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Old 07-25-2017, 04:24 PM   #1
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Renewal Commission - Life Insurance Renewal Commission - Life Insurance
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!
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Old 07-25-2017, 04:33 PM   #2
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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.

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Old 07-25-2017, 04:40 PM   #3
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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.

Originally Posted by VolAgent View Post
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.

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Old 07-25-2017, 04:46 PM   #4
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Originally Posted by Advisor06 View Post
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.
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.

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Old 07-25-2017, 04:47 PM   #5
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Originally Posted by VolAgent View Post
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.
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.

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Old 07-25-2017, 04:49 PM   #6
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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?

Originally Posted by VolAgent View Post
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.

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Old 07-25-2017, 04:54 PM   #7
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Originally Posted by Advisor06 View Post
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?
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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Originally Posted by rousemark View Post
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.
That is quite true.

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Old 07-25-2017, 05:11 PM   #8
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Originally Posted by VolAgent View Post
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.
The thing about the supplemental health is a lot of your clients have the potential of paying for 30+ years. With Senior targeted products like FE and med support. That is not the case. They die out on you much quicker than you might expect.
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Old 07-25-2017, 05:25 PM   #9
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Renewal Commission - Life Insurance Re: Renewal Commission - Life Insurance
It depends on the type of business you're doing .. Like others mention some FE companies have decent renewals for Final expense.

if you're doing term, you might as well forget about it.. but if you're working your book of business , you should have some business coming your way just by talking to your current clients.

if you're doing Par-Whole life and IUL ... a couple companies allow you to get asset base compensation where you get a percentage of the cash value. Midland and Penn are a couple I can think of.. I think Allianz might be another.
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Old 07-25-2017, 05:30 PM   #10
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Originally Posted by Advisor06 View Post
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!
If you keep in regular contact with your clients... THAT should be enough to help you continue to have indirect renewals.

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