gregorygarver.com

drewxjacobs · Joined: 27 Apr 2005 Posts: 6

Just wondering....Im starting a new job for ALLSTATE, and also as a mortgage broker!I know how the mortgage part of it works, but how do insurance agents get paid?How much should you expect? I know that it depends on how many clients you have, so lets just just that I had 10 new clients.....what do think I would make on average?

LainieL3434 · Joined: 23 Oct 2004 Posts: 6

They get paid commission on the policies they sell. If your ten new clients each have one house and one car, the car insurance probably will average $1,000 a year, and the house $800 a year (depending on where you are), so that's $100 commission on the car, and $120 commission on the house. So you're talking about $2200 a month, if you can sign up one new person every other day during the week.

JimH · Joined: 29 May 2007 Posts: 2

Insurance agents are compensated by a percentage of the premiums they write with the company. Depending upon the type of insurance that percentage can be anywhere between 7 and 20%. You won't be making a living on 10 clients. In property and casualty you receive commissions on new business as well as renewals. Life insurance is quite different in that you can make from 40 to 90% on the first year premium and 0 to perhaps 2% on renewal premiums.

RoXaNnA · Joined: 10 Oct 2004 Posts: 6

Insurance agents, depending on which company they work for, will get income from several ways.1. Base salary (applies to some companies)2. Commissions (applies to most companies) - this is income from the sale of insurance plans. The more you sell, the more you get paid. Commissions are a percentage of the premium that the client pays for their insurance plans. The percentage you get will vary from one company to another, and will vary from one level to another (i.e., the higher up you go, the more percentage you get).3. Residual/Renewal income (applies to most insurance companies) - this is income from insurance plans that you sold long time ago (1 or more years ago) that are still on the books, and the client is still paying.4. Overrides (applies to some companies) - this is income from the agents you manage, i.e., you are the broker or sales manager and you have several agents working under you. You get a portion of the commissions ('a cut') that your agents make. If you are a regional manager or vice president or president of the insurance company, you get multiple overrides from the sales teams working under you.As for how much you should expect, it depends on how much you're willing to work, and how many sales you make, and how much your company pays on base salary and/or commissions. It all depends. I don't work for Allstate, so I don't know. But for starters, it's not much (can't live on it), but it all depends on how motivated you are, because you can go up the income ladder pretty fast if you sell a lot.

nobsmortgagesolutions · Joined: 22 Jul 2006 Posts: 6

Commissions. It is a percentage of the premiums, so you get more for selling an expensive policy and less for selling an inexpensive policy. It is not directly based on the number of clients.

relevant_inquiry · Joined: 08 Dec 2006 Posts: 3

hey nicole, it seems u are quite excited bout ur new job. right. well dont wry. how do an insurance agent make money? though its a question which a professional will hesitate to anser to a client but as u are already in system i will let u know.an agent sells insurance policy and the client buys it by paying certain amount(premium). this premium is calculated as his/her business or turnover. on this turnover the company pays some percentage to the agent. suppose the client pays $ 50000 to get a policy. according to company's norm it will pay certain percentage of this premium to the agent. this percentage varies from company to company and plan to plan.got it. so keep selling.