IUL over rides

Aug 17, 2018

  1. Devin01
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    Devin01 Guru

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    Question to the group typically a street agent for an iul is 85 to 90% Target Premium what are the overrides levels for an fmo or Imo just wondering what the spread is between Street and the top
     
    Devin01, Aug 17, 2018
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  2. bmarsh
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    depends on the carrier, some are 140-160%
     
    bmarsh, Aug 17, 2018
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  3. DigitalBGA.com
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    DigitalBGA.com Expert

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    This is not true. If it were, you likely wouldn't want to write the product. Please name at least 1 carrier where a BGA is making even 140%, let alone 160%.
     
  4. Sean OHara
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    Sean OHara New Member

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    I'm not sure how recent it was, but I did see a listing on monster for an agency that would pay 140% in premium.

    A quick google search of Roage IMO jobs showed a comm between 80-140%

    I'm not too much of a believer in these teams paying 140% "no strings attached". I think they might give you a choice of how much you want paid in comm. But 140% doesn't make business sense. Where does the extra 40%, or even 60% come from? Who's paying the mailman?

    I don't think I know much, but the one way I could see that working is if the business payed the agent in advance for policies written. This would be pretty bad for the agent if there weren't policies he could write (of equal AP or more) that could allow him to fill the gap...

    -OR-

    they could be supplementing the commissions with leads payed for by the agent. (thats a lotta money selling leads)

    But idk
     
  5. Sean OHara
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  6. pfg1
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    There ain't no way. That is FE stuff, not IUL, etc.
     
    pfg1, Nov 30, 2018
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  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Exactly.

    Total comp might be that much, but not the agent comp. If total comp is 140% (which is really up there for non FE products), the agent gets 100% and the IMO gets 40%.
     
    scagnt83, Nov 30, 2018
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  8. scagnt83
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    scagnt83, Nov 30, 2018
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  9. Golfnut2112
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    Golfnut2112 Guru

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    Your saying an IMO gets 40% for doing nothing? I’m not a fan of IMO,s but I’ve had to use one to sell Lincoln products, but 40%? No wonder they are always calling to see how I’m doing, I’m their damn sugar daddy and I’m definitely on the wrong side of the business. I always assumed they were getting 5 or 10 percent.
     
  10. Tahoe Ray
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    Tahoe Ray Guru

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    Most distributor contracts are only 5-10 points over the highest street levels (at least with big name carriers like Lincoln). IMOs make most of their money on bonus, which agents aren't eligible for anyway (and will vary widely depending on carrier and volume).