Newbie Here Would Appreciate LI Renewal Info

StrictlyIndependent · 11-30-2009, 01:31 AM

Hi,

I've heard bits and pieces about renewals. From what I understand You get 10% first year then 5% for a few years and then 2% for a number of years. Is this correct and is there a general outline for fair and competitive renewals rates on life insurance?

Thank you

rphillips · 11-30-2009, 06:35 AM

It depends on the contract you signed. There is no one rule that fits all situation.

souldeux · 11-30-2009, 08:54 AM

It depends on the contract, policy, and company. For instance, most North American UL products pay their first-year commission and then have a 2%-ish renewal commission. West Coast's term products don't have renewals. Assurity's simplified whole life product has pretty great renewals.

There's no one single rule - they're all different.

StrictlyIndependent · 11-30-2009, 07:57 PM

Do you guys know anything about Guardian or MassMutual ?

jody108 · 11-30-2009, 08:26 PM

Originally Posted by StrictlyIndependent

Hi,

I've heard bits and pieces about renewals. From what I understand You get 10% first year then 5% for a few years and then 2% for a number of years. Is this correct and is there a general outline for fair and competitive renewals rates on life insurance?

Thank you

What product are you writing? Final Expense, Term, Traditional Whole Life, or Universal Life?

Who is your target prospect?

BNTRS · 11-30-2009, 09:39 PM

Originally Posted by StrictlyIndependent

Do you guys know anything about Guardian or MassMutual ?

Yup, happen to know a lot, what do you want to know?

StrictlyIndependent · 12-01-2009, 03:46 PM

What are their renewal rates? Do I make more selling insurance independent?.... I have a Brokerage firm recruiting me back into investments and I can sell life insurance through them but they are a brokerage firm.

jody108 · 12-02-2009, 08:29 AM

Can you go independent on the investment side too?

StrictlyIndependent · 12-02-2009, 05:56 PM

Originally Posted by jody108

Can you go independent on the investment side too?

I can sell any investment to my clients as long as it is ethical and fits their objectives. I've mostly recommended equities, options and bond funds. I'll add REITS and mutual funds for beginners this time around.