Hi everyone. I'm new to the forum. I'm looking to get back into the insurance business. I have a year experience selling Final Expense. I was wondering which type of insurance pays the most residual income. I heard medicare supps is good for residuals I'm looking to build up some type of residual income to help me retire one day. Thanks in advance!
Best Product for Residuals?
- Thread starter Roy2015
- Start date
Verbgravy
Expert
I don't think there's anything that can top P&C from a residual standpoint.
- 10,328
Long Term Care, Disability, Med Sups, Health Insurance (obviously on uncertain ground right now).
Also some Annuities are paying trails now up to 1%.
Also some Annuities are paying trails now up to 1%.
- 16,880
Don't rely on renewals for retirement. They are just bonus money but you will always outlive them. Or at least hope to.
Insurance agents need to invest in retirement accounts just like everyone else. Or sell yourself an annuity every year. But trying to retire off of renewals is building your house on sand.
- 8,448
Do current CAPTIVE agents with Prudential, MetLife, Northwestern Mutual, etc.. still have access to vested pensions, 401K's, and other in-house retirement instruments?
I was a captive Prudential Agent in the 1980's/90's. There was some pension account that accumulated, according to years of service, which would begin sending agents a monthly retirement income at age 65.
I was a captive Prudential Agent in the 1980's/90's. There was some pension account that accumulated, according to years of service, which would begin sending agents a monthly retirement income at age 65.
- 10,328
Generally speaking, yes they do. I know that NYL, Guardian, NWM, & Pru have a Pension plan that you vest into. They also offer non-matching 401k plans.
LFG's career channels offer a match on their 401k, but no Pension. They also offer a voluntary Deferred Comp plan.
Guardian career shops vary on comp. The managing partner of that state/region sets comp. The one here locally pays EXTREMELY well... but they are also extremely picky about the agents they hire on. They are almost always experienced agents. But they pay very high renewals. And the Pension Plan is very lucrative in the long run.
- 179
I can only speak to Mutual of Omaha. but I know there was a deferred compensation plan. basically as long as you produced a certain amount, i think around 50,000 in ap. you would get 4% contributed to a deferred comp account. I think it was 4%.....
with healthcare reform clients essentially sign up for a different plan every year. renewals suck hard.
I would say whole life(FE), Med supps, and of course AUM....
First of all, let's get the terminology right.. Insurance pays renewals, not residuals. For me, the best long term renewal base has been supplemental health such as cancer. The persistency is close to that of life, probably as good or better than FE and many companies will pay 15%+ for the life of the contract, fully vested to your family in case of death.
Bradford17
New Member
- 5
Call me at 313 728 3245 and I'll let you know. It depends on a few variables
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