insurancedoc
Expert
- 23
I am a new life agent. My only previous background in selling insurance was with selling several Final Expense policies.
I just have a question about Cash value whole life plans. My question is when the " Schedule of Compensation" for new agents for Whole Life Plans states say " 80 or 75 First Year Policy Commission", does the agent get the 80% or 75% 1st year commission monthly ? ( say the policy holder has $ 200 monthly premiums) So at $200 monthly, the agent would receive a check for $160 commission monthly for the first year???
Or is it a lump sum commission for the 1st year total premium amount?
Just trying to clarify since all I've ever done was FE which pretty much gave you a 6 or 9 month advance.
But not sure how commissions work for whole life plans ( or annuities)
Thanks in advance for your clarification.
I know it sounds so simple but rather get it right.
I just have a question about Cash value whole life plans. My question is when the " Schedule of Compensation" for new agents for Whole Life Plans states say " 80 or 75 First Year Policy Commission", does the agent get the 80% or 75% 1st year commission monthly ? ( say the policy holder has $ 200 monthly premiums) So at $200 monthly, the agent would receive a check for $160 commission monthly for the first year???
Or is it a lump sum commission for the 1st year total premium amount?
Just trying to clarify since all I've ever done was FE which pretty much gave you a 6 or 9 month advance.
But not sure how commissions work for whole life plans ( or annuities)
Thanks in advance for your clarification.
I know it sounds so simple but rather get it right.