Bank On Yourself, Your Family Bank, Private family banking..etc

[SamIam]

These concepts how much commission is someone generally making for example on a $300 premium. They're going for a smaller base lets say 70/30. I haven't sold one but just curious. $1000, $500 what's the ballpark? Just curious because I see a lot of marketing these concepts and I get it's a sexy way to sell insurance without asking people if they want to buy insurance.

Just curious.

 

[Allen Trent]

$300 in WL with small base & overfunding into PUAR would generate around $104

 

[Tahoe Ray]

These concepts how much commission is someone generally making for example on a $300 premium. They're going for a smaller base lets say 70/30. I haven't sold one but just curious. $1000, $500 what's the ballpark? Just curious because I see a lot of marketing these concepts and I get it's a sexy way to sell insurance without asking people if they want to buy insurance.

Just curious.

Whether IUL or WL, assume 30-40% of the premium is target and then apply your commission % for the carrier from there.

 

[DHK]

OR...

You learn about a policy that doesn't have 1st year cash values, but strong values by year 5+... without sacrificing commissions and long-term performance.

Check out Ohio National's Prestige 10 II, Prestige 20, and Prestige Max.
http://pages.s4.exacttarget.com/limitedpay/

 

[scagnt83]

"Without sacrificing commissions".... until the carrier decides to stop paying renewals on existing WL contracts just like they did with VAs.....

HARD PASS on that POS carrier

 

[DHK]

True... but I'm in the "privileged class" of agents because they didn't stop paying those VA trails to their career agents. (I have a career agent contract with Ohio National now.)

I still hated that decision that they made - hiding behind technicalities of selling arrangements with b/d's regardless of the registered reps.

 

[scagnt83]

Which is one factor that made it even more egregious of a move. A true FU to indy agents.

If they will screw agents they will screw clients...

 

[DHK]

Which is one factor that made it even more egregious of a move. A true FU to indy agents.

If they will screw agents they will screw clients...

Maybe. The problem is now we've seen that the possibility EXISTS, and that "chink" in their armor is a huge perception problem. Of course, as long as perception is based in truth, perception is reality.

I believe their reasoning was to "double-down" on their life insurance sales. However, with their ratings drop (now only 'A' rating with A.M. Best - used to be higher; probably for lack of a diverse product line) and poor perception with agents, they're trying to climb it back up... but that may take many years, if not decades.

As a real "slap in the face", they have a new fixed indexed annuity (no variable annuities)... but I ain't gonna sell it. Nothing really special about it to me. I understand the liability for living benefit riders on variable annuities and the risk for lifetime income... but they should've gone about it differently.

Fixed indexed annuities