Medicare Supplement Commissions

Pct of Premium Comp Plan

The Pct of Premium comp plan is based on a percentage of the paid premium. Commission can be advanced for the first year, renewals or both. The advanced amount can also have a maximum commission cap. Typical products that pay a commission based on a percentage of premium are term life, disability, LTC, and voluntary benefits.

Sample Percentage of Premium Schedule
Begin Year
End Year
Commission Rate
Advanced Rate
Advanced Cap
1
1
90%
75%

2
5
20%


6
10
5%


11
Endless
2%





Add

  1. Go to the Main Menu.
  2. Click Comp Plans.
  3. Click ADD COMP PLAN.
  4. Name the plan.
  5. Type – select Pct of Premium.
  6. Carriers – select the carriers for the comp plan.
  7. End Year – select the ending year for the first time period. Select Endless if the commission continues forever.
  8. Commission % – enter the commission rate for the first commission period.
  9. Advanced Rate – if commissions are advanced, enter the percentage amount advanced. (9 months = 75%, 12 months = 100%). If commissions are paid as earned, leave this field blank.
  10. Advanced Cap – enter the dollar amount if there is a maximum amount that is annualized. If commissions are paid as earned, leave this field blank.
  11. Click ADD ROW for additional commission periods.
  12. Add a description. (optional).
  13. Click the delete icon  to remove a row.
  14. Click SAVE.

Edit

  1. Go to the Main Menu.
  2. Click Comp Plans.
  3. Click the Comp Plan name.
  4. Make changes.
  5. Click SAVE.

Duplicate

  1. Go to the Main Menu.
  2. Click Comp Plans.
  3. Click the box next to the comp plan to duplicate. Only one comp plan at a time can be duplicated.
  4. Click the duplicate icon .
  5. Make changes.
  6. Click SAVE.

Delete

  1. Go to the Main Menu.
  2. Click Comp Plans.
  3. Click the box next to the comp plans to delete.
  4. Click the delete icon .  The comp plan will be removed from all policies linked to it.
  5. Click CONTINUE.