How Long Does It Take to Get Paid?

[Mll0016]

New to the industry. Wrote my first final expense policy via phone interview ($100). How long does it take to get 9 mo. advance from them ? (Liberty Bankers Life)

Thanks in advance

First time writing a policy too if that makes a difference

 

[indiana260]

New to the industry. Wrote my first final expense policy via phone interview ($100). How long does it take to get 9 mo. advance from them ? (Liberty Bankers Life)

Thanks in advance

First time writing a policy too if that makes a difference

No idea.... but CONGRATS!!!!!!

 

[dtownboy]

New to the industry. Wrote my first final expense policy via phone interview ($100). How long does it take to get 9 mo. advance from them ? (Liberty Bankers Life)

Thanks in advance

First time writing a policy too if that makes a difference

Depends how you are paid on draft or on issue

 

[Rearden]

Fairly confident you are paid on draft, and twenty percent of your advance commission is set aside in an account to pay for future chargebacks.

 

[Mll0016]

Depends how you are paid on draft or on issue

Trainer told me I was paid on issue

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Fairly confident you are paid on draft, and twenty percent of your advance commission is set aside in an account to pay for future chargebacks.

Fairly confident I'm paid on issue. And I was told to set aside about 20% myself to put into savings.

 

[Mattschmidt]

Trainer told me I was paid on issue

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Fairly confident I'm paid on issue. And I was told to set aside about 20% myself to put into savings.

you were lied to. Perhaps your upline meant another carrier when discussing that 20% should be set aside

 

[Baseball7]

Variations Include
-On issue
-On draft

I'd have your upline help you review which pays which way.

 

[Mll0016]

you were lied to. Perhaps your upline meant another carrier when discussing that 20% should be set aside

How sure are you I'm being lied to ?

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Variations Include
-On issue
-On draft

I'd have your upline help you review which pays which way.

I was told I'd get a direct deposit within about 5 business days.

 

[Baseball7]

LBL is pretty error free but what other carriers do you have?

 

[gymguy]

With liberty they set aside min 10% in a reserve account for chargebacks. Some people have it set at 20% depending on your imo. Liberty pays commission after the first draft date. Sometimes you will see it on their stupid pdf comp reports up to five days after the draft.

With other carriers it's different in many ways.