Of course I live in IN. I am looking to contract with Genworth, John Hancock, and Met Life and possibly Penn Treaty for sub standard cases.
What commission rate should I look for. I will not get any leads. I have heard of some people getting 75% 1st year but I dont know what company that is. I need to know know the 1st year and renewal commissions and how many years you usually get paid for renewals. Do any of them offer lifetime renewals?
When I interviewed with Bankers last year they paid 65%. They had a generous bonus structure as well. I didn't go with them because they were captive and I was not all the thrilled with their products and sales methods (but they were not as bad as some of the MA IMOs, that's for sure!)
I recommend you call Johnnie Braxton 252-568-3185. He is a VP with Continental Life of Brentwood, TN (they were recently bought by Genworth.) He seems to be VERY experienced with LTC and very interested in helping agents get focused on it. He is very interested in selling policies that fit the State Partnership Programs which Indiana is already a part of. I was impressed with him and I will meet with him again once I take my Health licensing next month.
A number of my clients have found success by having their senior clients sell their life policy and then buy a LTC policy. The agent is compinsated twice and the client is well taken care of for the remainder of their life.
Yeah, you sound like a person that likes for people to sell their life policies. Hmmmmm. I am leaning more towards having a client buy a single premium life with LTC benefits and I am compensated very well. Plus no rate increases for the client and if they dont need the LTC the money is not wasted. John Hancock has a great product for that.
I happen to be loooking for ltc comm rates also.
So far I've been quoted 65% fyc for Genworth w/ 6% renewals.
75% for JHancock w/ renewals @ 7% years 2-4, 4% yrs 5-10 & 2% yrs 11+. Both of these require assignment of the commission to the fmo which I do not want to do. I'll only get into a deal where the co pays me directly.
The local Hancock office offers a much lower fyc but higher renewals that end up about the same as above after 5 years or so.
Allianz has a new product that allows you to choose the commission rate you would like.
The first option is 100% of the premium and that is it....no renewals.
The next 2 are 65% and with 8% renewals for 2-10 and 55% with 9% renewals for years 2-10. (that may not be exact, but close)
Do the math and you will learn that if you factor in the time value of money it is best to take 100% and not worry about renewals because for the little difference...it takes you 10 years to get it.
It is Bill Porter who inspired the TNT movie Door to Door.
Incredible story. The guy is an inspiration.
Check it out....you will be amazed and the next time you have a little headache or boo-boo....you will feel guilty about not selling when you think about what he went through to be the top salesman with the Watkins Company.
Agreed, Porter's the Man! Ever feel like not making the extra calls, or driving to meet a prospect, or answering a call when you know the person on the other end is a pain in the ass, because you're tired or don't feel well, or burnt out? Of course!
Like rjm63 says, check out "Door to Door," it's a must see. You'll never hear Bill complain, or make excuses.
50-75% first year, renewals are all over the place. All depends on carriers and how much they think you can do for them.
Best bet...choose carriers that 1) sell the most LTCi, 2) highest ratings and reputations, 3) longest tenure in LTCi sales. The first one pretty much is dependent on the later two and vise-versa.
Remember, if dogs won't eat it, it ain't dog food!
If you can't believe in it you can't sell it and no one will buy it...regardless of agent comp. Do your homework!!!
Commissions for LTC products?
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