Former WFG Agent - Should I retire?

[DHK]

What problem do you have with me? Now you're making it personal. FYI I haven't been to a meeting in over 4 months because of personal issues I wish to not talk about in a insurance forum that has to do with my 10 month old daughter. You're starting to accuse me of things when I haven't even said anything. You have no f... clue how I work or how I service my own clients to go off like that.

You read it personally and took it personally because you're in it. He described the mechanics of what happens and used the word "you" in a general term - such as "you MLM'ers". Toolbelt has been on a rampage/rant on MLMs for the past week or two. Not that he's incorrect, but that you (specifically) took it personally.

 

[DHK]

In MLM, salvation is always around the next corner, seminar, conference or convention.

"You never know which event it might be that turns everything 'on'."

"Ideas can be life-changing. And sometimes all you need is just one more in a series of good ideas.

It's like dialing the numbers into the lock. You've got 5 or 6 numbers dialed into the lock, the lock still won't come open, but you don't' need 5 or 6 more, you just need one more.

And a seminar like this can do it, a sermon can do it, the lyrics from a song could do it, a dialogue from a movie could do it, a conversation with a friend, might do it. That one last piece you need, that number, dial it into the lock, that's it, the lock comes open, and there's the door for you to walk through, and maybe this seminar today could furnish that for you, give you one more idea.

All you need is just a few more thoughts, ideas to furnish you some ways and means to turn your life into the dream you want it to be." - Jim Rohn

Of course, Jim Rohn was a key or founding distributor with Herbalife. The "ideas" just aren't a good substitute for good training and a proper system from day one.

 

[Guest - 73894]

Well, the only reason I asked him that he's in California is because I wanted to know which office he was from because I was in San Jose and now I'm in Southern California. But he went off on a rant when I haven't been to meetings or conventions in a while because of other issues, but I'm still turning in apps.

 

[WinoBlues]

.......but I'm still turning in apps.

If I may ask a couple of questions: If you are selling IUL. Do they all illustrate to age 120. How far is the average guarantee? In a nut shell are you selling under funded IUL?

Aside from the recruit and body with a pulse and a warm market that is my biggest knock on WFG. The only other company that I have consistently run into with underfunded IUL is Bankers.

 

[DHK]

I hope they're doing their IUL illustrations at LEAST at target premium, if not above to the maximum. At target, there's still some flexibility to keep the policy in-force for cash flow crunches (between minimum and target premiums) and there's no reduction of compensation at all to the agent.

 

[Guest - 73894]

If I may ask a couple of questions: If you are selling IUL. Do they all illustrate to age 120. How far is the average guarantee? In a nut shell are you selling under funded IUL?

Aside from the recruit and body with a pulse and a warm market that is my biggest knock on WFG. The only other company that I have consistently run into with underfunded IUL is Bankers.

Every company is different on the illustrations. Transamerica has 1%, 3% and 7.75% tables for illustrations. I have seen illustrations that do show the policy lapsing at a certain age because of not being properly funded. I mainly use Transamerica and Nationwide, because I work with the hispanic market and they can insure people who have a ITIN.

 

[MustangGT2000]

This is a much-overused MLM defense, and typically used to draw past agents back in when the market of fresh targets dries up due to saturation. In MLM, salvation is always around the next corner, seminar, conference or convention. The next recruit may always be that stud you've been waiting for to explode your business. Just hang in a little longer, pay an extra few months of online access, or buy a ticket to that next regional meeting, or even a few more months of premiums on the policy you bought days after being recruited. Pay no attention to the fact that corporate profits rely on wringing ever last drop out of your wallet before your carcass is disposed of in the "MLM failure" ditch of empty dreams, hollow promises and potential something-or-other. Even better if you don't even realize you were part of "MLM", or that your failure wasn't from your lack of trying, but from a system that did exactly what it was designed to do.

I don't think it was meant as a dig to anyone personally TOOLBELT is stating the obvious how many feel "salvation is always around the corner" and as I was told "that stud you've been waiting to explode your business" is one recruit away! Hang in a little longer, don't quit. While I am being told to sign up to conventions and regional meetings non-stop which helps keep the revenue stream for the top producers. More power to the top producers and their efforts. The SMD's have to play the middle. Recruit and recruit for referrals so they can keep the money stream flowing in. You do feel at the end like a carcass used and squeezed. You are told go walk the malls and streets to find recruits a a last ditch effort.

More power to the top producers at WFG for their wins. Just not for me anymore.

 

[DHK]

Every company is different on the illustrations. Transamerica has 1%, 3% and 7.75% tables for illustrations. I have seen illustrations that do show the policy lapsing at a certain age because of not being properly funded. I mainly use Transamerica and Nationwide, because I work with the hispanic market and they can insure people who have a ITIN.

That actually has nothing to do with the funding of the policy. Those are guaranteed vs non-guaranteed vs another non-guaranteed.

We're talking about a "solve for" calculation for the illustration.
- If you have a given premium, you put in the premium and "solve for" minimum death benefit, target death benefit, maximum death benefit, or other, etc.
- If you want a given death benefit, you put in the amount and "solve for" minimum premium, target premium, maximum premium, or other, etc.

 

[WinoBlues]

Every company is different on the illustrations. Transamerica has 1%, 3% and 7.75% tables for illustrations. I have seen illustrations that do show the policy lapsing at a certain age because of not being properly funded. I mainly use Transamerica and Nationwide, because I work with the hispanic market and they can insure people who have a ITIN.

That really does not answer the question. What do you do?

Since you are working a lot with people that do not have a SSN I am going to assume you are working with people on tighter budgets and probably a higher insurance want / need. I know a little about that market as well.

 

[WinoBlues]

I hope they're doing their IUL illustrations at LEAST at target premium, if not above to the maximum.

I do not have a sample handy. Do their illustrations show target at the bottom of the illustration pages, sometimes coded? That is good info for agents to find when reviewing an in place policy.