How Do I Explain How Insurance Agents Get Paid If The Client Asks?

How Do I Explain How Insurance Agents Get Paid If The Client Asks?

How do I explain how I get paid if the client asks?

First of all, let me say… When you do a proper insurance fact find. And you help people to solve a problem! You will not get asked this question. But on occasion, you may get pushed down the rabbit hole. And you may have to answer… How are insurance agents paid?

So, my question to you is how do you answer “How are insurance agents paid?” If you are asked?

We want to hear from you!  Comment your response below!

This is your chance to share your knowledge!

How Do Insurance Agents Get Paid?

Here is my best answer to how insurance agents get paid!

Stockbrokers, investment houses, banks, etc. all collect an upfront fee out of the client’s money.  So only a part of the money a client invests will actually go to work for them.

Then, each year Stockbrokers, investment houses, banks, etc. collect an annual fee from the client’s money!

However, with most life insurance and annuity products, there is no upfront fee. So all of the client’s money actually goes to work for them.

And then there are no annual fees taken from the client’s money!

Insurance agents get paid by the companies they represent. Not from the client’s money!

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1 Comment on “How Do I Explain How Insurance Agents Get Paid If The Client Asks?

  1. “First, if the solution I come back with doesn’t fit your situation exactly right – if it’s way off the mark from what you want and need… then there is no cost to you at all.

    Second, I am paid very well for what I do and I’m proud of the work I do with my clients. Because I am paid very well by the solutions I sell, I don’t have to charge planning fees up front. If I had to do that, the people I normally work with… wouldn’t pay the fees I would charge for the value I bring. I’ve seen other consultants charge fees anywhere from $300 to $10,000 for similar work.

    If we’re talking about a life insurance solution (which you told me you’re interested in seeing for your situation), I am paid based on the death benefits we determined you needed and how long that death benefit is secured.

    If I sell a $100,000 10-year policy, I earn a certain amount. If I sell a $1 million 20-year policy, I earn a larger amount. If I sell a $500,000 cash value policy, I earn an even larger amount, because I am paid based on how long the policy is expected to remain in-force at the time it is delivered. If I do a combination of cash value and term, then I get a combination of compensation.

    For today’s annuities, that marketplace is very crowded, so to attract agents to offer them, compensation may be enhanced. However, I still look for various things to ensure they are the most appropriate for my clients. I am paid on annuities based on the types and purpose of each kind of annuity contract. The longer the money is promised to the insurance company, the higher my compensation. The shorter the money is to be with them – such as immediate annuities, the lower the compensation. It just depends on the mix of contracts to determine the right structure for your particular situation.

    That may have been a far longer explanation, but a higher level of professionalism needs to be explained than just saying “I get a 100% commission” or whatever. Demonstrate your due diligence and professionalism and the various components that factor into your compensation that shows how you earn and deserve it.

    Just my thoughts.”

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