Scroll down for a discussion on Mega Life / IPA Commissions within the Individual Health Insurance Forum.
Hello all,
I am wondering how reps of Mega / IPA / Healthmarkets are compensated.
What is their commission percentages? What incentives do they have, ...
They are everywhere though, I would like to train them to do things right and have them work for my agency.
I am interested in their comp. plan because I want to know what I am up against.
Thanks!!
My information is over 10 years old....There comp for health insurance was about 10% back then life was really low like 37% but these people have drunk the kool aide and had riches in their eyes via a stock program they are told they will be millionaires in 10 years....
I am looking for how things work there. I am thinking about recruiting a couple of their agents to my agency because they seem to work hard.
Sometimes you find an uneducated hard-worker that needs to learn ropes.
If you're really dead set on recruiting. I'd recommend finding neophytes that are strong in sales but have industries that can no longer support them. (Mortgage for example) As it is much easier to train someone to sell the right way from the beginning than to retrain someone that has been "raised" to be an E&O liability.
I don't mean to lump all of their agents into one shady basket - but I've seen enough of them to steer me away.
Also, through their "advance" - you'll find it hard to take agents with business on the books as they accrue debit balances so fast that they get locked in.
I registered specifically to answer this question and give you a heads up on IPA. IPA is generally a bunch of guys from Mega that jumped ship. Compensation is 20% first year with a six month advance, 1.5% residual. They offer no support and poor training. My trainer never returned my phone calls and one time made me wait in a parking lot for over an hour before we went out on an appointment.
I registered specifically to answer this question and give you a heads up on IPA. IPA is generally a bunch of guys from Mega that jumped ship. Compensation is 20% first year with a six month advance, 1.5% residual. They offer no support and poor training. My trainer never returned my phone calls and one time made me wait in a parking lot for over an hour before we went out on an appointment.
Stay away from IPA.
Excuse my ignorance. What does IPA stand for? Thanks.
The is the most recent Pay scale as of 3 months ago. There pay is 15 percent for a writting agent and 17 for a senior agent. The big problem I think youll find is that they get weekly advances based on submission. Hard to compete but they only get a six month advance. so general if they write a 400 dollar policy there advance is right at 400. due to the fact they have to deal with whats called a taken in rate. So basically if they write 10 app in a 13 week period and 3 fall off the book they have a 70% taken rate. so to calculate what they get paid its the 6 month advance times the taken rate. 400* .15= 60.00 * 6=360.00*.70=252.00 would be the advance. I left the company after 2 years due to the bad product. before then i wrote the product but was very clear with my customer but when they announced last december that there is going to be a 40% increase on premium for customers on the books I got out and moved my business. Hurts to do that becuase bonuses were nice. they get one every month of the year if they produce.
The is the most recent Pay scale as of 3 months ago. There pay is 15 percent for a writting agent and 17 for a senior agent. The big problem I think youll find is that they get weekly advances based on submission. Hard to compete but they only get a six month advance. so general if they write a 400 dollar policy there advance is right at 400. due to the fact they have to deal with whats called a taken in rate. So basically if they write 10 app in a 13 week period and 3 fall off the book they have a 70% taken rate. so to calculate what they get paid its the 6 month advance times the taken rate. 400* .15= 60.00 * 6=360.00*.70=252.00 would be the advance. I left the company after 2 years due to the bad product. before then i wrote the product but was very clear with my customer but when they announced last december that there is going to be a 40% increase on premium for customers on the books I got out and moved my business. Hurts to do that becuase bonuses were nice. they get one every month of the year if they produce.
Are you the Lance formerly with UA. If so contact me. We may have worked together. Mike 513-594-6956
Mega Life / IPA Commissions
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