Who Can Help Me Understand My Mass Mutual Offer?

[Charlie456]

I'm considering becoming a career agent with MassMutal. I feel like I'm not getting the full story from them but maybe I'm just not used to this commission only job.

What's this new agent financing about? Do you get it no matter what or do you have to put up certain #'s to qualify. Is that money you get from Mass Mutual or from the Agency? The reason I ask is because they seem so quick to hire. Is that because it doesn't cost them ANYTHING because MM forks out the financing? Does everyone get it? Someone on a forum said you have to pay it back if you leave. Is that right?

 

[xrac]

I'm considering becoming a career agent with MassMutal. I feel like I'm not getting the full story from them but maybe I'm just not used to this commission only job.

What's this new agent financing about? Do you get it no matter what or do you have to put up certain #'s to qualify. Is that money you get from Mass Mutual or from the Agency? The reason I ask is because they seem so quick to hire. Is that because it doesn't cost them ANYTHING because MM forks out the financing? Does everyone get it? Someone on a forum said you have to pay it back if you leave. Is that right?

Financing is FINANCING. When you finance something you pay it back.

 

[Charlie456]

Are you familiar with the terms of their financing?

 

[Larry Tew]

If you don't understand something Mass is telling you, ask them to clarify. No one here knows exactly what they told you. Ask them.

 

[Charlie456]

I did clearly ask them. They answered. I'm attempting to verify here. I am scheduled to go over the contract with them on Monday when they are expecting I will pull the trigger. I would prefer to get some additional perspective so I'm better prepared and know what to look for and question.

 

[Tom MFG]

Charlie-
The financing is paid by Mass Mutual to the General Agent, who in return should pay it to you. There are strings attached, such as minimum production and activity levels. You will have to qualify for the financing by placing a certain amount of commision of Mass products. It isn't treated as a draw and there isn't a payback. The financing is quick to be turned off if you do not meet your requirements. The financing is really just the other portion of your commision you would recieve if you were independent.
Hope this helps.

 

[Charlie456]

Tom,

Thanks for taking the time to answer my questions. It helps very much. Would you happen to know... who "turns off the financing"? Is it money that the GA or MassMutual controls? I was told I get that money without production requirements... I had a feeling that might not have been accurate.

 

[Norwayguy]

Tom,

Thanks for taking the time to answer my questions. It helps very much. Would you happen to know... who "turns off the financing"? Is it money that the GA or MassMutual controls? I was told I get that money without production requirements... I had a feeling that might not have been accurate.

I was never at Mass and the financing may very well have no "production requirements" but how long do you think they will keep you if your not hitting what they expect. This is why I much prefer the way NYL did it additional commission as long as you hit certain marks that where all spelled out so there was no misunderstanding.

 

[moonlightandmargaritas]

The reason I ask is because they seem so quick to hire.

Very perceptive. Anything that can fog a mirror and pass the background check is in.

 

[lhkorn99]

I'm considering becoming a career agent with MassMutal. I feel like I'm not getting the full story from them but maybe I'm just not used to this commission only job.

What's this new agent financing about? Do you get it no matter what or do you have to put up certain #'s to qualify. Is that money you get from Mass Mutual or from the Agency? The reason I ask is because they seem so quick to hire. Is that because it doesn't cost them ANYTHING because MM forks out the financing? Does everyone get it? Someone on a forum said you have to pay it back if you leave. Is that right?

I am a Mass agent on financing - I think financing means that you get paid a bonus above regular commissions. My financing deal was 60% immediate bonus on my commissions, 20% 6 months after, and 10% at year end. It is a 3 year plan, and the 1st year you get the best bonuses. There is a maximum amount you can get, meaning they only pay bonuses up to about 40K im commissions, and you first have to Make your career contract to qualify (meaning you have to do your 5 policies submitted and 2500 in commissions submitted). If you want more details PM me.

As an aside - I am transitioning to independant and doing a significant amount of outside business - which mass allows.