Sons of Norway - Exciting News we have added more payment dates for AWP!

[BibH]

Gerber no charge for lapse ever . Aig charges back like 25% of the first 6 months for lapses. Great western charges back in the first 3 months if it lapses . To walk away form Gi makes no sense . I only write GW now because of the 12 month chargeback for death . If they scoff at price i walk.Aig and Gerber charge back 50% in the second 12 months .I’m not selling Norway for 45% commission. It’s like selling Vantas in the old days .

 

[goillini52]

One thing I’m not clear on is whether you get charged back for lapse on a GI. Is it the same as a first or second year death claim?

I understood that they only chargeback the unearned part of the advance on lapse or death.

 

[shonceman]

Gerber no charge for lapse ever . Aig charges back like 25% of the first 6 months for lapses. Great western charges back in the first 3 months if it lapses . To walk away form Gi makes no sense . I only write GW now because of the 12 month chargeback for death . If they scoff at price i walk.Aig and Gerber charge back 50% in the second 12 months .I’m not selling Norway for 45% commission. It’s like selling Vantas in the old days .

Thanks. I’m really only asking about SOFN. I’ve never written GW. I was mainly writing GI on Gerber, but switched to Sons because of lower rates. The comp is admittedly lower, but there are renewals on it, which helps.

I understood that they only chargeback the unearned part of the advance on lapse or death.

You may be under a different contract, but mine says this for death in first two years on GI:
Months 1 to 6 – 90%; Months 7 to 12 – 75%; Months 13 to 18 – 50%; Months 19 to 24 – 25%
I can’t find anywhere in the contract paperwork that says anything about lapses on GI, so maybe it’s only unearned advance for that.

 

[goillini52]

Thanks. I’m really only asking about SOFN. I’ve never written GW. I was mainly writing GI on Gerber, but switched to Sons because of lower rates. The comp is admittedly lower, but there are renewals on it, which helps.

You may be under a different contract, but mine says this for death in first two years on GI:
Months 1 to 6 – 90%; Months 7 to 12 – 75%; Months 13 to 18 – 50%; Months 19 to 24 – 25%
I can’t find anywhere in the contract paperwork that says anything about lapses on GI, so maybe it’s only unearned advance for that.

You're correct. I just found those same %'s you posted. It says those are for non-accidental death. As far as a lapse, chargeback for unearned advance.

 

[Baseball7]

I enjoy arguing about something that should be 5% or less of your personal production.