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To be frank, there isn't.
The best I have seen were from captive mutuals or the like. Mass Mutual, NYL, Ohio National, etc. Even then, you couldn't bank on it. Some would give decent renewals (10-20%) with substantial bonuses on top based on certain criteria. The problem is, these policies will always be falling off for various reasons and eroding the base.
As a life agent, you need that mentality. Every day is a new day, every year is a new year. There is no coasting. Otherwise those renewals will quickly disappear on you.
I have noticed the same but was hopeful that there was something I was missing. I was trying to add the P&C side to sell business insurance to gain a residual income but I have been getting NOWHERE in this market. I honestly think it would be easier to just sell auto and home rather than business insurance but I think this market will eventually go away to either online companies or the SF or Liberty Mutuals out there.
To be frank, there isn't.
The best I have seen were from captive mutuals or the like. Mass Mutual, NYL, Ohio National, etc. Even then, you couldn't bank on it. Some would give decent renewals (10-20%) with substantial bonuses on top based on certain criteria. The problem is, these policies will always be falling off for various reasons and eroding the base.
As a life agent, you need that mentality. Every day is a new day, every year is a new year. There is no coasting. Otherwise those renewals will quickly disappear on you.
Funny, doing the same here, adding P&C. It is hard to get off those big FYC commissions though. So I have been doing more life than I should to really be able to grow in either personal or commercial lines.
The only good thing I noticed is that since I have been prospecting P&C I have run into multiple Life and Annuity opportunities just by talking to my old clients. Who are you doing P&C with?
That is the case with all renewals. However if a person wants a long term renewal payout the best in life are some of the FE companies. The best I have found overall is the supplemental health business. The average renewals on my cancer business is 15% for the life of the policy. Have some that have been on the books for over 20 years that keep on paying those renewals and when I die they will continue to pay my family.
Working with the SIAA here. I have started their course on prospecting small commercial. Hopefully I can take it and run with it.
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That is quite true.
What are the best companies to build a renewal book of business for my Life Insurance? I feel everything is one and done and every year I start at zero. I would like to eventually have a cushion built to my business.
Thanks!