FMO/NMO/IMO Commissions

theinsuranceman · 09-06-2009, 04:43 PM

Is it true that Final Expense FMO/NMO/IMO's get from 150%-180% commissions?

pomfin · 09-06-2009, 05:35 PM

Originally Posted by theinsuranceman

Is it true that Final Expense FMO/NMO/IMO's get from 150%-180% commissions?

Let's make them 200%. The more the better. And you, the agent, feel even miserable that your commission is so low compared with 200%.

Thatguy · 09-06-2009, 05:39 PM

I'm an IMO/NMO for Settlers, Assurant, Forester, Assurity, and Forethought. I don't have anything that high!

theinsuranceman · 09-06-2009, 06:54 PM

Whay kind of commissions do they pay you? Do you have to meet some sort of production requirement?

MedicarePlanSolutions · 09-06-2009, 07:09 PM

Originally Posted by theinsuranceman

Is it true that Final Expense FMO/NMO/IMO's get from 150%-180% commissions?

Top tier *might* get 150% if they're moving some serious volume and have past production to support it, but I've don't know anyone who knows anyone that gets 180%. Even if they did, the rates would have to be terrible.

theinsuranceman · 09-06-2009, 07:28 PM

What kind of volume for 150%

Thatguy · 09-06-2009, 08:35 PM

Originally Posted by theinsuranceman

Whay kind of commissions do they pay you? Do you have to meet some sort of production requirement?

Top tier commission on my companies will pay NMO contracts from 120-135; and they ALL have production requirements tied to the NMO level. My production requirements for Assurity is 2M, for Forester is 2.5M. Production requirements are different for different levels.

pomfin · 09-06-2009, 08:38 PM

Originally Posted by MedicarePlanSolutions

Top tier *might* get 150% if they're moving some serious volume and have past production to support it, but I've don't know anyone who knows anyone that gets 180%. Even if they did, the rates would have to be terrible.

Theinsuranceman:
Just give you an idea what kind of commission level and GA/MGA get. Here is the commission schedule from a reputable insurance company with FE:
GA1 - 90%
GA2 - 95%
GA3 - 100%
MGA1 - 105%
MGA2 - 110%
MGA3 - 115%
MGA4 - 120%

You tell me who are you dealing with and how much they make and how much you make. Each level needs certain production to support the level. For an agent who wants to be GA/MGA, the first thing he or she has to do is to produce. With documented production, you might be promoted to the GA/MGA level. But you also have to recruit agents to support your volume. I doubt your personal production can get you too far in your promotion. You have to combine your whole agency production to be able maintain the current level or promotion to the next level. As of those who gets 130-150% commission, they are normally contract GA/MGAs, not much producers. Their over-ride commission is limited to the difference between contract they get and GA/MGA they give.
I would advice agents to put more effort on their own production, not too much of how much the GA/MGA get. If you have enough production, you can be the GA/MGA yourself. If you have good production and can recruit agents to boost your production, I am sure most NMO/MGA would love to have you as GA/MGA.

MedicarePlanSolutions · 09-06-2009, 08:55 PM

Originally Posted by theinsuranceman

What kind of volume for 150%

Not to be rude, but if you're asking that question then you're nowhere near it. To even go to the table and ask the question you should have at least 500k in production over the last two years and you're still not even looking at 150%. If you get good, consistent production then talk to your upline about moving the contract levels up. If you don't have a good upline, let me know and I can help you get pointed in the right direction.

theinsuranceman · 09-06-2009, 09:23 PM

For the record I personally produce 125k-150k per year. My group does $600k-750K per year. I know I'm nowhere near 150%. I'm asking because I'm curious about comm. levels. No...you were not rude.

insuranceexec · 09-06-2009, 11:30 PM

This is a good time of year to either negotiate higher contracts or find a better contract; providing you have an upfront release.

Many marketing companies are trying to keep their current contracts or negotiate for MORE. There is no such thing as a top contract.

We were able to negotiate another 9% with one company, which will remain nameless, because we were able to put almost 10 million in life premium with that one company. Yes, we already had the NMO contract in place.

With that kind of production "insuranceman"; I would take you seriously. Keep looking!

Thatguy · 09-06-2009, 11:38 PM

I hope you guys don't mind if I ride on your coattail on this one. So here goes: I agree completely with Pomfin, MedicarePlanSolutions, and insuranceexec!

My production for IMO/NMO level is usually 2M and above. The reason why I don't take 20 different contracts is because I can't maintain that production for all of them.

evillage · 09-07-2009, 01:43 PM

Are there Companies out there that pays annualized commisions? or at least a percentage.

MedicarePlanSolutions · 09-07-2009, 03:23 PM

Originally Posted by evillage

Are there Companies out there that pays annualized commisions? or at least a percentage.

Most companies will easily do a 9 month advance if your upline will vouch for you and your credit isn't terrible.