- 8,448
March 5, 2015
I'm noticing a disturbing trend with commissions on Injury/Accident plans. The (GA / MGA) marketing agencies that contract us are saying, Example "You're paid 50% First Year and 10% Renewals"
When I get the commission statement, the 50% commission is only paid on 80% of the premium.
There's another company/agency that pays 40% level, year after year, but they keep reducing the "commissionable premium". As of this year, you're only paid on HALF of the collected premium.. On a $65 a month Injury plan, your 40% commission is paid on just the first $35 of the premium.
Both of these are good agencies to work with, and have plans that pay benefits as promised in the certificates. But I'm growing annoyed with their deceptions. You can't even figure out what the real premium is, because the commission statements were "massaged" in order to make it look like you were paid 40%, 50%, etc.. It's deceitfully sick accounting-reporting.
The commission managers at the Life, Health, Critical Illness, Disability companies seem to have more integrity, and regard for their agents. If they decide to lower commissions, they say so. No "commissionable premium" games.
Are there any good-quality injury plans out there sold direct through the company that pays the claims? Or any national Marketing Offices that don't have the Jonathan Gruber mindset regarding Injury Plan commissions and agents? If so, please share them.
Thank-you in advance!
-Allen
I'm noticing a disturbing trend with commissions on Injury/Accident plans. The (GA / MGA) marketing agencies that contract us are saying, Example "You're paid 50% First Year and 10% Renewals"
When I get the commission statement, the 50% commission is only paid on 80% of the premium.
There's another company/agency that pays 40% level, year after year, but they keep reducing the "commissionable premium". As of this year, you're only paid on HALF of the collected premium.. On a $65 a month Injury plan, your 40% commission is paid on just the first $35 of the premium.
Both of these are good agencies to work with, and have plans that pay benefits as promised in the certificates. But I'm growing annoyed with their deceptions. You can't even figure out what the real premium is, because the commission statements were "massaged" in order to make it look like you were paid 40%, 50%, etc.. It's deceitfully sick accounting-reporting.
The commission managers at the Life, Health, Critical Illness, Disability companies seem to have more integrity, and regard for their agents. If they decide to lower commissions, they say so. No "commissionable premium" games.
Are there any good-quality injury plans out there sold direct through the company that pays the claims? Or any national Marketing Offices that don't have the Jonathan Gruber mindset regarding Injury Plan commissions and agents? If so, please share them.
Thank-you in advance!
-Allen
