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How much cash commisson does a license insurance agent earn from the sell of one life insurance policy?
Wiki User
∙ 9y ago
Ever wonder how much a life insurance agent makes on your policy? Does an insurance agent receive a salary?
That's a dirty little secret the insurance industry doesn't want you to know, for fear it would kill the sale.
"If the public knew that my general agent gets 120 percent or that I get 85 percent of the first-year premium, that would be an eye-opener," admits one life agent, who spoke on condition of anonymity. We'll call her Anne.
Review quotes on life insurance from reputable insurers.
For example, let's say you purchased a whole, universal, variable life or term life policy from Anne and paid $1,000 in premiums the first year. Anne would receive a commission of $850 and her general agent, or GA, the person who solicits Anne's applications, would receive the remaining balance of $350, for 120 percent of your first-year premium. The insurer throws in the extra 20 percent.
Anne's commission is negotiated between her GA and the life insurance companies that underwrite the policies she sells. It is invariably based on a percentage of the first-year premium. If the customer cancels the policy in the first year, Anne must pay it back, or charge back, that amount to the insurance company. So no salary for these agents, most are paid commission.
She says most life insurance companies she works with give away the entire first-year premium and more in sales commission. It may seem substantial, but it amounts to pennies compared to what the insurer expects to receive in premiums for years to come.
Wiki User
∙ 9y ago
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Yes, your agent or the insurance company can provide with a copy of your insurance policy.
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