What type of income can you cause selling commercial group insurance?
I am considering a career change into commercial insurance sale. I am wondering what the job is like and how powerfully it pays.
Answers:
It pays commission - so if you don't sell, you don't make anything.
New agents, in good health, 95% wash out. They can't make $1,000 over six months. The other 5%, they probably average going on for $50,000 the first year. But it's HARD work, and lots of hours.
Consider this: On average only 15% of new agents fashion it to 5 years in the business.
I'm not sure what you mean by "commercial group", unless you stingy group health insurance. If that's what you mean, consider this.
If you cause 10% commission, to make $50,000 the first year is to write, issue, and keep $500,000 within annualized premium.
If your average group is 15 employees. (most employers enrol 25 or less employees), and the average monthly rate per employee is $500, including the employee's and employer's cost-share, you would enjoy to write, issue and keep 66 cases the first year.
With good persistency, and you maintain writing the same every year, your pay will increase every year beside the renewal income.
Related Questions:
Answers:
It pays commission - so if you don't sell, you don't make anything.
New agents, in good health, 95% wash out. They can't make $1,000 over six months. The other 5%, they probably average going on for $50,000 the first year. But it's HARD work, and lots of hours.
Consider this: On average only 15% of new agents fashion it to 5 years in the business.
I'm not sure what you mean by "commercial group", unless you stingy group health insurance. If that's what you mean, consider this.
If you cause 10% commission, to make $50,000 the first year is to write, issue, and keep $500,000 within annualized premium.
If your average group is 15 employees. (most employers enrol 25 or less employees), and the average monthly rate per employee is $500, including the employee's and employer's cost-share, you would enjoy to write, issue and keep 66 cases the first year.
With good persistency, and you maintain writing the same every year, your pay will increase every year beside the renewal income.
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