Commission Rates Overall Hold Steady Over The Last 5 Years
Since Eastbridge's 2009 and 2012 surveys, commissions have stayed consistent, and only a few voluntary products in the most recent survey have changed rates, the company reported
Commissions for universal life, accident and critical illness, for example, have increased slightly, while rates for dental and hospital indemnity/supplemental medical products are down somewhat.
The 2014
Among the report findings:
-Most carriers offer multiple commission schedules generally based on product or enrollment type and sales volume.
-Few carriers offer any incentives for using electronic enrollment.
-The majority of carriers offer a bonus program for their brokers/ producers, most often ones for new sales and persistency.
Some of the specific topics covered in the report include:
-Commission schedules, by product line and by company, for worksite business
-Enrollment costs and impact on commissions paid for different enrollment types
-Commission rates for takeover cases
-Approach to handling vesting and Broker of Record letters
-Advance practices including eligibility, timing and recapture procedures
-Bonuses and other types of compensation offered
-Payment procedures (i.e., types, minimum requirements, etc.)
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Copyright: | (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |
Source: | Proquest LLC |
Wordcount: | 227 |
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