Originally Posted by scagnt83
If comp was the same for a 10y product and a 7y product which do you think agents would sell more of assuming they both have competitive rates?
That's one reason why I work with ANICO versus some of the other carriers.
ANICO doesn't have a single annuity over a 10 year surrender period. When I compared compensation with (my) Midland National contract, it was the same as their 14 year surrender products.
In addition, the maximum issue ages with ANICO were age 80, while Midland was age 65.
And the compensation is the same:
- Midland's 14 yr = ANICO 10 year.
- Midland's 10 yr = ANICO 7 year.
Now I know Midland has some production bonuses as you increase production over time and I could probably get a better contract if I went 'direct', but as I look at the product design, maximum issue ages, and other factors... since compensation was about equal... I'll stick with ANICO.
Oh, and ANICO doesn't appear to 'over-engineer' their products as Midland/NA seems to do. They have lots of index segment choices that seem to confuse me, let alone a potential client. That's a personal observation, but I prefer to keep things as simple as possible.