New and confused!

[LuisUR]

I started my career as a Life Agent in a famous MLM company.
I'm confused about commissions...
I thought that the reason about starting with a 55% or less was because of the MLM scheme.

My surprise is that going directly with companies is the same or even less.

Where I can find more?, I actually have a contract with a final expenses broker of 100%
What makes that difference?
What is exactly an IMO?, can I get a better contract trough them?

I'm looking for One America, Ohio National, MassMutual, Lafayette or any PWL company with FPUA and Limited Pay options.

Aprecciate your help!

 

[DHK]

Ohio National:

www.joinohionational.com

 

[FinalExpenseDojo.com]

I started my career as a Life Agent in a famous MLM company.
I'm confused about commissions...
I thought that the reason about starting with a 55% or less was because of the MLM scheme.

My surprise is that going directly with companies is the same or even less.

Where I can find more?, I actually have a contract with a final expenses broker of 100%
What makes that difference?
What is exactly an IMO?, can I get a better contract trough them?

I'm looking for One America, Ohio National, MassMutual, Lafayette or any PWL company with FPUA and Limited Pay options.

Aprecciate your help!

Carriers don't like direct agents because it increases their risk. If you have someone above you, & you have a chargeback that you don't pay, the carrier gets their money from your upline.

With that being said you can get much higher contracts with IMOs. IMO is an insurance marketing organization. I see them as large agencies. They are a dime a dozen.

You can get contracts in the 120% range from people on this site very easily. Check out EFES, FEX, & 360 Financial.

Welcome to the forums!

 

[mudhound]

what he said

 

[pfg1]

The Par WL companies don't pay like the FE carriers typically. Some have increasing commission scales and go higher on the contracts, but require substantial production. Some carriers like ON contract direct for most agents...they will start you at a level where you can prove production numbers (so likely 80% or less). Keep in mind, some of the PWL companies will terminate you for no production - so don't just contract with a bunch just to do it.

 

[rousemark]

The Par WL companies don't pay like the FE carriers typically. Some have increasing commission scales and go higher on the contracts, but require substantial production. Some carriers like ON contract direct for most agents...they will start you at a level where you can prove production numbers (so likely 80% or less). Keep in mind, some of the PWL companies will terminate you for no production - so don't just contract with a bunch just to do it.

Also keep in mind that the companies that are licensed in NY are limited by law to paying 55% but most circumvent this by paying an "office expense" or similar fee.

 

[Newby]

I started my career as a Life Agent in a famous MLM company.
I'm confused about commissions...
I thought that the reason about starting with a 55% or less was because of the MLM scheme.

My surprise is that going directly with companies is the same or even less.

Where I can find more?, I actually have a contract with a final expenses broker of 100%
What makes that difference?
What is exactly an IMO?, can I get a better contract trough them?

I'm looking for One America, Ohio National, MassMutual, Lafayette or any PWL company with FPUA and Limited Pay options.

Aprecciate your help!

Some of it can be regional. Ohio National for instance. If you live in a state near Ohio they have more of a captive structure they want you under. The commissions are low and you can earn production bonuses. If you live further from Ohio you go under a completely different system with higher commissions.

Lafayette is another. If you go direct you are going to be on the lower commissions with production bonuses. They call this a career channel.

If you want 100% or more and operate as an independent agent you have to go under one of their IMOs like FexContracting (that's us).

It seems like an upside down world at first. But going direct to a lot of the companies is going to get you lower commissions, no lead programs, little to no training, etc.

 

[DHK]

Look for IMOs that contract with Assurity and Lafayette.

 

[Newby]

Thank you all for the answers!
I'm looking at the IMOs you recommend me.

is there any IMO that allow agents to sell Participating WL??, not just FE

Several of the FE companies have Participating WL.
If you mean participating that pays dividends we have:
1. Lafayette (see here) LaFayette Life Insurance Agent Contracting
2. KSKJ (but in limited number of states)
3. Foresters
4. Assurity

We also have Royal Neighbors which has a very competitive WL and is participating but does not pay dividends.

 

[LuisUR]

Several of the FE companies have Participating WL.
If you mean participating that pays dividends we have:
1. Lafayette (see here) LaFayette Life Insurance Agent Contracting
2. KSKJ (but in limited number of states)
3. Foresters
4. Assurity

We also have Royal Neighbors which has a very competitive WL and is participating but does not pay dividends.

Great I'll check it out, thanks!

Am I allowed to sell any WL product for Lafayette?, I experience some restrictions in somo FE contracts.

I think I'll go with Lafayette anyway, thanks!