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 Posted: Thu Jan 08, 2009 5:44 pm Post subject: indexed unversal life companies which offer advanced commiss |
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| looking to work with insurance companies who offer indexed universal life and do advance commisions |
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lyada
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Joined: 08 Jan 2009
Posts: 1
1.30 Dollars($)
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| Posted: Fri Jan 09, 2009 10:16 pm Post subject: |
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We don't offer advanced commissions, but we do offer UL's from top carrier including John Hancock, Lincoln Financial, Genworth, Sun Life, Transamerica, Lincoln Benefit and many more.
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Victor Suris
www.lifequotesnow.com |
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victor27s
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Joined: 31 Dec 2008
Posts: 53
21.40 Dollars($)
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| Posted: Sun Jan 11, 2009 11:06 am Post subject: |
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| Quote: | | We don't offer advanced commissions |
Yes and let's talk about why.
Advanced commissions DO exist with just about every carrier but there is a BIG catch. Your GA, MGA, FMO and/or IMO and EVERYONE up the line from you is on the hook to pay that money back should YOU write a bunch a bad or fraudulent business, get the commission up front,... then evaporate.
It's very difficult to get advanced commissions on life insurance anymore.
Insurance companies didn't use to do this. They use to just go after the bad actor to recoup the money. Now the GA, MGA, FMO and/or IMO must pay that money back and as a result very few will offer advanced commissions and then usually only to agents or agencies with a proven track record.
For the general public who made read this thread advanced commission is when the insurance company pays the agent their full first year's commission upon policy issue even though only one months premium has been paid.
For example and for easy numbers if the first year commission rate was 100% and the monthly premium was $500, the agent would be paid $6,000 when the policy is issued.
If the policy lapsed the second month the insurance company only took in $500 but paid out $6,000 in commission. Now the agent and everybody up line from that agent are on the hook to pay that money back to the company. If the agent splits...the GA is screwed.
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Gary Spicuzza, *SAFE
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No Rights Reserved.
*Self Appointed Financial Expert |
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GarySpicuzza
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Joined: 03 Apr 2008
Posts: 959
Location: West Pasco County, FL
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| Posted: Thu Jan 15, 2009 10:17 am Post subject: |
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| Quote: | | It's very difficult to get advanced commissions on life insurance anymore. |
If you're trustworthy and praiseworthy you won't need advance fees.
In this ruthlessly competitive global market you could only earn a good name for yourself through your goodwill and dynamic services.
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anonymous00
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