60% Max Comp for Penn Mutual IUL????

[scagnt83]

I was looking to contract with Penn for a case.

Thy told me they dont do direct appointments and that I would have to go through a field office.

I spoke to a BGA/IMO and was told the top comp available with Penn on their IUL was 60%!!! WTF!!
I was told this was a Penn policy, not just the IMOs own comp limit.

I was coming to them wanting to drop a very large premium, so I assumed I would be at a decent level.

Anybody know the lowdown on this one?

 

[Full Throttle]

I would have to double check my contract, but that sounds about right. However, the other side of the equation is the agent expense allowance that comes standard putting the effective FYC at about 90%. NY style contract. You should be able to contract direct through a regional office, it sounds like the IMO won't share the expense allowance.

 

[BNTRS]

However, the other side of the equation is the agent expense allowance

This would sound right, as most of the mutuals deal this way. Street comp means little with them, it's all about expense accounts, or what is commonly referred to as ERA.

What you need to do is talk to the GA about an ERA schedule. The GA will definitely have a schedule that shows how you'll be paid given certain levels of production, this is usually entirely up to the GA.

 

[scagnt83]

Thats pretty much what I expected.... but didnt get.
I asked about a grid, but they said there was none

I will have to check around with some different shops I guess.

Thanks

 

[Full Throttle]

You want to deal with Penn directly. They have the career side and the Independent Financial Network (IFN) side for independents. Each area has a regional field office that you can contract directly through.

 

[CFP83]

You want to deal with Penn directly. They have the career side and the Independent Financial Network (IFN) side for independents. Each area has a regional field office that you can contract directly through.

Exactly. Your local IFN Regional Director will be able to get you set up. Penn no longer has a distribution channel which markets through BGA's or IMO's. If you spoke with an IMO that was offering you a Penn contract, then that means they have a "producers contract" through an IFN Regional...so you just need to go straight to the source.
If you have problems PM me and I will email my IFN to help you find the one in your area.