Insurance Agent Forum

[jlr962]

Can anyone explain some of the avg commission schedules available through the different options?

Thanks in advance.

[MattLVS]

Originally Posted by jlr962

Can anyone explain some of the avg payment schedules available through the different options?

Thanks in advance.

There are several compensation options that exist in each of the channels you listed above. As an independent agent, your compensation varies from carrier to carrier as well as by product. Average first year compensation can range anywhere from 75% to 110% of first year premium. There are also renewals on permanent product sales that can range anywhere from 1-3.5% of the annual premium. Most general agencies, including ours pays our agents based on their production history with us, as well as with other brokerage firms they have done business with in the past.

As a career agent you receive a salary plus a percentage of commissions earn. Some career agents will not receive a salary which in-turn allows them to earn a higher percentage of the available commission on a sale. As a career agent you could expect to earn 50-80% of first year available commission. Renewals will also range in the 1-3.5% range.

Hope this helps.