Had an Epiphany on GI Products!

[Agentguy5]

That's the major reason I don't write the GI stuff. The agent is taking all the risk in the first 2 years.

The other reason is that there hasn't been anything to offer for GI that beats MoO.

Maybe this new gerber deal will change my mind? I doubt it.

Just wrote my first Gerber yesterday... I Spent a few minutes trying to get more information on the product through Gerber before making the sale but home office told me that I would
1.have to make the sale
2.get the app approved
3.then I would get my agent #
4.then they would help me...lol

not kool... they wouldn't even email or send me a brochure... or tell me what the charge back rules were


sold a 51 year old female with HIV a $10,000 policy for $29.43 a month

it was easy to make the sale once I showed her the Americo price...lol

 

[gordon112]

Just wrote my first Gerber yesterday... I Spent a few minutes trying to get more information on the product through Gerber before making the sale but home office told me that I would
1.have to make the sale
2.get the app approved
3.then I would get my agent #
4.then they would help me...lol

not kool... they wouldn't even email or send me a brochure... or tell me what the charge back rules were


sold a 51 year old female with HIV a $10,000 policy for $29.43 a month

it was easy to make the sale once I showed her the Americo price...lol

I sent my packet in on monday and have several clients that I can go back on with this product. The commissions are fair along with the premiums for GI. I am not a big fan of the company, but hey why pass up the business.

Kemper rates suck, and Vantis you are giving your time and money away with those commissions.

 

[TDFnCali]

I sent my packet in on monday and have several clients that I can go back on with this product. The commissions are fair along with the premiums for GI. I am not a big fan of the company, but hey why pass up the business.

Kemper rates suck, and Vantis you are giving your time and money away with those commissions.

Gerber isn't much different.... U get 60% instead of 40 with Vantis, but your earned commissions the 1st yr isn't "earned" til they make their 13th payment & even then u still owe 1/2 your commissions back to them til the 25th payment.

Any other GIs I can use in Calif?

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[gordon112]

Gerber isn't much different.... U get 60% instead of 40 with Vantis, but your earned commissions the 1st yr isn't "earned" til they make their 13th payment & even then u still owe 1/2 your commissions back to them til the 25th payment.

Any other GIs I can use in Calif?

Sent via my Sprint Galaxy S4 using Insurance Forums

My contract is a full 10points better, and its double the commision for me over Vantis. It is only slightly worth your time with this product. What you can gain though is some clients from them knowing that you got them coverage at a much better price then the Alex trebec!..

 

[TDFnCali]

My contract is a full 10points better, and its double the commision for me over Vantis. It is only slightly worth your time with this product. What you can gain though is some clients from them knowing that you got them coverage at a much better price then the Alex trebec!..

That's cool.... The charge back policy is my main concern, the 10pts doesn't make a diff to me, but it helps.

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[Todd King]

You know, I went back and looked at the contract. It says nothing about chargebacks for a cancelled policy. It only refers to the chargeback if the person dies.

Can anyone else find anything different?

 

[TDFnCali]

You know, I went back and looked at the contract. It says nothing about chargebacks for a cancelled policy. It only refers to the chargeback if the person dies.

Can anyone else find anything different?

Thats 100% better then Vantis already then, but is the charge back on death in both yr 1 & 2, or just 1?

 

[WinoBlues]

Thats 100% better then Vantis already then, but is the charge back on death in both yr 1 & 2, or just 1?

50 percent year two.

...........

Sent from my Nexus 7 using Insurance Forums

 

[Todd King]

This is what is says about compensation:

IV. COMPENSATION
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]A. [/FONT][/FONT]For Each Product[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]. Agent’s compensation depends on the particular Products sold. Compensation for each Product will be as specified in the Compensation/Product Schedules.
1. Compensation/Product Schedules may be changed by the Company at any time and will be distributed to Agent.
B. Compensation will only be paid on collected premium.
C. With respect to the Guaranteed Life the following special rules shall apply:
1. If the insured dies within the first policy year, 100% of the compensation paid shall be returned to Company.
2. If the insured dies within the second policy year, 50% of the compensation paid shall be returned to Company.
3. Policy year is defined as the 12 months following the date that a policy becomes effective.
D. [/FONT][/FONT]Contingencies[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]. In addition to any conditions imposed in the Master General Agent’s Compensation/Product Schedules and any amendments, no compensation is earned until:
1. Agent is licensed and appointed in accordance with laws and Company procedures,
2. The Product is actually issued, delivered to and accepted by the customer, and
3. The initial premium for the Product is paid to the Company.
[/FONT][/FONT][FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]E. [/FONT][/FONT]Compensation After Termination[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]. Agent is not be entitled to any compensation after the Termination Date of this Agreement, except for:
1. Vested Compensation; and
2. Any net credit balance in Agent’s account for compensation earned as of the Termination Date.
F. [/FONT][/FONT]Forfeiture[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]. Agent will forfeit all rights to received compensation, including Vested Compensation, if, in the sole reasonable discretion of Company, Agent commits any of the following acts:
1. Breaches any material provision of this Agreement while in effect or any material obligation that survives termination of this Agreement.
2. Commits a fraudulent or illegal act in connection with any activities contemplated under this Agreement.
3. Does any act which results in the suspension or revocation of Agent’s insurance license.
G. [/FONT][/FONT]Replacement Compensation[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]. If Agent replaces existing Company Products in whole or in part, the attached Compensation Schedule is inapplicable and Company, in its sole discretion, shall determine what, if
[/FONT][/FONT]

 

[360]

Gerber isn't much different.... U get 60% instead of 40 with Vantis, but your earned commissions the 1st yr isn't "earned" til they make their 13th payment & even then u still owe 1/2 your commissions back to them til the 25th payment.

Any other GIs I can use in Calif?

Sent via my Sprint Galaxy S4 using Insurance Forums

Not correct. The Gerber chargeback policy is 100% in the first year for early non-accidental death and 50% in year two. There are no chargebacks with Gerber on lapses as they pay as earned.

There are no other GI options in CA to answer your other question.

My hope is that the Gerber product being on the market will force Vantis to loosen their stance on chargebacks for lapses.