Learn About How does the commission return work?

If you apply for your policy with Keep, or transfer to us, we become the servicing adviser on your account so when you make a premium payment to your Insurance company they will automatically generate a commission payment to us.

When you take out a new policy with Keep, we receive a level commission (25-30% of your premium), and rebate at least 50% of that over the first two years of your policy.

The reason Keep return your first year's premium in instalments is because a cancellation of your policy in the first 2 years triggers a return of that initial commission payment to the Insurance Company.

From the second year of the policy, Keep will begin to collect the ongoing trail commission of 25-30% of your premium for as long as the policy is in force, and we return at least 50% back to you as well.

Example:

Let's say you take out a life insurance policy with TAL and your annual premium is $1,000. Because TAL offers a level commission of 25% after GST, Keep receives $250 in commission from the insurer.

We return 50% of that commission to you-so your total rebate for year one will be $125.

Here's how that rebate is paid:

• After 1 year: We return 40% of your share = $50
• After 2 years: We return the remaining 60% of your share = $75

From year two onward, you'll also receive a quarterly commission rebate of $31.25, based on the ongoing level commission (i.e., $125 per year split across 4 payments).

Keep will transfer the return directly to your bank account on a quarterly pro-rata basis.

When you transfer an existing policy to Keep, we will collect the ongoing trail commission and return at least 50% to you, starting from your first premium payment with Keep.

The amount will be dependent on your existing policy set up. You can check your current commission % by reviewing any statement of advice you may have received or by calling your insurance company.

We will only be able to collect and return commissions from your next premium payment.

If you have placed your insurance through a Financial Adviser they should have given you a Statement of Advice (SoA). Any commission they are collecting for their service must be shown in that document, with most commission based on either an upfront model (60% year one, 20% ongoing + GST) or level model (30% for the life of the policy +GST).

Check out our calculator to see how much you could save.

Your commission returns are calculated as part of our quote process, so you can easily see the impact on your ongoing premium.

Or check out our commission return calculator. This will take your current, or proposed, premium and assess how much you could be keeping assuming the average level commission of 25%.