Getting Paid on Med Supp

[goillini52]

I took the 12 month advance with schwetna. Contract said they charge 1%. I believe that means I make 1% less than my total commission amount. So it cost me like $12 ($1 each month, on average), but renewals pay at the normal rate. Doesn't seem like that big of a deal.

But based on my calculations, either I got a higher contract than I was told, or they aren't charging me the 1%.

My "Interest on Advance" comes out of the 1st renewal of each month.

 

[Mrs.A.Mann]

I've never sold it. What's the average turn time from app submission to get paid. I know it can vary, but what is typical?

One carrier paid me yesterday after writing the policy 2 weeks ago. Another, I wrote in October and still haven't been paid. All my Shweatnas are straight... Everything else is up, so it's a 50/50 split at the moment because of the market I'm working in. But that's what works for me. Good luck!

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One carrier paid me yesterday after writing the policy 2 weeks ago. Another, I wrote in October and still haven't been paid. All my Shweatnas are straight... Everything else is up, so it's a 50/50 split at the moment because of the market I'm working in. But that's what works for me. Good luck!

and congratulations on the sale!!!

 

[WCMason]

I took the 12 month advance with schwetna. Contract said they charge 1%. I believe that means I make 1% less than my total commission amount. So it cost me like $12 ($1 each month, on average), but renewals pay at the normal rate. Doesn't seem like that big of a deal. But based on my calculations, either I got a higher contract than I was told, or they aren't charging me the 1%.

That's 1% per month, not per year. Renewals always pay at normal rate because they're not advanced. Not a bad deal as unsecured loans go. I do encourage my downline agents to move to as earned as soon as they can afford to. I took advances for about three years, a little longer than I needed to. Glad I got them. Glad I'm off them.