Assurance/Lumico Experience?

[jerryrut]

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.

Just so you know, that was tongue in cheek

 

[Todd King]

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.

Okay, but let's try this math on for size and see how you like it....

First off, not many term policies pay renewals, so in this case renewals don't matter.

However, in your example above, you only made $1100.

Let's say you were with an IMO that had a company that pays a mere 80%. Initially you're going to think..."wow, only 80%! Heck, I just made 220%!". Well, here is where the real math comes in.

At $500 per month, that is $6,000 per year. At 80% you would make $4800. If my addin' and subtractin' is still good, I believe that $4800 is a hell of a lot more than $1100. Even at 425%, that's only $2375. So even the top level agent there isn't making anywhere near what they could if they were independent. Free leads or not....it doesn't take a math wiz to figure you how much it is costing you by letting them give you "free" leads! Those free leads you are getting is costing you a huge amount of money. Not so "free" now, are they?

Do keep in mind that there are companies that pay higher than 80% for Term products.

This is just one example of one product. I'm sure other products would show just how much you are getting screwed too.

 

[JProducer]

But you guys have to admit, quoting commission rates at a percentage of 1 month's premium payment is BRILLIANT! Bernie Madoff is jealous of these guys!!

 

[jerryrut]

But you guys have to admit, quoting commission rates at a percentage of 1 month's premium payment is BRILLIANT! Bernie Madoff is jealous of these guys!!

 

[goillini52]

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.

Careful that you don't drown in that Kool-Aid.

 

[goillini52]

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.

You should've gotten $4,500 up front, then $500 in months 10, 11 and 12. You're getting SCREWED!!!

$6,000 or $1,100?

 

[Insurance1Agent]

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

YES, Assurance DOES SELL AD&D !!! You are mis-informed

 

[Insurance1Agent]

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.

WOW, I will guarantee you WORK FOR ASSURANCE!!! (cheerleader)

 

[Insurance1Agent]

But you guys have to admit, quoting commission rates at a percentage of 1 month's premium payment is BRILLIANT! Bernie Madoff is jealous of these guys!!

REALLY? if you think that's good for anyone but the owners, your crazy. NOT good for employee/1099 person at all, which IS BAD FOR AN ORGANIZATION TO GROW (just turn and burn agents)

 

[Insurance1Agent]

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.

Yeah, work for them for 2,3,5, 10 years and GET NO RESIDUAL INCOME! really stupid