Offered by AGLA

[sman]

I'm sorry if I offended anyone in this forum. Everyone here is probably well respected in their communities. This is starting to be a tennis match for me, and I want to change my approach to a constructive point of view. I had a very bad experience with an AGLA agent who was trying to replace policies on my books. I didn't like his approach. This is my 1st experience going head to head with an AGLA IUL product. However I have seen many IUL, especially from stock companies or PNC insurance companies. So far, these policies are all the same no matter how you put it. My opinion is that it shouldn't be considered long term instruments. Plus I don't think it's possible to have these policies supplement retirement income. IUL can still be a great product. I would recommend it on younger clients rather than old clients or replacements. Still, I think it should be backed up by a smaller WL policy with riders that lock in the client's insurability. That way should the IUL not perform to its illustration, and I have seen many, the client has an opportunity to increase his WL and drop the IUL using a 1035 exchange. I'm not sure how your company's culture is, but with experience there are some things that we as agents need to think hard about. My suggestion to the green agent is to get in, work the field, and get your experience, because in this industry you're not taught everything. You need to learn it for yourself. BEWARE OF THE KOOL-AID. Every company serves their exclusive flavor. thanks

The issue isn't with any particular product. At least not for me. I don't work for AGLA. I am independent and have been for 14 years now. The issue is the following statements:

AGLA is AIG.....AGLA policyholders are not told everything. I wouldn't trust a company that needed a bailout.

AGLA is NOT AIG. AIG is a conglomerate of companies. AIG is nothing more than a holding company for all of these other companies. They own life insurance companies, property and casualty companies, finance companies, broker dealers, variable product companies, a mutual fund company and more. Do a little research and you'd know this. AGLA operates independently of AIG just as all the other companies AIG owns does. They have their own P&L statements. To say that AGLA received bailout money is a complete lie. One extremely small subsidiary created the mess that caused the problems with AIG.

You can bad mouth a company all you want, just don't lie about them.

 

[oicu812nbama]

i don't like selling anything that isn't guaranteed. don't be so quick to judge the agent though cause people love to gamble. you could offer an annuity fixed at 3 and people will choose to risk it for 6 in the market. their policies clearly have the guaranteed projection and non guaranteed projection side by side. why don't you offer them a guaranteed product and a non guaranteed? that way when another agent comes in behind you, the customer will stick to their own decision. (most of the time)
as far as agla goes, i've had the least problem with them out of several life companies. if you are telling people that agla needed bailout then you are misrepresenting yourself. aig needed bailout because of wall street/ rating companies. its one of the biggest scams of the century in which aig was a victim. the real question is why was that never discussed in the press?
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btw, if agla is that strong in your area they have a independent contract. 80% on the iul and a 20% year end bonus on ap.
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best independent manager overrides i've seen, too

 

[rousemark]

i don't like selling anything that isn't guaranteed. don't be so quick to judge the agent though cause people love to gamble. you could offer an annuity fixed at 3 and people will choose to risk it for 6 in the market. their policies clearly have the guaranteed projection and non guaranteed projection side by side. why don't you offer them a guaranteed product and a non guaranteed? that way when another agent comes in behind you, the customer will stick to their own decision. (most of the time)
as far as agla goes, i've had the least problem with them out of several life companies. if you are telling people that agla needed bailout then you are misrepresenting yourself. aig needed bailout because of wall street/ rating companies. its one of the biggest scams of the century in which aig was a victim. the real question is why was that never discussed in the press?
- - - - - - - - - - - - - - - - - -
btw, if agla is that strong in your area they have a independent contract. 80% on the iul and a 20% year end bonus on ap.
- - - - - - - - - - - - - - - - - -
best independent manager overrides i've seen, too

Actually they are paying 90% right now.. and are going to redo the contract at the end of this quarter.

 

[HomeService]

I've been doing this for many years and this push by agla to have indy agents under the regional manager or under a staff manager or whatever- is strange to me, but I like it.

I guess they can tell that having only captives may not be the best way of doing things. Why not spread it out? Makes sense to me.

 

[oicu812nbama]

captive managers are afraid of it even if they make more money. would you rather have 50% of 90% or 40% of 40%? they are shooting themselves in the foot if the agent isn't in bonus. change is tough for folks.

 

[HomeService]

captive managers are afraid of it even if they make more money. would you rather have 50% of 90% or 40% of 40%? they are shooting themselves in the foot if the agent isn't in bonus. change is tough for folks.

Do the indy agents get the bonus? I was under the impression they do not and only captives get it - but I may be wrong. I do not understand the whole thing , yet. I may look into it further.

 

[oicu812nbama]

to my knowledge uls pay 80% plus a 20% year end bonus. higher for whole life, lower for term. under captive you get 40% comish plus bonus depending on your average production. if you don't need training or health insurance its a no brainer to do the indy contract.

 

[rousemark]

Do the indy agents get the bonus? I was under the impression they do not and only captives get it - but I may be wrong. I do not understand the whole thing , yet. I may look into it further.

The bonus for special reps is different. They get an additional 20% on premium in excess of $30,000 AP per year. Through the end of this quarter they are also paying and additional 10% on all UL premium which effectively makes the FYC 90%. They say they are going to put out a new SR contract at the end of the quarter. I look at it to go to 90% on UL but I am worried they may butcher the health commission. They certainly did for their captive agents.

 

[EB34]

The bonus for special reps is different. They get an additional 20% on premium in excess of $30,000 AP per year. Through the end of this quarter they are also paying and additional 10% on all UL premium which effectively makes the FYC 90%. They say they are going to put out a new SR contract at the end of the quarter. I look at it to go to 90% on UL but I am worried they may butcher the health commission. They certainly did for their captive agents.

Well, there goes my AGLA sales then! I really hate that too because I love selling their cancer policy as a special rep.

 

[rousemark]

Well, there goes my AGLA sales then! I really hate that too because I love selling their cancer policy as a special rep.

Don't jump ship too quickly.. It is just speculation and may not be the case at all.