… life insurance life insurance sales can add up to passive income as once you sell a policy you continue to earn a commission on …
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IN THIS EPISODE, THE ANNUITY MAN AND BILL BLACK DISCUSS: Who needs long-term care? Transferring wealth to your heirs tax-free Maximizing your death What good insurance companies do KEY TAKEAWAYS: If you live long enough where you aren’t able to feed, bathe, transport, or dress yourself anymore, you’re going to wish you had long-term care set in place. Long-term care benefit is tax-free, and so is the death benefit. You can set it up so that if you don’t spend the benefit or only spend some of it, the rest will go to your beneficiaries or heirs. Even if you don’t use it, your heirs will still benefit from it. Death is a one-time strategy, so maximize it. Get insurance so that when you go, you’ll cover your heirs with a tax-free transfer of wealth instead of leaving them a financial burden. Good insurance companies don’t take any money until they are ready to offer their policy to you. That way, there wouldn’t be any burden or pressure on the client. You’ll only pay whenever you decide you’re happy with the contract. "The percentage of the people that are going to need long term care is somewhere around 60-70%... long term care [is] you can't do two out of the six activities of daily living, you can't feed yourself, you can't bathe yourself, you can't transport yourself, you can't dress yourself." — Bill Black CONNECT WITH BILL BLACK:Website: http://www.whbco.com/LinkedIn: https://www.linkedin.com/in/whblack/ LISTEN ON ALL YOUR FAVORITE PODCAST PLATFORMS: Libsyn: https://directory.libsyn.com/shows/view/id/theannuityman Stitcher: https://www.stitcher.com/podcast/niceguysonbusiness/the-annuity-man-podcast#/ Apple: https://podcasts.apple.com/us/podcast/fun-with-annuities-the-annuity-man-podcast/id1482993601 Google: https://podcasts.google.com/feed/aHR0cHM6Ly90aGVhbm51aXR5bWFuLmxpYnN5bi5jb20vcnNz?sa=X&ved=0CAMQ27cFahcKEwjgu6j7suzrAhUAAAAAHQAAAAAQAQ Amazon: https://music.amazon.com/podcasts/11fec7ab-59ab-402f-94c7-93860e1694ae/Fun-with-Annuities-The-Annuity-Man-Podcast Spotify: https://open.spotify.com/show/26y3c7vXgnhfmErLRP3zuM CONNECT WITH STAN Call Stan The Annuity Man: 800-509-6473 Website: http://theannuityman.com/ Email: Stan@TheAnnuityMan.com Facebook: https://www.facebook.com/stantheannuityman/ Twitter: https://twitter.com/StanAnnuityMan TikTok: https://www.tiktok.com/@theannuityman Instagram: https://www.instagram.com/theannuityman/Use the Calculators - https://www.stantheannuityman.com/annuity-calculator/Get The Annuity Man's Books - https://www.stantheannuityman.com/how-do-annuities-workSchedule a time to talk to Stan - https://www.stantheannuityman.com/book-a-call/FUN WITH ANNUITIES (r)
How much commission do insurance agents make?Curious what percent of your premium goes toward your insurance agent's commission? You're not the only one.Every traditional type of agent, captive or independent, relies on commissions as their primary source of income. There are two types of commissions agents receive: first-year commissions and renewal commissions.First-year commissionsFirst-year commissions are paid to the agent every time you make a premium payment during the first twelve months of the policy being in force. The commission percentage an agent earns differs by product. Property and casualty products, like auto and homeowner’s insurance, typically pay an agent first-year commissions between 5% and 20%.Life insurance and disability insurance products can pay agents anywhere from 50% to 100%, depending upon the insurance company and whether or not the agent is captive or independent.For example, let’s say you buy a whole life insurance policy from Mary, a captive agent, with an annual premium of $1,000. A standard captive agent contract will typically pay the agent a 50% first-year commission; so, Mary would earn $500 from this sale.But, if you bought the same policy from an independent agent, they could earn as much as the total $1,000 first-year premium you paid. Why such a difference in pay? Remember, the captive agent is also getting benefits, office space, bonuses, etc., while the independent agent pays all of their own expenses.Renewal commissionsRenewal commissions are paid to agents after the first year and will also vary by product and the type of contract an agent has. Using our example above, the renewal commission for a life insurance policy sold by a captive agent is typically 3% to 4% of the annual premium, which would pay Mary renewal commissions of $30 to $40 per year on your policy.That may not seem like a lot of money, but many agents who have steadily built a client base over a period of years earn substantial incomes just from their renewal income, which can continue for years after an agent stops actively soliciting new business.
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Domestic airlines struggle to pay insurance premium –NAICOMNigerian airline operators are finding it extremely difficult to pay the premium on their assets such as aircraft and others, the Director, Policy and Regulations, Nigerian Insurance Commission, Leo Akah, has said.He said any carriers were breaking the insurance premium into bits with some opting to do so monthly, some quarterly and others in pieces.Akah disclosed this while speaking on the sidelines of a two-day aviation, cargo, and export conference in Lagos.The NAICOM director stated that insurance premium was often raised any time there was a plane crash.He noted that though aviation risks were low, they were high in severity and required strict legal framework and regulatory principles in the insurance sector.He said, “Our law says no premium no cover and if you don’t pay, you are on your own. You can’t fly if you don’t have insurance. This is an issue. Even accessing foreign exchange to pay your insurance overseas is among the challenges in the sector. The insurance company won’t collect naira from you.“It is not optional for you not to have insurance as an airline operator. If you don’t insure your liabilities for example, you cannot fly. We liaise with the Nigerian Civil Aviation Authority to ensure that whatever paper is submitted to them at NCAA is an evidence that you have insurance so that they can allow you to fly.”The huge insurance premium in the aviation sector is impacting on the cost of operations of airlines, which are transferred to consumers.However, despite Nigeria’s low air crashes, insurance firms, especially those based overseas, charge the country’s airline operators high insurance premiums, a situation which has been attributed to the bad rating of the continent’s airlines in terms of safetyThe National Insurance Commission has sought the support of Kaduna State Government on implementation of the compulsory insurance policies in the country’s statutory laws.The Head, Corporate Communications and Market Development, National Insurance Commission, Alhaji Abdulrasaaq Abdulsalami, said this during the sensitisation programme for top government functionaries, Khadis and Ulamas In Katsina State.In a speech obtained by our correspondent, he said the Insurance Act 2003 and other relevant laws of the country made provisions for certain insurances to be compulsory for the protection of innocent third parties who might fall victims to unforeseen occurrences such as road accidents, building collapse, fire and accidents in public buildings, among other losses.Abdulsalami said the compulsory insurances included: “Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; All buildings under construction that are more than two floors; All public buildings including schools, offices, hotels, hospitals, shopping malls and others; Professional indemnity for all medical practitioners and hospitals; Group life insurance cover by employers for employees where there are more than three persons; and annuity for retirees as provided under the Pension Reform Act 2014.”He noted that NAICOM was seeking the support of the state executive council with respect to domesticating the compulsory insurances.
Many of you have heard of term life insurance; in this video, we break down what it is, how it works, and why it is the best investment you can make as a young family.When it comes to life insurance, there are two buckets of insurance. There is a permanent bucket, including whole life, universal life, index universal life, and variable universal life, and each should have its own video. Today we will dive into term life insurance, where you choose how long you will need a death benefit.There are a few reasons term insurance is best for young families, the first being the affordability factor. Term insurance is cheap when you are young and healthy and gets much, much more expensive as you age. In fact, for clients over 60, a term is more expensive than a permanent one at this point. Most people are blown away at how affordable life insurance is for its value.The second benefit is leverage. No other vehicle can do what a term life insurance can do. Let's say your neighbor Bob purchased a 1 million dollar policy last month. On his way home, the worst imaginable thing happened. Bob was killed in an accident upon impact. Bob paid $50 last month, and that $50 just bought his family a 1 million dollar tax-free benefit. Where else can $50 turn into 1,00,000?The other benefit of a term life insurance policy is the convertibility feature. You can purchase a term for 20 years for a million dollars, then 20 years later, you may not need that much, kids are grown, assets paid, but you would like to have some permanent coverage no matter when you die. You can convert up to 1 million into permanent with the same rating.If you would like to know more about life insurance or find a life insurance professional near you, please visit our website at www.icainsurance.com.0:00 - Introduction Permanent 0:38 Term Life is Ideal for Young Families1:21 - Price comparison for term life insurance for a 30-year-old vs. a 50-year-old 2:27 - Term Life insurance can provide you with leverage3:23 - Convertibility factor for your term life insurance policyVisit our website to learn more about Insurance Centers of America, Inc. and how we can skyrocket your independent insurance business into a Multi-Million Dollar Book! 👇👇👇👇👇👇Insurance Professionals looking to become an Insurance Producer:Insurance Centers of America, Inc.https://icainsuranceagents.com or call Jamie at: 719-528-5400 ext: 140Insurance Professionals looking for Insurance Education courses:ICA Insurance Educationhttps://icainsuranceeducation.com or call Barb at: 719-528-5400 ext: 123Insurance Professionals looking to join an Insurance Network:ICA Agency Alliance, Inc.https://icaagencyalliance.com or call Blaine at: 719-528-5400 ext: 121*********************************************************** Are you interested in joining one of the most extensive insurance groups in the nation? INSURANCE CENTERS OF AMERICA, INC. is advancing Insurance Professionals by helping them solve some of the most significant pain points within the insurance industry. ICA provides a multitude of assistance to Producers, starting with our proprietary Turnkey Lead Generation Program for commercial insurance. In addition to our lead generation program, we have access to most top national insurance carriers, beginner to advanced personal and commercial lines education, sales training, our in-house marketing department, support staffing if needed, very high commissions, and profit-sharing. 👇👇👇👇👇👇You are watching “Advancing Insurance Professionals,” produced by Insurance Centers of America, Inc. - where you will learn how to build a Multi-Million Dollar Book of Business.#lifeinsurance #termlifeinsurance #termlife