Monumental Comm Question

[jdeasy]

back when I was writing a lot of Forethought a couple yrs ago, they advanced 12 months (100%). they had a $1,000 cap per policy, but would readvance once the commissions paid back the $1000, as many times as necessary until the full 100% was advanced.

I have always taken advances, don't need them any more, but I know I wouldn't feel the same way about writing a $100 FE app when I'm getting $120-135 vs. $1200-1300 advance. I see the reasoning behind not taking them, but esp. with Monumental I don't like waiting months to get paid.

Foresters does advance without requiring the first draft depending on the IMO. I am with LPR. I would think EFES would have the same arrangement since you stated they do on the other carriers.

Yeah, Forethought used to do a 100% advance. Do they not now? 5 Star also did 100% advances. Maybe they still do as well?

Foresters may pay upon approval if you are advanced at EFES. I don't know because I have always been as earned with them so no reason to ask that question. As earned with Foresters they don't pay until the client pays and then they pay on their weekly schedule. They don't hol as earned for a month the way Monumental and AmAm do.

I've never understood that approach. If I were running a company I would want to reward my as earned agents. Not try to run them off.

 

[JustinSane]

I am at 120% with Monumental, and am advanced 9 months. I haven't noticed them paying me the month 10-12 commish earlier than that, but now that someone brings it up, I am going to check those statements of mine. I prefer waiting until month 10 personally, for the reason stated that in the event of a chargeback in month 7 for instance, it's less money that comes back out of my pocket!

 

[nfl72]

with all this talk about mounumental they must have some good merit as a company. What are their strenghts and weaknesses? I am thinking of using them.

 

[lsalmans]

with all this talk about mounumental they must have some good merit as a company. What are their strenghts and weaknesses? I am thinking of using them.

First day coverage for copd and emphysema.

No PHI at point of sale. They will sometimes however order one at a later point. If youre like me, I always like to be there for PHI. So, There is a sheet where you can list the meds and its uses if you'd like. I try to do this if I its not a slam dunk case. I had a sales guy tell me if you list the meds on the sheet they will order a PHI only about 10% of the time. Where if you dont list meds they may order a PHI up to about 25% of the time.

Full comp on their graded ( but its very expensive)

You can write the FE all the way down to 0. I see where you write for Foresters. ( I do too alot) You can only go down to 50 with them.

No ht and wt. (foresters is implementing ht and wt on July 31st)



CONS: 4 yr look back on cancer. Diabetics dependent on insulin will get their STD rate (which is still 1st day coverage but you pay extra for)

They also will issue STD rate to someone with Chronic Asthma.

If you like having a primary company, I think Monumental is a great primary. And foresters backs them up nicely, with taking on Insulin, asthma, and only 3 yr look back on cancer.

Let me know if you need contracting.

 

[P&cmi]

Monumentals I-go app is real nice too

 

[Norwayguy]

Yeah, Forethought used to do a 100% advance. Do they not now? 5 Star also did 100% advances. Maybe they still do as well?

Foresters may pay upon approval if you are advanced at EFES. I don't know because I have always been as earned with them so no reason to ask that question. As earned with Foresters they don't pay until the client pays and then they pay on their weekly schedule. They don't hol as earned for a month the way Monumental and AmAm do.

I've never understood that approach. If I were running a company I would want to reward my as earned agents. Not try to run them off.

You mean you don't understand why the bean counters in the home office like to hold your as earned commissions longer as interest they make on the money accrues daily.

I had a carrier one time "advance" me $48 dollars but as they only cut a check at the $50 dollar mark I recieved zip and they started accrueing debit interest against me, I was in a word kinda pissed off.

 

[nfl72]

actualy Foresters goes down to 0 now as well. It is the aplication that is sent in although its still simplified issue. Also the cash value is added to the face amount and they also offer a 20 pay. The minimum face amount is $25,000 but the premiums are still quite low and they do offer a childrens rider.

If they only hired people with brains on a consistant basis and could learn how to use a little common sense they would make a good FE company.

 

[rousemark]

You mean you don't understand why the bean counters in the home office like to hold your as earned commissions longer as interest they make on the money accrues daily.

Just checked my advance contract with Settlers.. They do not charge interest on debit balances.

 

[Norwayguy]

Just checked my advance contract with Settlers.. They do not charge interest on debit balances.

I'm talking about on the other end. The carrier is earning interest on that cash until they cut that once a month as earned check. I know when you look at your check it might not seem like much interest but multiply that by thousands of other agents.

 

[rousemark]

I'm talking about on the other end. The carrier is earning interest on that cash until they cut that once a month as earned check. I know when you look at your check it might not seem like much interest but multiply that by thousands of other agents.

With a fairly large company, it might actually be enough for me to finally retire......