I signed up for 30yr Term Life. Does the agent who signed me get a commission cut from each monthly payment?

Not with the company I work for. The agent gets a commission off of the original premium. That's a one time commission. Every other payment made applies directly to your policy.

KE is mostly correct.

The commission that the agent makes varies. Some insurance companies pay their agents as the client pays the monthly premium. Other companies 'advance' a certain number of monthly commissions to the agent at the time the policy is issued. Generally, the agent gets a large commission the first year (up to 100%) and much smaller commissions in later years.

Your agent should have asked you a lot of questions about your financial goals, your savings, your debts, etc. 30 year term works very well for people that save enough during their working years that they don't have to worry about any unpaid bills at their death.

My experience tells me that this is a very rare occurrence. Most people will need some permanent insurance although in smaller amounts.

Good Luck.

Yes and No. The agent will receive a commission in accordance with how much your premium is. However, it doesn't matter what company or agent or website you were to buy life insurance from, a commission would have been paid to someone/entity and the cost for this is already built into your premium. Do not think of it as some portion of your monthly premium gets deposited into his account because that is not the case.

Usually for the first year he will get paid a percentage for each of your monthly payments. The amount depends on what contract he signed with the company, but it could be up to 90%. Some companies will pay the full first year commision up front. After the first year he will be paid renewals which may be 1% or less.

I'm not in the insurance business but in the mortgage business. I believe that the commission that they make is only at the beginning when they make the final sale.

If you want to know you can always contact your agent and ask. If they will not give you a straight answer then you can always contact the Attorney Generals Office in your area to get the info that you need.

I think so. It's a really small amount though (3% or less than 1%, if I remember correctly). It's one of the reasons insurance sales people need to sell so much but get treated by the companies they work for to all sorts of perks and freebies (in bulk). Once they've sold a lot though, they can rest on their laurels and feel safe and secure until the policies become self-paying, matures, or pays out.

Not usually - they usually get commission once a year, about 45 days after the renewal payment is received.

Hey, buy ME summa that!