Can someone explain how selling life insurance, annuities, etc. works?
Posted on July 12th, 2008 in Annuity Insurance
sircharlesthepimp asked:
I’m just wondering how people get paid for selling insurance to companies? I know they get a commission or price per head, but do they get a certain amount every month, every year, lump sum, or what?
I’m just wondering how people get paid for selling insurance to companies? I know they get a commission or price per head, but do they get a certain amount every month, every year, lump sum, or what?
I’m heavily debating going for my PL 2-15 and Series 6 here in Florida, but want to know EXACTLY how things work before I start studying.
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July 13th, 2008
as far as insurance is concerned:
1. term and universal life insuarnce: you get a one-time commission for selling the policy based on the annual premium your client pays. for example, if your client pays a total of $1000 a year for that insurance, you will get a percentage of that annual premium. you get paid only once.
2. variable universal life: you get paid like how you would with mutual funds. a percentage of your client’s monthly contribution to the insurance’s funds they invest in will be paid to you.
3. variable annuities: you get paid both what #1 & 2 gets.
overall, any annuity and vul will pay you something in that fashion. every company pays differently with different %’s.
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