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Question: Can you tell me how he is paid a life insurance agent? Does it affect my premium?
Life Insurance No Exam.biz Answers: If a life insurance agent works for a specific insurance company (captive) or is an independent organization that earns its money from the sale of an insurance policy. Revenues are in the form of a commission paid directly by the insurance company. The commissions are built into the policy and not will change the premium rate is quoted. In other words, no fee and no commissions are paid directly by the client. Because commissions are integrated into policy and can not be altered, neither they nor the rates are negotiable. The best way to obtain the lowest premiums is to shop around and get the quotes from insurance companies.
Amounts of commission vary by insurance company, but agents generally receive up to 55% of first year premium for the continued value of the life insurance policy cash. After that, the agents often get 3% to 5% in commissions renewal for the next five to ten years. insurance commissions long term are typically around 35% of first year premium and non-renewable in years following.
The agents also pays sales bonuses to achieve high production targets set by insurance companies. Incentives production as well as exotic trips and luxury gifts are also given. It is safe to assume that their premiums indirectly reflect the cost of these bonds, plus expenses commissions to agents.
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Article Source: ArticlesBase.com – How does a life insurance agent get paid?
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