Insurance Agent Forum

[Zimbo1980]

I have a friend of mine who is contracted with a company that doesnt sell life policies above $100K. He wants to refer his leads he gets from his phone dialer who want more than $100K over to me. What is the going rate to split commisions with him for the leads he refers to me?

[VolAgent]

Originally Posted by Zimbo1980

I have a friend of mine who is contracted with a company that doesnt sell life policies above $100K. He wants to refer his leads he gets from his phone dialer who want more than $100K over to me. What is the going rate to split commisions with him for the leads he refers to me?

The real question is, what in the world is he doing with this company?!? Unless he is doing only WL, FE or graded benefit, he must be starving unless he is doing a ton of sales.

But seriously, when I send a guy individual health he gives me 20% of the FYC, seems fair.

[dgoldenz]

If it's a big case (let's say $4k+ premium), we usually split 50/50 with the referring agent. Some people think 25% is enough, but you tend to get more referrals with the 50/50 split.....50% is pretty solid for not doing any real work.

[insuranceexec]

Originally Posted by dgoldenz

If it's a big case (let's say $4k+ premium), we usually split 50/50 with the referring agent. Some people think 25% is enough, but you tend to get more referrals with the 50/50 split.....50% is pretty solid for not doing any real work.

That is very fair, dgoldenz. You should get a ton of referrals with that kind of offer.

[Zimbo1980]

Guru, 50/50, but I am the one who calls and meets the clients, make the sell and do all the paperwork and answer all the questions, then on top face chargebacks and paying taxes.

[insuranceexec]

Originally Posted by Zimbo1980

Guru, 50/50, but I am the one who calls and meets the clients, make the sell and do all the paperwork and answer all the questions, then on top face chargebacks and paying taxes.

Send a 1099 to the agent that you split the commission with; this will solve the tax problem.

Make sure that you do not write people who are going to die within the first year, and have the money to pay the premiums; this solves the chargeback problem.

Geeeeeeeez, what other complaints do you have?

[annuityseller]

Also look at all the other "stuff" you could sell at 100% commission
CI,DI, money under management,annuities, give him 50% all day long!!!!!!!!!

[brookfieldpartners]

The following has been my case splitting policy, what each person does and what they get:

20% - Lead

20% - Case Opening and Interview

20% - Computer Work (illustration/case design)

20% - Closing

20% - Ongoing Service Work

I got this from someone years ago, and I abide to it. I find it helpful. Let me know any questions.

[VolAgent]

I believe that is the MDRT split. If so, you can't go wrong using it.

Originally Posted by brookfieldpartners

The following has been my case splitting policy, what each person does and what they get:

20% - Lead

20% - Case Opening and Interview

20% - Computer Work (illustration/case design)

20% - Closing

20% - Ongoing Service Work

I got this from someone years ago, and I abide to it. I find it helpful. Let me know any questions.

[insuranceexec]

Originally Posted by brookfieldpartners

The following has been my case splitting policy, what each person does and what they get:

20% - Lead

20% - Case Opening and Interview

20% - Computer Work (illustration/case design)

20% - Closing

20% - Ongoing Service Work

I got this from someone years ago, and I abide to it. I find it helpful. Let me know any questions.

Even more reason as to why the offer that dgoldenz gives is very good.

By your showing you would give an agent 20% for a lead.