Annuity Companies

[insuranceexec]

Again,

If another agent refers you, they will get an override (1%) on your business. You will still be direct.

Midland National is owned by Sammons and is a sister company of North American. Aside from name, the products are identical. The benefit you get from going direct is an extra 1/2% commission. The drag is there are very long wait times when you call in.

Before you give away the override, I suggest you review the annuities forum and figure out who you want to befriend and get advice from in this arena.

Very well said there Pad.

"Phoenix": Midland is a good company, but there are many good companies. Midland is notorious for being very slow to get things issued and agent services are horrible. I would also suggest that you look around the annuity forum and get some other ideas on there. I do own an IMO and would love the opportunity to earn your business; the key work there is "earn." With that being said look around if you would like to chat pm me, or give me a call. Happy Hunting and good luck.

 

[Guest]

Again,

The benefit you get from going direct is an extra 1/2% commission. The drag is there are very long wait times when you call in.

That's the TRUTH. However, they know about the problem and are trying to fix it. If you have a long wait (on hold) time, contact

Lori Bochner - asst. VP Marketing
515-273-0839


AND her boss:

Cindy Reed - Chief Marketing Officer
515-273-5677


They WANT to know about problems and you are doing them a favor. Tell them I recommended that you call. These women have clout in the company and can get you to the right person in a hurry. They do for me, anyway.

Midland is a great company who tries to run "too lean." It's taking a while but they are getting it together.

If you want to go direct with a company who really KNOWS how to do it right (i.e. not use the BGA distribution model) check out Ohio National. These folks in Cincinnati are more responsive than the GA with an office a hundred yards from my house! ON is not that strong a player in annuities but they have terrific rates and UW on term, UL, and WL. I often get "preferred" with them when West Coast would only give me "standard." That's a huge savings for clients doing big-dollar policies.

Find me here

 

[cloisbarton]

Jackson National is another direct company that you can use.
I know a contact at Jackson National. There are a direct only company, so there are only an exclusive few FMO's that can offer there contract out. However, you are always appointed with Jackson National direct.

It is still a good idea to check with a few FMO's to get further details. There are some really good carriers out there, and there are FMO's that will give you a good sub-wholesaler contract.

 

[cloisbarton]

RBC is another good company
American National sometimes has good rates

 

[Charpress]

Not only will Aviva not deal directly with agents, they are actually in the process of scrubbing 3,000 agents and are dropping a good number of FMOs that are not producing over $50 million in premiums.

Apparently Aviva wants all business to go through an FMO/IMO to review and clean up applications. Something like 80% of their apps last year had some problem or another that needed fixing.

I personally think the problems with apps are pretty much Aviva's own making because of the confusion over whether you are dealing with American Investors, AmerUS or Aviva. The apps vary from company to company, even though it is all Aviva. The products vary slightly also, even though the brochures are hard to tell apart. It is all confusing, a pain in the rear-end, and Aviva's fault.

 

[patch36]

I have had no problems with Midland or North American. I write mostly North American through my FMO who gives me a bonus to make up for the 1/2pct difference in commissions. My FMO does the signature guarantees and cleans up my apps before they go in, as well as some other support type stuff...

Go through me for the referral and I will make you my beneficiary on my riding lawnmower if I die. If its legal I will send you half the referral back when they pay it out at the end of the year...

 

[insuranceexec]

Not only will Aviva not deal directly with agents, they are actually in the process of scrubbing 3,000 agents and are dropping a good number of FMOs that are not producing over $50 million in premiums.

Apparently Aviva wants all business to go through an FMO/IMO to review and clean up applications. Something like 80% of their apps last year had some problem or another that needed fixing.

I personally think the problems with apps are pretty much Aviva's own making because of the confusion over whether you are dealing with American Investors, AmerUS or Aviva. The apps vary from company to company, even though it is all Aviva. The products vary slightly also, even though the brochures are hard to tell apart. It is all confusing, a pain in the rear-end, and Aviva's fault.

Absolutely spot on. I was able to keep my contracts with Aviva; but they have dropped a good many of other FMO's. With that being said if you know of anybody that is needing to be placed with an Aviva Contract send them my way. I might even be able to buy you lunch............LOL. or maybe a lead.....

There are several other companies who have stepped up to the plate to compete with Aviva on the income side; (American Equity, and Forethought) to name a couple. American Equity just got their A rating back so there may be some skepticism with them. Forethought in my opinion does not have a big enough book of annuity business to truly compete for the long term.
- - - - - - - - - - - - - - - - - -

I have had no problems with Midland or North American. I write mostly North American through my FMO who gives me a bonus to make up for the 1/2pct difference in commissions. My FMO does the signature guarantees and cleans up my apps before they go in, as well as some other support type stuff...

Go through me for the referral and I will make you my beneficiary on my riding lawnmower if I die. If its legal I will send you half the referral back when they pay it out at the end of the year...

I am sure you already know the answer to this; but YES, it is legal providing that both are dully licensed.

 

[Bruce3301]

Midland is a very good company. I don't know where the slow policy issue comment comes from. They are very fast and responsive. All products are not great, but some favorites are MNL Leader, 4 yr surrender with high index caps and 4% commission. MNL Select is good, their guaranteed interest rate products are good. 6 yr 5% guaranteed with a 4% commission. FMO's and IMO's normally don't have anything good to say about them because they can't offer it. Just like FMO's bad mouthing the Annnexus BPA product when they can't offer it.

 

[patch36]

I am sure you already know the answer to this; but YES, it is legal providing that both are dully licensed.

Yes, I was being a smart ass. I have nothing to offer in the way of support other than my willingness to earn the referral bonus, so I thought a bribe/kickback/gratuity might help my case against stellar competition.

As I said, I have no problems with service from Midland or their mirror company North American Life. North American is my preferred provider because of FMO support and bonus that makes up the difference in commissions on some of the products. The FMO support with signature guarantees and transfers is a big plus for me, so I use the NACOLAH side of the company.

 

[padthaiforlunch]

Midland is a very good company. I don't know where the slow policy issue comment comes from. They are very fast and responsive. All products are not great, but some favorites are MNL Leader, 4 yr surrender with high index caps and 4% commission. MNL Select is good, their guaranteed interest rate products are good. 6 yr 5% guaranteed with a 4% commission. FMO's and IMO's normally don't have anything good to say about them because they can't offer it. Just like FMO's bad mouthing the Annnexus BPA product when they can't offer it.

In good conscience, I cannot place a client in a six year product that has the same rate as the five year product -- even if it means giving up 1% in commission.