Any companies out there that don't pay commissions on family business as earned?

[Freak]

Wanting to sell a few policies to some immediate family. One of the companies I'm with pays out "family business" as earned and no advances. Curious if most companies are like this or just this particular one?

Thanks guys.

 

[shonceman]

Wanting to sell a few policies to some immediate family. One of the companies I'm with pays out "family business" as earned and no advances. Curious if most companies are like this or just this particular one?

Thanks guys.

Pretty much all like that. Too many agents would write controlled business in order to get a quick paycheck, then stick the company, as well as their upline, with the debt.

 

[jensing0406]

Wanting to sell a few policies to some immediate family. One of the companies I'm with pays out "family business" as earned and no advances. Curious if most companies are like this or just this particular one?

Thanks guys.

Mutual of Omaha will advance on controlled business

 

[myinsurebiz]

Terrible idea . . .

 

[Freak]

How so? My mother has no coverage is 51 and healthy. Has never missed a bill. Same with step father. And my grandmother has term till 83 and is 72 and wants a small whole life policy.

 

[fed up]

How so? My mother has no coverage is 51 and healthy. Has never missed a bill. Same with step father. And my grandmother has term till 83 and is 72 and wants a small whole life policy.

Are you looking to place them with the best company for their sake or the company which pays you the most and soonest? Do what is right for your customer, not what is best for your wallet

 

[myinsurebiz]

How so? My mother has no coverage is 51 and healthy. Has never missed a bill. Same with step father. And my grandmother has term till 83 and is 72 and wants a small whole life policy.

Advances on controlled biz equals chargebacks and hurts your persistency in many cases.

 

[Todd King]

How so? My mother has no coverage is 51 and healthy. Has never missed a bill. Same with step father. And my grandmother has term till 83 and is 72 and wants a small whole life policy.

Because many agents will go through some period, at some time, where they just need money to pay a bill or something like that and then they'll get the idea that they can just write one up on my brother, sister, aunt, uncle, cousin, etc and get paid, then have them cancel the policy. All that just to get a little "loan". That has come back to bite more life insurance companies than just a few.

Sure, Mutual of Omaha does it. It's a terrible idea and we keep trying to get them to change it. One of these days we will be successful!

 

[theinsuranceman]

Mutual of Omaha will advance on controlled business

Another example of a FE carrier that is run by people who shouldn't be running a FE carrier. How did these people get into their positions?