is the best option ?
Independent. All day. When you get paid on what you produce, there is no limits on your income.
I always thought they were paid by the corporations that extort money from the average man...
My premiums went up 80% despite
not being in an accident last year....
go figure....
Nope. It's fine to be mad at the company that rakes in billions when your policy goes up. But the staff don't make that much. When i worked for State Farm, they paid me 13 dollars an hour