Could.. but then again it might not.. If you can't close a case because the premium is too high but could have with a lower premium plan, then the high priced product didn't result in a higher commission. Or, if you end up with another agent bird-dogging you replacing your business because the premiums are too high, you certainly did make more because of the higher premium.
Lincoln Heritage - what is their niche? Are they #1 as they say?
- Thread starter myinsurebiz
- Start date
The top guys are very good at what they do.. the same as top guys everywhere.. And, we will never know most of the time if they would not make even more money as an independent.
How exactly do chargeback in this industry work, as you sell do they just take it out of future commission or do they send you a Bill in the mail like a credit card would and you have a certain amount of time to pay it.
Like what happens if you leave the industry all together or switch carriers and you get a chargeback
Like what happens if you leave the industry all together or switch carriers and you get a chargeback
Maybe they sell so well because they aren't preoccupied with price and commission levels. They just grind their proven system day in, day out (sell, sell, sell!) and save the counting for later.
There many different ways that charge back are handled. Not all companies do it the same. Most will take the unearned advance out of the next check you have coming and you will not receive any more money until the unearned advance is recovered. For example, if you have a case that has $100 per month commission and you are advanced 6 months($600) on issue. It pays 3 months and lapses.. You have "earned" $300 for the three months the policy was paid but you have A $300 unearned advance in your pocket. With most companies, if you are still contracted and in good standing they will recover that $300 from the next cash you have coming. If you had another $100 monthly commission plan issued the week of the charge back, instead of getting a check for $60, you would only get $300. Or, if the next check you had coming was a $500 renewal check, you would only receive $200 that month.
I prefer that system if I am on advance as it does not let the unearned advances build up as can happen with advances that are only deducted from the so called "pay-though" on the back end.
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- 11,280
Big comp? What's the commission level? Some marketers want agents to believe they can't get in the 120's without proof of production...
- 2,045
- Aetna
- American National Insurance Company (ANICO)
- American General Life Insurance Company (AIG)
- American Amicable
- Americo
- Assurity
- Baltimore Life
- Equitable
- Foresters
- Gerber Life
- Great Western
- Liberty Bankers
- Life Shield
- Mutual Of Omaha
- Occidental
- Oxford
- Phoenix
- Prosperity Life Group
- Royal Neighbors of America (RNA)
- Settler's Life
- Standard Life & Accident (SLAICO)
- Transamerica TLIC / TPLIC (Brokerage)
- United Home Life (UHL)
- 5,938
Think of it like picking stocks.
Is volatility what you want? If so... then...
If you are looking for stability... then...
I walked down the LH path once. Kept smelling something funny in the air but couldn't put my finger on it right away. Learned the hard way.
Look at the agent force. Seek out lower level agents that have been there successfully for a long time (5 to 10 years) and speak to them. Why...
- You need to speak to agents in the field who just want to work and are not managing. They know the lay of the land and won't blow so much hot air up your skirt.
- If you find very there are many... ask why? If not... ask why?
- I'd ask how long does he average agent last?
But this is a good place to ask questions and seek advice... but in the end... you are the one responsible for the choice.
Choose wisely.
so as i can see not alot of option... lol just kidding.. wow
The best I can tell its screwing seniors
