AIG "AGLA" Universal Life? Any good?

Bottom Line. No matter what the truth is or how good the product is. No client is buying AIG right now. Damage is done. Everyone watched the news. It does not matter how good the product really is. I've talked to a lot of AIG agents. All of their policies are falling off the books. Clients are running from the AIG agents.

While AGLA is owned by AIG, they are a separate entity. AGLA just completed a banner year so someone is buying it.

The AGLA ABRs are different than what is offered by other companies as the chronic and critical care riders are offered without cost and instead of being a sated benefit, the benefit is determined at the time of occurrence based upon the conditions effect upon mortality. The ABRs are included with AGLAs level term products as well as the UL products...
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I'm seriously considering selling AGLA "Quality-of-Life" products as an independent. Problem is that commissions are 100% independent and up to 120% captive. I have the option to bank commissions for up to 6 months until I decide. What do you guys see as the pros and cons? This is my first post.

Thanks!

The Menace

Somebody is blowing smoke on the commissions. The "up to" is theoretically possible but it is misleading to tell an agent prospect that is what they can expect. The base commission for captive agents on UL is 45%.. To get anywhere near 100%+, you would have to max out on bonus which few agents do. It is a moving target as AGLA keeps increasing the amount required. Their commission contract is available on their web site so don't take my word for it.

https://secure.aig.com/apex/careerweb.nsf/Lookup/A-1MMDoc104/$file/A-1MMDoc104.pdf

The Special Rep contract is a base of 80%\
https://secure.aig.com/apex/careerweb.nsf/Lookup/225B_Files/$file/225B-SA.pdf

There is a bonus available on top of this for amounts submitted in excess of $20,000 per year so if you made bonus, you would get 80% of the first $20,000 and 96% of the excess up to 500k and then 88% of the excess.

BTW, I do sell as a special; rep and like the product but you need all the facts to make your decision. The big difference is their supplemental health products.. Special Reps get 65% 1st year on the cancer and captive agents get 12% with no bonus.
 
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You have to log in to view those links. Care to post the PDFs directly to the forum?

Classic Sales (captive)

View attachment agla classic sales.pdf

Special Rep (Independent)

View attachment agla special rep.pdf


Let me add this about AGLA.. Management positions for the mgr that can produce results can pay exceptionally well even at the associate manger level.. If a person is going to make a career with them, the benefits need to be taken into consideration.. Health Insurance and the retirement can be attractive. I know as an independent we have vested renewals but renewals can run out (I know) but the retirement checks keep coming for the rest of your life (and that of your spouse if you elect). Both sides of the coin have advantages and disadvantages.
 
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Could they make the captive pay plan anymore complicated?

IMO, complicated pay plans are generally designed to screw the agent and/or promote certain lines or products.
 
12% sure seems low for AGLA Cancer policies, with no bonus. Is the product similar to CancerCare offered in the American General channel?
 
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12% sure seems low for AGLA Cancer policies, with no bonus. Is the product similar to CancerCare offered in the American General channel?

Don't think AG sells it any more.. A special rep with AGLA still gets 65% first year but the renewal and service fees only totals 3%.
 
We still sell CancerCare, under the American General Life channel. Commissions range from 50-55% approximately, depending on level. Maybe there is a different channel that no longer offers it, but we definitely do.
 
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