This question has been asked of Greg many many times and he never answers it . Further more he's never showed a commission sch . I've never heard of any experienced agent getting a contract with Senior life lifers like Greg starting over 90% . Independents doing 1 piece of business a yr get 120% street most places .Greg if I do 1 app a yr what commission level you giving me ? The answers 80 or 90% . Throw in a 4 month chargeback and I'm at 70-75% . You bet your bottom $ there's 160% built in the contract . Problem theres 10 levels of contracts .It's funny I've never seen one of these preferred or super preferred policys on the street
Experience with Senior Life ?
- Thread starter Roses39
- Start date
Here is a schedule I received last year.. It still has has the 6 month charge back.. This is the first company I have ever seen that requires a certain persistency in order for an active agent to receive renewals.. The Legacy program is the VAP. You can see what happens to commissions if you don't add it.
Dropbox - L115 (2).pdf - Simplify your life
- 4,872
That commission schedule is so out dated. Now a days the super-preferred and preferred would pay the 115%. The renewals on the term are not too bad. Now it's a 4 month charge back for brokers, not 6. The 13 month persistency requirement is now 65% not the 72.5%. I guess the 13 month requirement is there because if a broker is rolling business they shouldn't be getting renewals on the non-rolled business? Getting better every year!
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- 4,872
I wouldn't contract you to be in my hierarchy. So you don't need to be concerned with that. Wishing you well!
BarryNY
Guru
- 271
Thank you. Based on this - the "profitability" for someone working w/SL is obviously much less than being independent, getting 125%, and buying their own $53 live incoming TV calls...
Greg why in the earth would I or any 1/2 competent agent contract with SL. I'm pretty sure my commission levels are as high as most of your mga's that recruit big . I have a choice of 40 CO's and can price bust or out underwrite 1 company in my sleep.My renewals are better than yours . I have zero chargebacks on what the client ever pays . I know the SL and Lincoln scam . Mrs Naive your were approved at $61 a month just like we said . Congrats !!! . Little does Mrs Naive understand that she was issued at $6 k graded fir $61 a month . And the slimeball agent know only 1 or 2 out of 20 will ever even their policy and actually read it .If they call back . Mrs Naive let me check on that . Slime ball calls back abd says " it looks like you were taking some really bad meds . But rest assured it's the " best " policy out there !!!
- 4,872
Hate locking horns with you. Supposed I were to share with you that I could get an agent 125% also with $34 live transfers? Then whose platform is the most profitable for the agent? Production is key.
1. Agents usually get a lower commission with our business model because the manager is cosigning for lead financing, cosigning for lead drops, and also cosigning for charge backs NOT to come out of the agent's advances. This way helps agents who are low on funds, yet very hungry and coachable, to get into the game rather than sitting on the side lines because now they can work leads and build themselves up, grow, and become successful. And the charge backs deducted on the backend allows the agents to get paid Mon-Fri on business getting issued, with no deductions nor surprises from charge backs upsetting the cash flow of their business and knocking them out of the game. When charge backs are deducted from the back end agents don't feel that pain because they're still getting advances Mon-Fri on business getting issued with no worries about charge backs.
2. Now if an agent wants to reduce my risk like they do with other broker agencies I can help them get higher first year commissions also along with the even higher life time renewals. That means this agent would prepay for their leads, prepay in advance for DM drops, charge backs are deducted from their front end advances, and they can have no vectors. AND they can issue just one piece of business every 90 days.
Any agents that wish to discus #1 or #2 above please call me anytime between 9am est and 7pm est Mon-Sat. We can decide if we are a good match for each other as there are certain requirements for certain levels.
Don't forget the extras such as group health, group cancer, group disability, dental/vision, group accident, improved closing % and persistency bundling the policy with Legacy's savings and more!
I have decided that this will be my last post on this forum. I've enjoyed the spirited discussions. I'm still in the FE game, I'm now going to work a little smarter for 2021.
The blocks of time I've spent up here are going to be replaced by conversations with agents who are hungry, coachable, and loyal. After all I have almost 22 continuous years of experience selling FE, and got started with FE tele-sales in 2005. I have a lot of experience and wisdom to share with agents who join my team, more than most anyone up here can offer.
Call me and let's help you turn things around for you in 2021!
BarryNY
Guru
- 271
It's actually been a ton of fun fencing with you...
Good luck with your recruiting efforts!
Merry Christmas and a Happy New Year to you and your family...
- 4,125
The qualifications to be able to get the group health insurance are outrageous by the way.
BarryNY
Guru
- 271
Senior Life...they're one entity in a sea of entities.
Why would anyone put their destiny in the the hands of one company when there are a ton of options?
Why would anyone put their destiny in the the hands of one company when there are a ton of options?
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