Am I Getting Screwed on This Monumental Contract? Please Advise.

[Watchman]

OK. I have been talking with this guy at this marketing organization about getting contracted with Monumental. So I am reading the Application For Appointment Agreement
that he sent me, which I understand many new agents don't do.
On page one, near the bottom it states who I will report to (i.e. his organization). Just under that is the section marked "Commission% or Rank, Pay Plan and Bank Information For EFT". On the first line of this section it says: Commission Level or Rank: 50.

When I questioned him about this he said "What you might be seing is the "Rank 50". That is just the level of the contract, not the commission level itself. If you have any questions, please call me."

If I understand what he is trying to do to me is to get me to sign a contract showing me the street level 105%, but paying me 50% of that.

Here is his response:

It is 105%. Here's the contract…..

What you might be seeing is the "Rank 50." That is just the level of the contract, not the commission level itself. If you have any questions please call me!

If anyone with experience with contracts could advise me, I would certainly appreciate your help.

Thanks

 

[newdirection]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

The Rank 50 is 105% for the Final Expense plan.

 

[WinoBlues]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Rank 50 is just the name of the level. It could be named anything.

It is good to ask, However, sounds like this is not starting out as a trusting relationship.

 

[Watchman]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Rank 50 is just the name of the level. It could be named anything.

It is good to ask, However, sounds like this is not starting out as a trusting relationship.

Who can you trust? It's not like he is my brother or my best friend. An agent has to sign up with someone.

I think contracts should be written more clearly than this.
What would Judge Judy say?

. Conspicuously offensive: rank See Synonyms at flagrant

 

[b61mack]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

good question. and as ronald reagan said trust, but barify

 

[CALTCAgent]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

OK. I have been talking with this guy at this marketing organization about getting contracted with Monumental. So I am reading the Application For Appointment Agreement
that he sent me, which I understand many new agents don't do.
On page one, near the bottom it states who I will report to (i.e. his organization). Just under that is the section marked "Commission% or Rank, Pay Plan and Bank Information For EFT". On the first line of this section it says: Commission Level or Rank: 50.

When I questioned him about this he said "What you might be seing is the "Rank 50". That is just the level of the contract, not the commission level itself. If you have any questions, please call me."

If I understand what he is trying to do to me is to get me to sign a contract showing me the street level 105%, but paying me 50% of that.

Here is his response:

It is 105%. Here's the contract…..

What you might be seeing is the "Rank 50." That is just the level of the contract, not the commission level itself. If you have any questions please call me!

If anyone with experience with contracts could advise me, I would certainly appreciate your help.

Thanks

Why don't you have him e-mail you the commission schedule?

That way you have a reference for later. He may be familiar with "Rank 50" but most people aren't. Whats Rank 50 today may not be the same tomorrow. No need for a call, no need for trusting a stranger.

Do you think there are reasons why an FMO tries not to send the actual comp schedule?

Its called taking a haircut, not the kind at supercuts.

Good advice?

 

[WinoBlues]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Who can you trust? It's not like he is my brother or my best friend. An agent has to sign up with someone.

I think contracts should be written more clearly than this.
What would Judge Judy say?

. Conspicuously offensive: rank See Synonyms at flagrant

I agree that you should ask. And It is good that you actually read it. Many do not. The Rank 50 does not seem to make sense. They could have named it "Super Duper Level"

The trust comment was more to your ""If I understand what he is trying to do to me is to get me to sign a contract showing me the street level 105%, but paying me 50% of that."". However, I agree that some of these guys are snakes. But not all. This forum is pretty good at outing the slime balls.

If I lose trust in an upline, I bail.

 

[Watchman]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Why don't you have him e-mail you the "commission itself" for each product contracted?

That way you have a reference for later. He may be familiar with "Rank 50" but most people aren't. Whats Rank 50 today may not be the same tomorrow. No need for a call, no need for trust. Ink and paper was a great invention or in this case a PDF file!

Do you think there are reasons why an FMO tries not to send the actual comp schedule?

Its called taking a haircut, not the kind at supercuts.

Good advice?

Great advice. I did just that. He sent it to me and it looks decent (not tops) but decent, as follows:

Life paid up to 99 105%, - 7% 2-10, 1% thereafter
10 pay life 95%, - 4% 2-10, 0% thereafter
Graded Benefit 100%, - 6% 2-10, 1% thereafter
AD+D 105%, - 7% 2-10, 1% thereafter

I don't ever mean to jump the gun and insinuate that someone is trying to take advantage of a new agent, but then again, I have read a ton of posts on this forum...

By the way, he states he is willing to do a considerable amount of initial hand holding for this (I.E. sending supplies, answering the phone, answering product questions, assisting with leads etc. He seems knowledgeable and sounds helpful and they do answer/return my calls.

 

[CALTCAgent]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Great advice. I did just that. He sent it to me and it looks decent (not tops) but decent, as follows:

Life paid up to 99 105%, - 7% 2-10, 1% thereafter
10 pay life 95%, - 4% 2-10, 0% thereafter
Graded Benefit 100%, - 6% 2-10, 1% thereafter
AD+D 105%, - 7% 2-10, 1% thereafter

I don't ever mean to jump the gun and insinuate that someone is trying to take advantage of a new agent, but then again, I have read a ton of posts on this forum...

By the way, he states he is willing to do a considerable amount of initial hand holding for this (I.E. sending supplies, answering the phone, answering product questions, assisting with leads etc. He seems knowledgeable and sounds helpful and they do answer/return my calls.

If you don't insinuate it I will, lol, becaue too many do just that. With that being said, you have to do most of this stuff on your own. Hand holding is cool too though. Even better is getting someone that has sold the stuff themselves and knows how to help you sell. Thats hard to find.

 

[WinoBlues]

Re: Am I Getting Screwed on This Monumental Contract? Please Advi

Including hand holding, sounds like a good deal. Training is not free. You pay for it or the trainer pays for it.