Americo Lifetime Legacy??

[luke4275]

Has anyone used this product..? ONe of my clients says they have cd's ,etc. for ex a 70 non smoke female pays lump of 25k and her heirs are guaranteed 48k. tax free upon her death. .. comm is 13% for age 70

Do other carriers offer this product? I know americo isnt the best for fe and perhaps there are better rates and better comm? thanks

 

[Longtimeagent]

Americo has a good single premium whole life policy. I have written several of them and they get a good return. There are tons of companies that do SPWL, you just have to check with your carriers and get some illustrations done for you.

 

[Mark]

The problem with Americo is they are tough on contracting agents. Back in my day you had to have a credit score of 550 of higher to be contracted.

 

[padthaiforlunch]

The problem with Americo is they are tough on contracting agents. Back in my day you had to have a credit score of 550 of higher to be contracted.

You have to be pretty irresponsible to have a credit score lower than 550.

 

[WinoBlues]

You have to be pretty irresponsible to have a credit score lower than 550.

Better hope the companies do not start routinely doing credit check on new clients then.

 

[Mark]

You have to be pretty irresponsible to have a credit score lower than 550.

I see agents with much lower everyday and tons of vectors.

YOu would be suprised how many agents have vectors.

 

[jdeasy]

I see agents with much lower everyday and tons of vectors.

YOu would be suprised how many agents have vectors.

You don't have to continue to recruit those agents once you find out they have low credit scores and/or vectors. That's a choice you make to continue.

If you chose to continue, you shouldn't complain when you get stuck with a debit balance from an agent that already knew wouldn't pay.

 

[WinoBlues]

I see agents with much lower everyday and tons of vectors.

YOu would be suprised how many agents have vectors.

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New normal.

Mark, I can see a guy getting one vector. How do they get several. Wouldn't companies stop contracting?

 

[Mark]

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New normal.

Mark, I can see a guy getting one vector. How do they get several. Wouldn't companies stop contracting?

Not all Insurance companies check vector or pay them the money they require to be a member.

Also, I had one agent write his family members and friends at the same time with 3 insurance companies at the same time and they all lapsed within 3 months... No one caught it.

THe avg agent that has a vector match, has tons of them.
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You don't have to continue to recruit those agents once you find out they have low credit scores and/or vectors. That's a choice you make to continue.

If you chose to continue, you shouldn't complain when you get stuck with a debit balance from an agent that already knew wouldn't pay.

That is true. Some IMO does still take the agent with a vector match. The smart ones don't.

A lot of the problem is that we are being flooded by brand new agents that just got their lic.. There is no track record and the IMO has to take a risk on the new agent. We are sometimes the 1st insurance company that the agent does wrong.

 

[WinoBlues]

Not all Insurance companies check vector or pay them the money they require to be a member.

Also, I had one agent write his family members and friends at the same time with 3 insurance companies at the same time and they all lapsed within 3 months... No one caught it.

THe avg agent that has a vector match, has tons of them.

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I am selective on who I will offer a contract. Usually an established agent only. I am not a trainer. However, I have yet to run into anyone with a vector. Several BKs but no Vectors.