Commissions for LTC products?

[senior-advisor-indiana]

Of course I live in IN. I am looking to contract with Genworth, John Hancock, and Met Life and possibly Penn Treaty for sub standard cases.

What commission rate should I look for. I will not get any leads. I have heard of some people getting 75% 1st year but I dont know what company that is. I need to know know the 1st year and renewal commissions and how many years you usually get paid for renewals. Do any of them offer lifetime renewals?

 

[senior-advisor-indiana]

Does anyone sell LTC?

 

[Guest]

When I interviewed with Bankers last year they paid 65%. They had a generous bonus structure as well. I didn't go with them because they were captive and I was not all the thrilled with their products and sales methods (but they were not as bad as some of the MA IMOs, that's for sure!)

Al

 

[Newby]

I recommend you call Johnnie Braxton 252-568-3185. He is a VP with Continental Life of Brentwood, TN (they were recently bought by Genworth.) He seems to be VERY experienced with LTC and very interested in helping agents get focused on it. He is very interested in selling policies that fit the State Partnership Programs which Indiana is already a part of. I was impressed with him and I will meet with him again once I take my Health licensing next month.

Good luck with it.

 

[Cenla Agent]

I am not sure what the range is, but compared to Med Supps LTC commissions will be much higher for FY but typically in the single digits after that.

 

[senior-advisor-indiana]

I thought that the renewal commissions leagally have to be half of the 1st year. Did I dream that or is that true?

 

[bluemarlin08]

Must of been a dream. Most are 4 -10%

 

[lifesettlementadvisor]

A number of my clients have found success by having their senior clients sell their life policy and then buy a LTC policy. The agent is compinsated twice and the client is well taken care of for the remainder of their life.

 

[senior-advisor-indiana]

Yeah, you sound like a person that likes for people to sell their life policies. Hmmmmm. I am leaning more towards having a client buy a single premium life with LTC benefits and I am compensated very well. Plus no rate increases for the client and if they dont need the LTC the money is not wasted. John Hancock has a great product for that.

 

[Jeff]

I happen to be loooking for ltc comm rates also.
So far I've been quoted 65% fyc for Genworth w/ 6% renewals.
75% for JHancock w/ renewals @ 7% years 2-4, 4% yrs 5-10 & 2% yrs 11+. Both of these require assignment of the commission to the fmo which I do not want to do. I'll only get into a deal where the co pays me directly.

The local Hancock office offers a much lower fyc but higher renewals that end up about the same as above after 5 years or so.

Still looking...