Weekend Insurance Tip: Find Out How Much Commission Your Life Insurance Agent Makes
Saturday March 1, 2008
Hmmmm... why is your life insurance agent persistent in selling you a particular policy? Maybe because it is best for you, or just maybe it is best for your agent.
A life insurance agent's commission depends on factors such as the company's commission plan and how much life insurance the agent is selling. But, agents do make a substantial difference in commission on different plans, particularly term life insurance and cash-value life insurance policies (whole and universal life).
I have to disagree. Do you ask your doctor how much he makes by recommending you follow up with him?
If you don’t trust your insurance agent to do the right thing by you regardless of how much he/she makes, you shouldn’t do business with him/her. Period.
Amen Tim! Salespeople of ANYTHING work on some sort of incentive. Dishwashers, computers, cars. Except you don’t need a LICENSE to sell the things I mentioned. You do to sell insurance and financial products. And the company you represent expects integrity from their salespeople. Bobbie, that was an irresponsible comment and it isn’t helping consumers one bit. If someone dies and they had purchased insurance (either kind) and the surviving spouse/family have the funds to keep their home, pay final expenses, pay for education, etc. do you think that surviving spouse CARES how much the agent made?
Tim: The better question is “Should you?”, and the asnwer is “YES!”. I never get any nonemergency medical service without asking what it costs. I would never buy insurance without understanding how much of my dollar is buying me the protection I want and how much is going to line coffers of the agent and/or company.
Suzanne: Don’t think that a license means anything in terms of integrity. If they can make a sale they will. I work in the field and a lot of them are happy to get a client good and liquored up just to get them to sign papers. Moreover, if someone dies and they had all the insurance that they could afford, but didn’t get as much as they could or the wrong kind because the agent pushed something that the client didn’t need, do you know what happens then? The survivor LOSES THE HOUSE, and they damn well care then.
Your only telling on yourself. “They”, I guess you lump all insurance people in your 2×4 mind. I know many sales professionals in all fields that work with integrity. Shame on you.