Commissions on Life Applications with MM?

[chindel]

I recently (like, yesterday) went independent. I have two life apps to submit with MM. I love MM's whole life policies but the local BD (Skylight Financial) only pays out 55%. Is there any way to get a higher commission?

Can I submit them directly to Mass? Or, are there BDs that pay higher commissions? I read something about Crump but I have no idea what that is. I assume it's a BD.

I've been captive for the last two years and I thought/hoped being independent would pay higher commissions. Thanks for any feedback.

 

[VolAgent]

You might get a little more through a large brokerage, but Mass is difficult. They are New York admitted, so the comp is going to suck, it is about getting some expense allowance from the brokerage to bring it up. Also if Mass has territories, you may be stuck with the local brokerage director at Skylight.

You may want to look into Ohio National or Penn Mutual. Both have whole life and pay much better.

 

[YourFamilyBank]

Agree with VolAgent. Mass is tough on Comp due to the New York deal. Ohio will compete product to product and pay much more.

Penn is a New York company too, go figure.. But they may pay more than Mass, I don't know for sure on them. Good product though.

 

[Tahoe Ray]

Agree with VolAgent. Mass is tough on Comp due to the New York deal. Ohio will compete product to product and pay much more.

Penn is a New York company too, go figure.. But they may pay more than Mass, I don't know for sure on them. Good product though.

You can get the same comp with Mass that you can with Penn...you're just a lot less likely to find someone willing to give it to you.

But like you both said, good products from each.

 

[VolAgent]

You can get the same comp with Mass that you can with Penn...you're just a lot less likely to find someone willing to give it to you.

But like you both said, good products from each.

That is the thing, getting it out of the Mass agency. I would say it is to protect the captive system, except I believe it is coming from the agencies and not the home office. Basically they are some greedy little SOBs.

I will admit, my only knowledge about Penn is what people on here say, and it is generally good. I do like Ohio National and I believe they are a great company for an independent agent who likes to write term and whole life.

 

[chindel]

Thanks for the input guys. This people on this forum are always super helpful. You guys keep mentioning the New York deal. Could someone explain that to me? Is it some state law or regulation that they have to pay out a certain amount or what?

Any brokerages that pay better than 55% that you guys know of? I looked up Crump but haven't heard very good feedback. I'm not looking for that much help from a BD, just for one that will stay out of my way.

 

[aclaro]

Were you a MM agent? Or already contacted with them? They don't allow dual contracting and they have some rules around switching contracts

 

[Tahoe Ray]

Thanks for the input guys. This people on this forum are always super helpful. You guys keep mentioning the New York deal. Could someone explain that to me? Is it some state law or regulation that they have to pay out a certain amount or what?

Any brokerages that pay better than 55% that you guys know of? I looked up Crump but haven't heard very good feedback. I'm not looking for that much help from a BD, just for one that will stay out of my way.

Yes...there is a cap on both the producer and on the GA in NY.

What state are you in? I ask because MM brokerage has territories (normally adjacent states). Which means that if you want to work with Mass on the brokerage side, you have limited options. Penn has kind of the same thing but typically works more direct, hence higher comp.

Let me know if you have additional questions. I run sales for a NY based GA and work with both carriers.

 

[YourFamilyBank]

Thanks for the input guys. This people on this forum are always super helpful. You guys keep mentioning the New York deal. Could someone explain that to me? Is it some state law or regulation that they have to pay out a certain amount or what?

Any brokerages that pay better than 55% that you guys know of? I looked up Crump but haven't heard very good feedback. I'm not looking for that much help from a BD, just for one that will stay out of my way.

I think the term is domiciled in new York. Penn mutual is a new York company. I met with their regional and divisional who were trying to get our business and they were way off base bit from what I remember higher than Mass brokerage.

Like the other guys said, find someone outside that structure and you can get higher.