These men can be assigned profitable and suitable new business locations either of their own or of the insurance companies’ selection, as they prefer, or they can be used at their former place of residence no matter in what sections of the country this may be.
The industrial companies, about 25 in number, can absorb about 4,000 candidates presenting disabilities of a nature that would not preclude the physical activity required, since the nature of the business demands that the routes assigned be fully covered each week.
Financial Returns for Life Insurance Salesman
The average earnings of all life insurance men, whether devoting all or but part of their time to it, and including the unsuccessful and the beginners but a few months in the production field, on the sales of 1917 was $1,000 per capita. The average of those giving it their entire time is nearer $2,000 per agent. An additional yearly income for a number of years is paid on first-year sales through the annual renewal commissions on such business as renews, which in 1917 yielded an additional $1,000 per agent. By reason of renewals accruing in future years, the annual income of a life insurance man maintaining a uniform production will increase steadily yearly.
While the rate of compensation is based upon the commission plan under which the income closely follows actual earnings and is in ratio to the salesman’s efficiency and the intelligent effort he puts forth, the methods of compensation are varied according to individual preference. Such methods include straight commission, commission plus salary, straight salary, drawing accounts against contingent commissions and guarantees, and combinations of these methods as may be arranged.
The items of interest are that incomes are without limit as to maximum and that earnings can begin even during the period of preparation and study. The commission plan is thus not a difficulty, since the candidate will be assisted by his Government allowance until he is prepared to undertake work under a compensation plan which guarantees pay exactly according to earnings.
To those qualifying for executive positions correspondingly larger salaries and opportunities are open, and men having the capacity to direct the activities of others are in constant demand. For this work Army and Navy men, as a class, have had fundamental training.
Earnings op Industrial Insurance Men
Salaries varying from $10 to $25 per week are paid to the field men of industrial insurance companies, depending upon the size of the district covered. Such agents are expected to make the weekly collections assigned to them and to maintain the volume and number of such collections.
In addition to this salary, the right and opportunity is given to earn liberal commissions on new business secured, which in turn may operate to increase the compensation for collecting future premiums.