Assurance/Lumico Experience?

[suranceman]

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 it's finest my friend.

Yes but they present their percentages in this way to mask just how bad their comp is.

The rest of the industry talks about comp rates on the annual premium. For example, a street level contract of 120% applies to the annual premium of a case. If you sold a $50 per month case, you would earn $720 in commission (50x12x1.2).

When you say you get 220% of the monthly premium. Here's how that breaks down. A $50 case would earn you $110 in commission (50x2.2). That really translates into about 18% commission on the annual premium.

You're getting raped even though they give you leads at no cost.

 

[Patrick Gregory]

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!

 

[Patrick Gregory]

Todd its as true a commission as it is...The % is on the submitted policy(read again) not on annualized. No mind tricks. Two days ago I helped a client with a term policy with a $500/mn rate. Submitted policy: $500 x 220%= $1,100. That my friend is my commission for about 45 minutes of work. The reason our commissions are where they are, is because we pay for no leads and receive no renewals..but getting paid at the % we do, who needs renewals. We have agents making 425% on submitted policies. Man! People should do some research before they try and blast other companies. I don't get it.

 

[Patrick Gregory]

Yes but they present their percentages in this way to mask just how bad their comp is.

The rest of the industry talks about comp rates on the annual premium. For example, a street level contract of 120% applies to the annual premium of a case. If you sold a $50 per month case, you would earn $720 in commission (50x12x1.2).

When you say you get 220% of the monthly premium. Here's how that breaks down. A $50 case would earn you $110 in commission (50x2.2). That really translates into about 18% commission on the annual premium.

You're getting raped even though they give you leads at no cost.

 

[Patrick Gregory]

We get commission on the Submitted Policy, not the monthly or annualized premiums. True, no residual income or renewals, but not needed if you are making 220%-425% on submitted policies. $1,100 dollars just entered my checking account from a submitted policy of $500 do the math. $500 x 220%= $1,100. That's all mine, the company does not get a % of it. Go to the website research them, ask questions. See if what I say is true. But don't spew out untruths about the company.

 

[ubuntu5319]

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

They're lying. I worked in the Medicare Supplements which was started last year. They promise you the world but their system never runs smooth. The calls are all inbound but 99.9% junk. They are forever moving the goal post. The team leader that I had is terrible and you seldom make the money as they only pay you 1st months premium, No residuels. If you sell any other carrier beside Lumico the pay you only 75% of 1st month premium. For me as an experience agent, it was a waste of time.

 

[garzawin]

we're talking life insurance. not med supp.

 

[suranceman]

We get commission on the Submitted Policy, not the monthly or annualized premiums. True, no residual income or renewals, but not needed if you are making 220%-425% on submitted policies. $1,100 dollars just entered my checking account from a submitted policy of $500 do the math. $500 x 220%= $1,100. That's all mine, the company does not get a % of it. Go to the website research them, ask questions. See if what I say is true. But don't spew out untruths about the company.

Dude you don't understand math.

It's all good though. You're getting raped but at least you're happy about it

 

[ubuntu5319]

we're talking life insurance. not med supp.

Yes, I am well aware that you're talking about their Life Insurance through Lumico but it's just a different product but the same company.

 

[jerryrut]

Todd its as true a commission as it is...The % is on the submitted policy(read again) not on annualized. No mind tricks. Two days ago I helped a client with a term policy with a $500/mn rate. Submitted policy: $500 x 220%= $1,100. That my friend is my commission for about 45 minutes of work. The reason our commissions are where they are, is because we pay for no leads and receive no renewals..but getting paid at the % we do, who needs renewals. We have agents making 425% on submitted policies. Man! People should do some research before they try and blast other companies. I don't get it.

We don’t need research because we been in this biz for many years; my commission on that sell would have been at least $6,000; you’ll learn the hard way