Assurance/Lumico Experience?

Aug 24, 2018

  1. jerryrut
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    jerryrut Guru

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    They’re only making at least $1,500 per day off of you, nice gig they got:)
     
  2. Insurance1Agent
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    Insurance1Agent New Member

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    I'm an experience agent and being straight forward with you - just a warning, DON'T work for Assurance (Lumico Life) The clientele they market to is absolutely BROKE...you can write a decent amount of policies, however, cancellation rates are like 25%-40%! (NOT a typo) majority of their clientele are good people, just broker, paycheck to paycheck and cant afford to pay their premiums.

    Assurance is NOT a good company to work for multiple reasons. They also "lie" and tell ALL their clients..."looks like you qualify for a company called Lumico Life Insurance" - they ONLY offer 1 life insurance company to their clients- this is NOT good for any client to have only 1 option. The pay is also like 25% overall and NO residuals!!!!

    Their AD&D side should be investigated by the dept of insurance!!! They tell every single client that's disabled that they DON'T QUALIFY FOR LIFE INSURANCE, they only qualify for their AD&D policies.....this IS CRIMINAL!!!! (some of these people can absolutely qualify for a life policy)
     
  3. cehinton
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    cehinton New Member

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    I just looked today, and it seems that 5 out of the last 6 policies I wrote are canceled.. I am beginning to lose any enthusiasm I initially had about this opportunity. I am now starting to put the pieces together to branch out on my own and make a lot more commission.
     
  4. jerryrut
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    jerryrut Guru

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    I got a recruiting email from them today: highest commissions, free leads, office expenses paid, health insurance, 401k, team building, does it get any better than this:)
     
  5. Insurance1Agent
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    Insurance1Agent New Member

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    "HIGHEST COMMISSIONS"???? NOT!!!!! - they pay like 25%!!! (That SUCKS) Here's an example: Sell a $100 monthly premium policy ($1,200 yearly premium) and you get 275% to start of the FIRST MONTHS PREMIUM ONLY ($275 TOTAL PAY)

    Even if you were at a low paying company - like 60% you'd get paid $720. They are a JOKE
     
  6. Insurance1Agent
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    Insurance1Agent New Member

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    Larry- you are FULL OF SHIT!!!
     
  7. garzawin
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    garzawin Expert

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    i guess those of you that gripe about the commissions...100% of 0...is zero!
     
  8. Patrick Gregory
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    Patrick Gregory New Member

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    I've been with Assurance for a little over 3 weeks. And here is my experience with them. First, I wanted to find a company that would give me the opportunity to work from home, not cold call or pay for leads! Awarded all three with Assurance. The only out of pocket investment I made was to pay the fee to be licensed in 10 other states( a little over $400). I receive inbound calls from clients in CA, TX, OH, MD, SC, SD, MI, NM, AR, & IA. Yes, all Assurance agents are licensed to do business in 10-30 states, 10 is the required number and if you want to do more states it's up to you. They do this to help Assurance agents make more money, plain and simple., Insurance agents selling in one state are limited to the amount of clients they can do business with, where Assurance agents can do business in multiple states increasing the opportunity to sale more policies. So the investment is a way to show the company how serious you are. So Assurance may not be for everyone.

    We don't sell AD&D, we have an accidental death that clients may be able to qualify for if they are declined from our Term, WL, FE or SIFE. Also, if a client wants to add Accidental Death to their rate, it could increase the face amount of the policy only if the insured dies in an accident only. No dismemberment! ex: The face amount of the policy is $100K and the accidental death is $50K..If the insured dies by accident during the term period, the beneficiary will receive $150K. We also have at no extra cost to the client a living benefit in our term and WL products.

    Our commission..best Ive seen. You start with 220% submitted policy, you get 15 in a week you rise to 275% and goes up to potential 425% submitted policy. My first policy I wrote was a Term policy for $41.62, I made $91.56 in commission, also a commission of $354 from a $161 submitted policy. Commission payments are paid every Friday, sometimes instantly upon premium paid, and we also get $20 dollars for transfers, they are paid out immediately.

    Assurance does not choose its clients. They choose Assurance. We cold call no one, all inbound calls and we don't purchase leads. That's why we receive such good commission %. Renewals no we don't have. But all agents understand why. Just look at the commission % and that should explain it.

    I believe working with one A rated company with A.M. Best and has a A+ rating with the BBB is enough said.

    Yes, ppl will cancel, or credit/debit cards will decline, that's the nature of the business. I've only had one cancel and two cc declines so far, and that's with over 40 policies submitted.

    I'm really annoyed with the accusation that we prey on ppl who can't afford our coverage. If clients can't afford our rates we refer them to companies who may be able to help them, companies like Mutual of Omaha, Colonial Penn or Bankers Life. We are honest and truthful when explaining to clients that their rate will be determined by their age, medical history and life style, they make the decision if the rate is affordable or not. Also, if we can not help a client who is classified as disabled, again we are instructed to transfer them to a company who can help them.

    Assurance is a good, honorable company who truly wants to sell value and not price. Its a shame when someone comes on here and knows absolutely nothing of what he is talking about, and turn people away from a great opportunity to help families and earn a pretty decent income in the process. But once again, just look to the A+ with the BBB and the A-rating Lumico has with A.M. Best
     
  9. Todd King
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    Todd King IMO/FMO Owner

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    Those percentages show that they are playing mind tricks on you. The "41.62" is actually $499.44 in annual premium. You are actually making somewhere around 20%, not 220%! That's terrible!
     
  10. garzawin
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    garzawin Expert

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    Actually it's not a % of the annualized it's a % of the monthly premium. So no mind tricks. I can see where you're confused though. It's a new concept. However, 100% profit with zero investment now that's pure capitalism at its finest my friend.
     
    Last edited: May 16, 2019
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