Penn Mutual

[DWPCL]

I can't speak from a career agent point of view, but I can from a product point of view.

They have hands down the most flexible whole life product I'm aware of. The sad part is, no one there seems to understand just how great that makes it.

IUL isn't as great as it used to be, but it's still pretty strong.

One of the few carriers with an accumulation focused second to die IUL product.


Term rates are expensive.

VA (if your going to do that sort of thing) is pretty strong.

Underwriting can be a bit of a nightmare. They turn cases around like all the mutuals, slowly. Underwriting isn't super strict, but it's also not incredible lenient.

All in all good company. I've written a fair amount of business with them.

What happened to the write up you had about penn's WL on your blog?

 

[Advisor06]

I am still an agent with them. I'm in Florida and the they charge 50 bucks a month.

Can you tell me the renewal commission percent on the WL, term and UL?

 

[DWPCL]

Can you tell me the renewal commission percent on the WL, term and UL?

WL: year 2-3: 12.5%, year 4: 7.5%, year 5-15: 3%, year 16+ 2%

Term: year 2-15: 3% 16+ 2%

UL: Year 2-15: 2.5%, Year 16+ 1.2%

You get a persistency bonus on all WL premium on year 5-15 of up to 5% if you write a good amount of quality business.

 

[Advisor06]

WL: year 2-3: 12.5%, year 4: 7.5%, year 5-15: 3%, year 16+ 2%

Term: year 2-15: 3% 16+ 2%

UL: Year 2-15: 2.5%, Year 16+ 1.2%

You get a persistency bonus on all WL premium on year 5-15 of up to 5% if you write a good amount of quality business.

How do you like it there? Do you find people wondering about Penn Mutual since they aren't a big brand company like NYL? Do you work under the Penn name or an agency name?

 

[DWPCL]

How do you like it there? Do you find people wondering about Penn Mutual since they aren't a big brand company like NYL? Do you work under the Penn name or an agency name?

I love it because they allow me to do business how I want to and focus on the products that I want to. No FINRA, LEAP, LBS, COW etc was important to me. What I was looking for might be different that what you are looking for.

I lead my agency in apps and I have had one client ask the name of the company. They are going to buy because they want to do business with YOU.

Make a list of what you want and then find an agency that best fits your needs. NYL, NML, Penn, MM etc. They are all great.

 

[Advisor06]

Thanks. How long have you been with them? Did they provide training and did they teach you how to gain prospects? Do they require to work out of the office? The firm I'm looking into wants me to work in one of their private offices which I'm not used to because I currently work from home which has had it's pros and sometimes many cons.

I did make a list and did review all the companies and my gut keeps telling me to go PENN which I believe I will. I like the brokerage options and I don't think the Penn minimum quota is too much to deal with ($22k). All the other companies seem to be missing atleast one thing I'm looking for and PENN allows me to have it all...unless I'm reading it the wrong way. My biggest worry is that I'm afraid of being burned since I see alot of people posting some bad horror stories about companies on here.

 

[DWPCL]

Thanks. How long have you been with them? Did they provide training and did they teach you how to gain prospects? Do they require to work out of the office? The firm I'm looking into wants me to work in one of their private offices which I'm not used to because I currently work from home which has had it's pros and sometimes many cons.

I did make a list and did review all the companies and my gut keeps telling me to go PENN which I believe I will. I like the brokerage options and I don't think the Penn minimum quota is too much to deal with ($22k). All the other companies seem to be missing atleast one thing I'm looking for and PENN allows me to have it all...unless I'm reading it the wrong way. My biggest worry is that I'm afraid of being burned since I see alot of people posting some bad horror stories about companies on here.

I'm not sure you want training from home offices lol. If I was you I would ask who the top guys in the office are and try to meet with them to pick their brain.

They will not teach you how to get in front of prospects, that will be on you. There are a lot of great marketing methods to get in front of people. I personally use the Cotton System.

You keep talking about brokerage and that alone tells me this may not be the right move for you. If you want to broker a bunch of products then you need to stay in the brokerage world and not go captive. You will be greatly rewarded if you put all of your business with Penn. You don't have to apologize for that because they are a great company.

A lot of people don't like the captive route because they themselves have failed at it. I have failed before as well. The question is are you the type of person that will tuck tail, whine, complain and accept failure? Or are you the type of person that learns from your mistakes, dusts yourself off and plows forward?

Your goal should not be to just make the minimum 22k of commission to keep your contract, you should want to CRUSH it and aim for MDRT.

I genuinely believe that no matter what company you go with, this is the best industry to get involved in. Good luck!!

 

[Advisor06]

I'm not sure you want training from home offices lol. If I was you I would ask who the top guys in the office are and try to meet with them to pick their brain.

They will not teach you how to get in front of prospects, that will be on you. There are a lot of great marketing methods to get in front of people. I personally use the Cotton System.

You keep talking about brokerage and that alone tells me this may not be the right move for you. If you want to broker a bunch of products then you need to stay in the brokerage world and not go captive. You will be greatly rewarded if you put all of your business with Penn. You don't have to apologize for that because they are a great company.

A lot of people don't like the captive route because they themselves have failed at it. I have failed before as well. The question is are you the type of person that will tuck tail, whine, complain and accept failure? Or are you the type of person that learns from your mistakes, dusts yourself off and plows forward?

Your goal should not be to just make the minimum 22k of commission to keep your contract, you should want to CRUSH it and aim for MDRT.

I genuinely believe that no matter what company you go with, this is the best industry to get involved in. Good luck!!

So if there is limited support/training why would I go captive over independent?

 

[Full Throttle]

So if there is limited support/training why would I go captive over independent?

Structure, accountability, and competition would be my answers. Most people need those more than they realize.

 

[DWPCL]

Structure, accountability, and competition would be my answers. Most people need those more than they realize.

I got your PM but I dont have enough posts to send you one back. This sucks because I typed out a nice long response and then found out after I tried to send it that it was a no go.