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Additional Details
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MidnightEnigma | How much money "commission-wise" would an insurance broker make if I bought an $8 million dollar life policy? |
I am purchasing an $8million policy on my life through my insurance broker. I want to know how much he make monthly, yearly, or however the payments come?
Any idea? |
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Doing the Right Thing
|
Commission is base on how much premiums you pay annually.
life insurance agent only get paid once per sale. Premium is base on how old you are, how healthy you are, do you smoke?, do you have any medical disease or problems?, family medical history, your height, your weight, and finally, what kind of life product are you buying (does it has cash value or is it strictly term?)
Don't be surprise if he/she comes back to you to sell you another policy. |
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Matthew Z
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Midnight, as stated above, it really comes down to what type of product is being purchased. Term and Permanent Life products have varying % associated to the commission, as do the % of commissions paid for these products by different companies. I generally don't have a problem disclosing the amounts, as I also remind the client I receive no salary. Once the policy has been issued there should be some general info regarding the commissions paid to the agent, no exact numbers just that we do get a % of the premium dollar. |
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mkulda
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The underwriting on an $8-million policy is going to be extreme, so be prepared to subject yourself to some extraordinary scrutiny.
There will be medical exams and a whole host of other questions to ensure you aren't trying to do this to commit fraud.
Because of all the extra work involved, the commission on this type of policy is going to be quite high.
It will likely be in the low double digits.
Since you are buying such a high dollar policy why don't you just honestly and gently ask him what his cut is.
If you can afford the premiums on this policy, then you clearly can't be upset by what his cut is. |
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clintonwee
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why don't you ask the broker. since this is such a high level of cover, you must be in a fairly powerful position. If he does not want to tell you, take your business elsewhere. |
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Susan C
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Depending on the company he has you going through, and the type of policy. I make 60% on Universal and Whole Life, and 40% on Term of the Annual Premium. This is payable to the agent when you are approved and the policy is issued. I also make nice renewals every year you have the policy. Why would you ever need 8 million dollars worth of life insurance? Seems that you are overinsuring yourself quite a bit, and your broker is certainly not going to share this with you because of the commission. To issue this amount, you had better be in top notch health, with no meds, and they will do blood, urine, full medical records, and probably full physical. |
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mbrcatz
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Commission on a whole life insurance policy the first year is usually between 80% to 95% of the first year's premium.
Commission on a term life insurance policy is usually 50% - 60% of the first year's premium.
The face value is irrelevant - it's all about the premium.
For the second & subsequent years you have the policy, it's usually about 5%. Payments come once a year.
As you can see, it's in the agent's interest to "churn" the policies - or sell you a new/better/different policy every few years. |
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