Paying me 1k ????

[Mike Siegal]

Hi Friends,

I was listening to some so called 'guru' talk about selling insurance and he claims that he ONLY focused on a product that paid him 1k everytime he sold it (or more). The SOB never said exactly what he was selling so now i'm trying to figure out what it was (i'm guessing its some kinda life insurance product).

Can anyone name insurance products that pay 1k or more when you sell them? (i know large whole life and universal life products pay large commissions, but i'm a newbie who has focused on Medicare only, so i'm really new to life products).

Anyone have an answer for this one?

Thanks very much for your input...!

 

[STIBROKER]

bro....$90 to $100 a month term plan.....not that unrealistic.......

 

[Mike Siegal]

bro....$90 to $100 a month term plan.....not that unrealistic.......

So you are suggesting Term Life policies pay 1k a year (but paid out monthly commissions?)

Declining Term?

APPRECIATE THE INPUT...Thanks!

 

[STIBROKER]

20...25...30...rop.....

 

[VolAgent]

You already are making $1,000 on every sell in Medicare, you just don't realize it.

If your average premium is 100/mo and your commission is 20%, then you are making $240 a year. If you keep your clients for 6 years on average, that is $1200. Even if you apply present value calculations to that number, you're still going to be around the $1,000 ballpark. And that doesn't even account for increasing premiums, rewrites, keeping the client more than 6 years, etc.

 

[Mike Siegal]

You already are making $1,000 on every sell in Medicare, you just don't realize it.

If your average premium is 100/mo and your commission is 20%, then you are making $240 a year. If you keep your clients for 6 years on average, that is $1200. Even if you apply present value calculations to that number, you're still going to be around the $1,000 ballpark. And that doesn't even account for increasing premiums, rewrites, keeping the client more than 6 years, etc.

(someone needs to tell my bank account i'm making 1,000 per sale). If you are referring to residuals, it will take 4 yrs to make the 1k on an MA Plan (more time on reg. med sup). How are you doing the math? (sure...anyone can figure that out...I'M NOT TALKING about 4-5 yrs out.

NOTE: i think there is a mis-understanding. I'm not talking about keeping someone on the books for 10yrs and expecting to make 1k on that file (anyone can figure that out). I TALKING bout yr 1, or even day 1 commission on a sale. That means some kinda life sale (excluding annuities).

Thanks for posting...!

 

[VolAgent]

(someone needs to tell my bank account i'm making 1,000 per sale). If you are referring to residuals, it will take 4 yrs to make the 1k on an MA Plan (more time on reg. med sup). How are you doing the math? (sure...anyone can figure that out...I'M NOT TALKING about 4-5 yrs out.

NOTE: i think there is a mis-understanding. I'm not talking about keeping someone on the books for 10yrs and expecting to make 1k on that file (anyone can figure that out). I TALKING bout yr 1, or even day 1 commission on a sale. That means some kinda life sale (excluding annuities).

Thanks for posting...!

I know exactly what you are talking about, and that is why I referenced PV of the future commissions.

I'm in it for the long game. Once cash flow is sufficient to have a good life style, then my focus is building reoccurring income. I just wish I had realized the importance of that years ago.

 

[pfg1]

Any 20 term with $100/mo premium will pay you $80 or $90/mo typically. For a year. = $1000 or more.

Right now I have a 49yo client, $750k 20yr term. That commission is probably gonna end up around $150/mo. The math is easy.

Same client at age 20 it'll buy you a McDonalds dinner each month. LOL

 

[Mike Siegal]

Any 20 term with $100/mo premium will pay you $80 or $90/mo typically. For a year. = $1000 or more.

Right now I have a 49yo client, $750k 20yr term. That commission is probably gonna end up around $150/mo. The math is easy.

Same client at age 20 it'll buy you a McDonalds dinner each month. LOL

Nice...did you sell him Declining Term ?

NOTE: Meant to say Decreasing Term?

 

[STIBROKER]

Nice...did you sell him Declining Term ?

man....there is no longer declining term products on the market......