The Most Cash Value in Year 1

[CFP83]

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The Midland ECV w/ WSC Rider offers 3 comp options:
A- 95%/1% . 4% Renewals . 0% Trails
B- 10%/2% . 2% Renewals . 1% Trails
C- 7.25%/7.25% . 3% Renewals . 0% Trails

If you are using waiver of surrender, then option B and C is your only choice.

I know some of you have probably ran the numbers on this or seen an illustration however late tonight i will post an illustration.

To echo scagnt's earlier post, there is nothing in the industry that is remotely comparable to this product for early cash value accumulation. I am a former MassMutual career agent and am very gamiliar with their hecv product... That used to be the best high early cash value product in the market, this Midland product blows it away in a average to good stock market of course.

This calendar year alone i have put 765000 of clients money into this product.... all were one, two or 3 pay scenerios...Death benefit, chronic illness benefit, and blows the doors off of any FIA for accumulation with full liquidity

 

[scagnt83]

If you are using waiver of surrender, then option C is your only choice.

Then they have changed the comp schedule within the last year or so. They used to have a separate A/B/C for the WSC Rider.

 

[DWPCL]

Then they have changed the comp schedule within the last year or so. They used to have a separate A/B/C for the WSC Rider.

He didn't mean that as "literally" your only choice

 

[scagnt83]

He didn't mean that as "literally" your only choice

I'm pretty sure he did. And it wouldn't surprise me if it were true because many others only have that style of comp when waiver of surrender is used.

 

[fjman]

That might be the best comp schedule for a lot of agents. I spoke to Midland on Friday and it looks like the chargeback period could reach all the way out to year 5 if the client accesses more than a certain amount of the CV, be it surrenders or loans. I'm not sure if commission structure plays into play with that. I need to get some answers on that. B

Does anyone know if the HECV mass product can take extra premium above base?

 

[scagnt83]

That might be the best comp schedule for a lot of agents. I spoke to Midland on Friday and it looks like the chargeback period could reach all the way out to year 5 if the client accesses more than a certain amount of the CV, be it surrenders or loans. I'm not sure if commission structure plays into play with that. I need to get some answers on that. B

Does anyone know if the HECV mass product can take extra premium above base?

Yes it is partly because of the comp structure. If the client is serious, going past y5 should not be an issue...

Yes, MM allows the LISR Rider (PUA Rider) on the HECV product.

MM just released new HECV/10pay/20pay products that are available to sell starting today (4/25/15).

 

[CFP83]

I was just able to find this 2 pager that explains the Midland EC3 comp structure when you have the waiver of surrender. See attached.....

Scagnt, the confusing part on the EC3 compensation is that there are 3 comp options A,B,and C for the EC3 product....however when you use the waiver of surrender only option B and C are available.
As the flyer outline, option B has a three year chargeback, option C has a five year chargeback.

 

[scagnt83]

I was just able to find this 2 pager that explains the Midland EC3 comp structure when you have the waiver of surrender. See attached.....

Scagnt, the confusing part on the EC3 compensation is that there are 3 comp options A,B,and C for the EC3 product....however when you use the waiver of surrender only option B and C are available.
As the flyer outline, option B has a three year chargeback, option C has a five year chargeback.

They used to have a totally separate comp structure for EC3 w/ WSC Rider which included an A/B/C option. It looks like they have changed the comp structure since the last time I sold it. Im sure I probably received an email that got overlooked... lol.

I will send you my original comp schedule for Midland. I am 100% certain that a couple of years ago the WSC Rider had its own totally different comp schedule. Now they are just lumping it in with the normal EC3 comp schedule... which has changed from what it once was as well.

The numbers I posted above were straight from my original comp schedule with Midland. Totally separate section for WSC Rider. But I have not sold it in over a year now. As you know Im not focusing on IUL like I used to.

 

[fjman]

Yes it is partly because of the comp structure. If the client is serious, going past y5 should not be an issue... Yes, MM allows the LISR Rider (PUA Rider) on the HECV product. MM just released new HECV/10pay/20pay products that are available to sell starting today (4/25/15).

Hmmm. I wonder if that's going to effect the MM 20 pay I'm taking an app for tomorrow evening...?

 

[scagnt83]

Hmmm. I wonder if that's going to effect the MM 20 pay I'm taking an app for tomorrow evening...?

Yes it will. You need a new illustration.

The illustration system says it goes active 04/25/15. That almost always means that new business after that date will be the new product. The old product was "Legacy 20 WL 2010". The new product is "Leg 20 WL 2015".

Check the illustration and look at the product name. If it says 2010 you need a new illustration. Apps for the old 2010 product stopped being accepted yesterday 04/24 at 8PM ET.