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Can anyone tell me what the various players in worksite products will pay in commission for life, disability and critical care products? Colonial, Combined, Liberty ...
Can anyone tell me what the various players in worksite products will pay in commission for life, disability and critical care products? Colonial, Combined, Liberty National, Aflac, Trustmark, AIG etc...
Can anyone tell me what the various players in worksite products will pay in commission for life, disability and critical care products? Colonial, Combined, Liberty National, Aflac, Trustmark, AIG etc...
Colonial has 3 slices in the commission pie. The enroller always gets 15% of the ASP. The co-ordinator gets 4%. The account rep gets:
Cancer 32.5%
Level Term Life 37.5%
Disability 17.5%
Universal Life 37.5%
Critical Illness 27.5%
Many Colonial folks do all three tasks. I just do the opening and split the co-ordinator commission with the enroller that I choose. Sometimes I'll give a portion of my commission to the enroller. Depends on the group.
Colonial advances the first 9 months of commission and pays the rest in the last 3 months (held back in case of chargebacks... which happens when people drop a policy or are not approved, even with simplified UW.)
They also have a zillion different bonuses for production. I've never figured them all out. I trust them not to cheat me. You need a Ph.D. in quantum physics to understand their commission statement.
I forget what renewals are... I think it is 2% but I'm not sure since I've not been there long enough to get one!
Cancer 32.5%
Level Term Life 37.5%
Disability 17.5%
Universal Life 37.5%
Critical Illness 27.5%
Al
Hmphh!!!!
I just contracted with them and my rep sent me a photocopy of a rate sheet with a high of 17.5%! When I've spoken with her on the phone, she deflects my questions about commissions. Then she sent me a contracting form for a client with her husband's name on the producer line! When I asked about it, she said they have an agency and he is a VP with Colonial and she does enrollment.
I'm feeling VERY suspicious. From her rate sheet:
Cancer 15%
Level Term Life 17.5%
Disability 10%
Universal Life 17.5%
Critical Illness 13%
I just contracted with them and my rep sent me a photocopy of a rate sheet with a high of 17.5%! When I've spoken with her on the phone, she deflects my questions about commissions. Then she sent me a contracting form for a client with her husband's name on the producer line! When I asked about it, she said they have an agency and he is a VP with Colonial and she does enrollment.
I'm feeling VERY suspicious. From her rate sheet:
Cancer 15%
Level Term Life 17.5%
Disability 10%
Universal Life 17.5%
Critical Illness 13%
Something is very wrong. Are you dealing with an agency or are you dealing with Colonial direct? (a district or regional office?) Go to Producer Services (online) and to the link to order supplies and get the ASR Compensation Pocket Prompter (2007 is all that is there for Calif.) for your state. Or PM me with your email address AND STATE and I'll send you a PDF of the one I have and get one for your state. The card says it varies by product and state but I doubt it varies much.
Colonial has 3 slices in the commission pie. The enroller always gets 15% of the ASP. The co-ordinator gets 4%. The account rep gets:
Cancer 32.5%
Level Term Life 37.5%
Disability 17.5%
Universal Life 37.5%
Critical Illness 27.5%
Many Colonial folks do all three tasks. I just do the opening and split the co-ordinator commission with the enroller that I choose. Sometimes I'll give a portion of my commission to the enroller. Depends on the group.
Colonial advances the first 9 months of commission and pays the rest in the last 3 months (held back in case of chargebacks... which happens when people drop a policy or are not approved, even with simplified UW.)
They also have a zillion different bonuses for production. I've never figured them all out. I trust them not to cheat me. You need a Ph.D. in quantum physics to understand their commission statement.
I forget what renewals are... I think it is 2% but I'm not sure since I've not been there long enough to get one!
HTH
Al
I simply go in and hook up the company or group, I don't want to be involved in other function. I show up on the day of enrolling simply to shake hands and make nice nice with all the upper level people of the company. IMHO, I am sure you know why.
Can some one send me a contact for contracts for group life and disability products?
There are MGAs out there, but I can't remember a name off the top of my head. I prefer to contract with the carriers directly. Who is competitive depends on the industry. For me, I have found Principal competitive in the 10 and under market and Assurant Employee Benefits in the 10 and over category. The Standard and Fort Dearborn also deserve a look.
Worksite Product Commissions
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