In this industry, commission amounts and bonuses are constantly changing. Please keep in mind that any/all of this information might be updated at anytime without notice. We have access to over 100+ carriers that offer thousands of policies across the country. Here is are most recent “incentive scope” which outlines some of the most common bonuses and commission rates for some of the most sold policies to give you an idea of what you can make.
What are the commission rates?
Every carrier and product pays different amounts. Most of the individual and family health insurance related plans will pay anywhere from 13% to 68% of first year annual premium. Life insurance products can pay anywhere from 60% to 110% of first year annual premium. Not all ACA carriers will pay, but the ones that do pay commissions will usually pay between $5 and $25 per member per month.
When do I get paid?
Some carriers pay commissions weekly and some carriers pay once a month.
How quickly can I get paid?
For carriers that pay weekly, you can receive your commission in as quick as two weeks or less after the sale. For carriers that pay once a month, you can get paid as soon as two months or less; depending on the timing for the sale.
Can I get an advance on commissions?
Yes. Some carriers will allow up to a 6 month advance and others offer a 3 month advance. In months 7+ (or 4+) you will receive a monthly commission for as long as the policy is active.
Do I earn renewal commissions?
Yes. You earn renewal commissions for as long as the policy is active. Some policies technically don’t have renewals since the policy is written for a new term at each renewal period, in these cases you keep getting paid as if its the first year.
How much can I make?
There is no limit. Being an independent agent, you are in control over how much you make and how much you work. Some agents are happy making $50,000/year, some are at $100,000/year, while others are $500,000+/year.
Are there bonuses in addition to commissions?
Yes. There are a variety of bonuses that you can earn on top of your commissions. There are weekly sales bonuses. Bonuses for brand new agents making sales for the first time. Some carriers will have bonuses for selling certain products. As you grow your business there are also partnership bonuses available for agents who qualify.