How does your income work as a Legacy agent?
What does it mean to be a 1099 contractor, 100% commission sales professional?
You have uncapped income potential. Make $80,000 per year or $400,000 per year. It’s up to you. The individualization of financial returns attracts people who believe they have the focus, circumstances, and talent to excel at what they do.
Your income, often called compensation, works differently from a wage or salary. It can also be hard to predict at the outset. Let’s break it down.
You are paid three ways.
1. Commission: You earn an initial commission when the insurance company issues an insurance policy you sold. We sell a wide range of insurance types that pay differently. They can be put in two baskets in terms of when and how much you’re paid.
Basket 1: Health & Medicare plans, final expense, dental, and similar sales pay a commission of $100 - $2,000 with a median of about $450. The insurance company must review and approve the application and your pay processed through commission accounting. This takes an average of three weeks.
Note that one particular product line, called Medicare Advantage, sales are an exception to this timeline during the last three months of the calendar year when many of these sales commissions do not pay until January.
Basket 2: Larger life and annuity sales pay $1,000 - $20,000+ with the median about $7,000. These are large, important financial decisions by the client, and require multiple appointments in addition to financial institutions cooperating. While they can sometimes commission in a few weeks, more often these cases take four to ten weeks.
2. Renewals: This income is often called residuals or passive income. After the first year of the insurance policy you sold, the insurance company pays you an additional commission each month. This continues for any number of years while your client keeps the policy you sold them. This can range from a few dollars per month to a couple hundred, with the median being about $25. As you gather more clients each year, your renewal income becomes a growing base, creating a reliable income stream for years to come.
3. Bonuses: Earn cash bonuses – on top of commissions – from sales incentive campaigns. Paid vacations around the globe are also a common, and incredibly fun, incentive pay.
Expectations In The First Year
The most difficult part of the career is the beginning as you ramp up your income. Recall that commissions take several weeks to end up in your bank account as follow up appointments, underwriting, funding, and commission processing complete. In your first couple months you are working hard to learn products, complete certifications, hone skills, and produce appointments. It is a very busy time with a lot of input compared to financial output.
In addition, you are splitting some of your sales compensation with a mentor on joint appointments. On one hand, your mentor’s training is invaluable. They will also close sales you did not even see. On the other hand, the split commissions reduce your income in the first couple months.
You may have to make up the difference in your cost of living with savings or spousal income in the early months or for a low commission month during the first year.
Here are some different agent monthly gross income results in their first and third years.
1st Year Compensation
Agent A = $107,378
Agent B = $75,445
Agent C = $51,480
3rd Year Compensation
Agent A = $167,338
Agent B = $120,945
Agent C = $73,604
3rd Year Renewals
Agent A = $49,949
Agent B = $38,317
Agent C = $24,701
Agents’ A, B, and C are composite averages of agent performance groups. Agents average 40-50 hour weeks and four weeks off in their first couple years. Our career rewards greater input with greater leverage. Beyond year three leverage comes from significant skill and reputation. Your hours become incredibly valuable.
You can see that renewals grow into a reliable base income. This turns what is traditionally a higher risk job – commission sales – into a financially secure career. Within three to four years, our agents become more financially secure as independent 1099 financial professionals than any W-2 employee.
How does your income work as a Legacy agent?
What does it mean to be a 1099 contractor, 100% commission sales professional?
You have uncapped income potential. Make $80,000 per year or $400,000 per year. It’s up to you. The individualization of financial returns attracts people who believe they have the focus, circumstances, and talent to excel at what they do.
Your income, often called compensation, works differently from a wage or salary. It can also be hard to predict at the outset. Let’s break it down.
You are paid three ways.
1. Commission: You earn an initial commission when the insurance company issues an insurance policy you sold. We sell a wide range of insurance types that pay differently. They can be put in two baskets in terms of when and how much you’re paid.
Basket 1: Health & Medicare plans, final expense, dental, and similar sales pay a commission of $100 - $2,000 with a median of about $450. The insurance company must review and approve the application and your pay processed through commission accounting. This takes an average of three weeks.
Note that one particular product line, called Medicare Advantage, sales are an exception to this timeline during the last three months of the calendar year when many of these sales commissions do not pay until January.
Basket 2: Larger life and annuity sales pay $1,000 - $20,000+ with the median about $7,000. These are large, important financial decisions by the client, and require multiple appointments in addition to financial institutions cooperating. While they can sometimes commission in a few weeks, more often these cases take four to ten weeks.
2. Renewals: This income is often called residuals or passive income. After the first year of the insurance policy you sold, the insurance company pays you an additional commission each month. This continues for any number of years while your client keeps the policy you sold them. This can range from a few dollars per month to a couple hundred, with the median being about $25. As you gather more clients each year, your renewal income becomes a growing base, creating a reliable income stream for years to come.
3. Bonuses: Earn cash bonuses – on top of commissions – from sales incentive campaigns. Paid vacations around the globe are also a common, and incredibly fun, incentive pay.
Expectations In The First Year
The most difficult part of the career is the beginning as you ramp up your income. Recall that commissions take several weeks to end up in your bank account as follow up appointments, underwriting, funding, and commission processing complete. In your first couple months you are working hard to learn products, complete certifications, hone skills, and produce appointments. It is a very busy time with a lot of input compared to financial output.
In addition, you are splitting some of your sales compensation with a mentor on joint appointments. On one hand, your mentor’s training is invaluable. They will also close sales you did not even see. On the other hand, the split commissions reduce your income in the first couple months.
You may have to make up the difference in your cost of living with savings or spousal income in the early months or for a low commission month during the first year.
Here are some different agent monthly gross income results in their first and third years.
1st Year Compensation
Agent A = $107,378
Agent B = $75,445
Agent C = $51,480
3rd Year Compensation
Agent A = $167,338
Agent B = $120,945
Agent C = $73,604
3rd Year Renewals
Agent A = $49,949
Agent B = $38,317
Agent C = $24,701
Agents’ A, B, and C are composite averages of agent performance groups. Agents average 40-50 hour weeks and four weeks off in their first couple years. Our career rewards greater input with greater leverage. Beyond year three leverage comes from significant skill and reputation. Your hours become incredibly valuable.
You can see that renewals grow into a reliable base income. This turns what is traditionally a higher risk job – commission sales – into a financially secure career. Within three to four years, our agents become more financially secure as independent 1099 financial professionals than any W-2 employee.
How does
your income work
as a Legacy agent?
What does it mean to be a 1099 contractor, 100% commission sales professional?
You have uncapped income potential. Make $80,000 per year or $400,000 per year. It’s up to you. The individualization of financial returns attracts people who believe they have the focus, circumstances, and talent to excel at what they do.
Your income, often called compensation, works differently from a wage or salary. It can also be hard to predict at the outset. Let’s break it down.
You are paid three ways.
1. Commission: You earn an initial commission when the insurance company issues an insurance policy you sold. We sell a wide range of insurance types that pay differently. They can be put in two baskets in terms of when and how much you’re paid.
Basket 1: Health & Medicare plans, final expense, dental, and similar sales pay a commission of $100 - $2,000 with a median of about $450. The insurance company must review and approve the application and your pay processed through commission accounting. This takes an average of three weeks.
Note that one particular product line, called Medicare Advantage, sales are an exception to this timeline during the last three months of the calendar year when many of these sales commissions do not pay until January.
Basket 2: Larger life and annuity sales pay $1,000 - $20,000+ with the median about $7,000. These are large, important financial decisions by the client, and require multiple appointments in addition to financial institutions cooperating. While they can sometimes commission in a few weeks, more often these cases take four to ten weeks.
2. Renewals: This income is often called residuals or passive income. After the first year of the insurance policy you sold, the insurance company pays you an additional commission each month. This continues for any number of years while your client keeps the policy you sold them. This can range from a few dollars per month to a couple hundred, with the median being about $25. As you gather more clients each year, your renewal income becomes a growing base, creating a reliable income stream for years to come.
3. Bonuses: Earn cash bonuses – on top of commissions – from sales incentive campaigns. Paid vacations around the globe are also a common, and incredibly fun, incentive pay.
Expectations In The First Year
The most difficult part of the career is the beginning as you ramp up your income. Recall that commissions take several weeks to end up in your bank account as follow up appointments, underwriting, funding, and commission processing complete. In your first couple months you are working hard to learn products, complete certifications, hone skills, and produce appointments. It is a very busy time with a lot of input compared to financial output.
In addition, you are splitting some of your sales compensation with a mentor on joint appointments. On one hand, your mentor’s training is invaluable. They will also close sales you did not even see. On the other hand, the split commissions reduce your income in the first couple months.
You may have to make up the difference in your cost of living with savings or spousal income in the early months or for a low commission month during the first year.
Here are some different agent monthly gross income results in their first and third years.
1st Year Compensation
Agent A = $107,378
Agent B = $75,445
Agent C = $51,480
3rd Year Compensation
Agent A = $167,338
Agent B = $120,945
Agent C = $73,604
3rd Year Renewals
Agent A = $49,949
Agent B = $38,317
Agent C = $24,701
Agents’ A, B, and C are composite averages of agent performance groups. Agents average 40-50 hour weeks and four weeks off in their first couple years. Our career rewards greater input with greater leverage. Beyond year three leverage comes from significant skill and reputation. Your hours become incredibly valuable.
You can see that renewals grow into a reliable base income. This turns what is traditionally a higher risk job – commission sales – into a financially secure career. Within three to four years, our agents become more financially secure as independent 1099 financial professionals than any W-2 employee.
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Last updated October 31, 2024
Website Disclaimer: The information provided by Legacy Insurance and Financial Services https://careers.becauseweprotect.com . This site is for general informational purposes only. All information on the Site is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the Site. UNDER NO CIRCUMSTANCES SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK. EXTERNAL LINKS DISCLAIMER: The Site may contain (or you may be sent through the site links to other websites or content belonging to or originating from third parties or links to websites and features in banners or other advertising. Such external links are not investigated, monitored, or checked for accuracy, adequacy, validity, reliability, availability, or completeness by us. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES LINKED THROUGH THE SITE OR ANY WEBSITE OR FEATURE LINKED IN ANY BANNER OR OTHER ADVERTISING. WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. PROFESSIONAL DISCLAIMER: The Site cannot and does not contain health insurance including Medicare & retirement planning recruiting agency advice. The health insurance including Medicare & retirement planning recruiting agency information is provided for general informational and educational purposes only and is not a substitute for professional advice. Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of health insurance including Medicare & retirement planning recruiting agency advice. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED ON THE SITE IS SOLELY AT YOUR OWN RISK. TESTIMONIALS DISCLAIMER: The Site may contain testimonials by users of our products and/or services. These testimonials reflect the real-life experiences and opinions of such users. However, the experiences are personal to those particular users and may not necessarily be representative of all users of our products and/or services. We do not claim, and you should not assume, that all users will have the same experiences. YOUR INDIVIDUAL RESULTS MAY VARY. The testimonials on the Site are submitted in various forms such as text, audio, and/or video, and are reviewed by us before being posted. They appear on the Site verbatim as given by the users, except for the correction of grammar or typing errors. Some testimonials may have been shortened for the sake of brevity where the full testimonial contained extraneous information not relevant to the general public. The views and opinions contained in the testimonials belong solely to the individual user and do not reflect our views and opinions. We are not affiliated with users who provide testimonials, and users are not paid or otherwise compensated for their testimonials. The testimonials on the Site are not intended, nor should they be construed, as claims that our products and/or services can be used to diagnose, treat, mitigate, cure, prevent, or otherwise be used for any disease or medical condition. No testimonials have been clinically proven or evaluated.
View Our Socials
Disclaimers
Last updated October 31, 2024
Website Disclaimer: The information provided by Legacy Insurance and Financial Services https://careers.becauseweprotect.com . This site is for general informational purposes only. All information on the Site is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the Site. UNDER NO CIRCUMSTANCES SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK. EXTERNAL LINKS DISCLAIMER: The Site may contain (or you may be sent through the site links to other websites or content belonging to or originating from third parties or links to websites and features in banners or other advertising. Such external links are not investigated, monitored, or checked for accuracy, adequacy, validity, reliability, availability, or completeness by us. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES LINKED THROUGH THE SITE OR ANY WEBSITE OR FEATURE LINKED IN ANY BANNER OR OTHER ADVERTISING. WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. PROFESSIONAL DISCLAIMER: The Site cannot and does not contain health insurance including Medicare & retirement planning recruiting agency advice. The health insurance including Medicare & retirement planning recruiting agency information is provided for general informational and educational purposes only and is not a substitute for professional advice. Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of health insurance including Medicare & retirement planning recruiting agency advice. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED ON THE SITE IS SOLELY AT YOUR OWN RISK. TESTIMONIALS DISCLAIMER: The Site may contain testimonials by users of our products and/or services. These testimonials reflect the real-life experiences and opinions of such users. However, the experiences are personal to those particular users and may not necessarily be representative of all users of our products and/or services. We do not claim, and you should not assume, that all users will have the same experiences. YOUR INDIVIDUAL RESULTS MAY VARY. The testimonials on the Site are submitted in various forms such as text, audio, and/or video, and are reviewed by us before being posted. They appear on the Site verbatim as given by the users, except for the correction of grammar or typing errors. Some testimonials may have been shortened for the sake of brevity where the full testimonial contained extraneous information not relevant to the general public. The views and opinions contained in the testimonials belong solely to the individual user and do not reflect our views and opinions. We are not affiliated with users who provide testimonials, and users are not paid or otherwise compensated for their testimonials. The testimonials on the Site are not intended, nor should they be construed, as claims that our products and/or services can be used to diagnose, treat, mitigate, cure, prevent, or otherwise be used for any disease or medical condition. No testimonials have been clinically proven or evaluated.