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Additional Details
I called my ... |
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Additional Details
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result now | Does anyone know a insurance company I can work for that pays salary + commission? |
Additional Details
I'm in memphis,tn and had an interview with New york life Insurance, anyone famaliar with this firm. I'm wondering if they offer salary + commission. I asked during the interview, but the question was kind of passed off. I was told that I would learn more about and the money part in another interview, but I'm anxious to know. I've only done a few months of sales and it was commission only and I really didn't like it then, and now I have more responsibility and really can't afford to work completely off of commission, right now.
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Mahan
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I'm working in an independent brokerage and I'm getting salary + commission. I'm in California and from what I have experienced most independent brokerage will give you a base salary and commission for every new policies that you write. |
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steve s
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Many life insurance companies, in an effort to recruit new agents, understand that there's a time lag between the time you do the work, and the time you get paid. Normally what is arranged is a 'subsidized' commission structure that flows in one of two ways. 1. You have a decreasing guarantee paid to you each month for the first 3(?) years you are in the business. By the end of the third year, you are totally commission based, but it's expected that you will be producing at a rate that will exceed the monthly guarantee. 2. You have an 'advance' program whereby a portion of your earned commissions are withheld when earned against the 'guarantee' portion.
Both methods make certain that you don't starve until you are able to produce enough commissions to at least survive if not flourish in the business.
Generally, you have to study for and take a variety of licensing examinations, depending on the products you are expected to sell. In addition, there will be continuing education requirements in most states to preserve your license. Depending on the arrangements and types of contracts you sign with the insurance companies, as long as you are producing for the companies, they will pay your annual licensing fees. NY Life has a long tradition as a solid company, but you will need to look at the agency you will join to decide if it's right for you.
My experience has been that no matter how good the training program a company provides, you get your best training in the field. Don't be afraid to find a more senior agent to work with who can share his experiences with you. And don't be greedy. When I was in an agency in Pittsburgh, PA, I was told by one senior agent that I was the only person who ever paid him (shared commission) for his time, effort, and help. When I was forced to relocate away from my client, I was able to rest easy knowing that he would continue to have a good agent working for him. Contact me privately (click on my icon) if you want to know more. |
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ME
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What type of insurance are we talking here? I work for the Hartford and I make salary and comission. (personal insurance)
EDIT: I work in sales, and i make salary AND commission, so the below answer is wrong |
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ernesto_tig
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Since you're interviewing with NY Life, I'm guessing you have no experience selling insurance. If you did, an existing agency could pay you to maintain an existing book and give you commission on new business.
I'm not familiar with New York Life's agent structure. Most captive L&H, P&C companies (you can only sell for them) have some sort of payment structure to start you out:
You agree to a sales quota, they agree to pay a certain $$ per month maybe offset by commision. Over some period your subsidy goes away. After X number of months they either pay straight commision or commision + some agent stipent. The structure and terms vary, but the idea stays the same.
I call it the spagetti/wall structure. They throw you at the wall and see if you stick. Through experience they know 5-15% of agents will survive the first year, and after 3 years about 1 in twenty of the original agents will be around. If you don't survive, the business you worked for will go to a surviving agent. Tough life, good luck.
What is the best way to get your start as an insurance saleman? Ideally your Dad owns a successful well run agency and gives it to you. Otherwise a insurance sales contract is like sex in prison: What you get, you don't want. What you want, you don't get. |
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naaesweeden
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mbrcatz17's answer here may be unpopular but is absolutely correct. If you give up some of your commission for a salary you will make less money... a lot less. And if you continue to have little success selling, you won't have that long as they will not keep you as they will not let you stay if you don't hit your "goals".
With this business on commission only, you make exactly what you are worth.
I am near you in Little Rock and have an opportunity that is commission only. Before you blow it off though, check out what others are doing with it. You are welcome to join a conference call to ask questions of other agents, not just me. Look at the lead generation system. One of the leads I had had phone numbers that were no longer in service, the work number was no longer valid. I stopped by the home unannounced while I was in the area and had two applications when I left to protect that family. |
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mbrcatz
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A COMPANY will pay you "bonuses", which is different from commissions. An AGENCY will normally pay you EITHER salary, OR commissions - depending on what your job is. For straight sales guys, if you want SALARY, it will have to be your agency, or a family member, who is willing to pay you salary in addition to commission.
Sometimes, if you have a large book of business you can move over to them, you can get "continuning commissions" on that book, which ACTS as a type of salary.
But the BIG BUCKS are in sales, and they're straight commission. Salary trades the possibiltiy of big bucks, for the steadiness of regular income. The two are mostly incompatible. |
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