Penn Life Senior Solutions

[captain94]

The commisions are lower 13% on med supps in the first year 15% in the second and after 15% renewals for 6 years. mapd is 320 and aviva annuity is 4.5%. each office is diffrent the office i worked didnot do seminars but gave me direct mail leads about 40 per week. i have nothing bad to say but the low commisions but if you get that many leads i understand. the training is great if you are new to the business. again each branch is operated diffrent so the feel can be very diffrent.

 

[Todd King]

The commisions are lower 13% on med supps in the first year 15% in the second and after 15% renewals for 6 years. mapd is 320 and aviva annuity is 4.5%. each office is diffrent the office i worked didnot do seminars but gave me direct mail leads about 40 per week. i have nothing bad to say but the low commisions but if you get that many leads i understand. the training is great if you are new to the business. again each branch is operated diffrent so the feel can be very diffrent.

Those commissions are terrible!!
Ex1: On a med supp @ $110 per month
13% = 178.60 1st year
15% = 198.00
That's a total of 1161.60 for the six years.

Ex2: On a med supp @ $110 per month
21% = 277.20 x 6 years = 1663.20
That's $500 difference over the six years per supp!!
The MA plans you should be getting $400 per app.
On the Aviva....well...That's way below street level.
Picture this....you write an annuity for 100K. You get paid $4500. You could be getting $9000 for the same thing!

I guess you really have to pay for good training though.

 

[TK1217]

Those commissions are terrible!!
Ex1: On a med supp @ $110 per month
13% = 178.60 1st year
15% = 198.00
That's a total of 1161.60 for the six years.

Ex2: On a med supp @ $110 per month
21% = 277.20 x 6 years = 1663.20
That's $500 difference over the six years per supp!!
The MA plans you should be getting $400 per app.
On the Aviva....well...That's way below street level.
Picture this....you write an annuity for 100K. You get paid $4500. You could be getting $9000 for the same thing!

I guess you really have to pay for good training though.

Can you think of a company to start of with that has good training, leads and decent commision? I'm looking to get into a company that has those options. Any help you can give a new guy would be great.

Thanks, Ted

 

[Todd King]

Can you think of a company to start of with that has good training, leads and decent commision? I'm looking to get into a company that has those options. Any help you can give a new guy would be great.

Thanks, Ted

I really don't know of an outfit in Conneticut. You may have to do the SS thing until you get trained and make enough money to start buying your own leads and get your own contracts. If it weren't for the training part I could help you myself but I'm not set up to train you. Hopefully someone else on here can get you a good 'go to' person there. I just hate SS as they are IMO a shady outfit. I think they take the agents for a ride.

 

[TK1217]

I really don't know of an outfit in Conneticut. You may have to do the SS thing until you get trained and make enough money to start buying your own leads and get your own contracts. If it weren't for the training part I could help you myself but I'm not set up to train you. Hopefully someone else on here can get you a good 'go to' person there. I just hate SS as they are IMO a shady outfit. I think they take the agents for a ride.

Thank you for your advise. I'll try to do some research and see if there are any other options out there or see if anyone else has any suggestions. Thanks again.

Ted

 

[Cenla Agent]

Most captive companies in the MA market are not going to be hiring at this time. That's usually done in the fall prior to the Annual Election Period (AEP) starting. The ones who are are probably the ones you might not want to be with due to inferior products or maybe other reasons. Some FMO's I know of may not even be bringing agents on now either since some carriers may have shut down certification. (I'm not sure about that but am making a guess based on past experience. I can put you in contact with one I am connected with to try to find out.) With only one exception, everybody I ever spoke to that was offering Today's Options contracts was engaged in what I as well as CMS consider to be unethical sales practices, and this was several years prior to the more restrictive rules in place now. One example was Senior Solutions management openly stating that they knock doors to try to sell MA plans. But YMMV. What's indisputable is that, unless something has changed, their commissions are abysmally low, especially for a company that wants you to be captive but doesn't pay you any salary, car or cell allowance, etc. The only way to make significant $$ with them is to recruit strong producers and get overrides on them.

 

[Guest]

If you want to know my branch manager, contact me privately.

We were told that the commissions would be paid in 2 days for MA's after submittal. A week later, we were informed that it would take 6 weeks for payout and following that, it would be 25% of Commisssion. What a joke...
They still owe me 8K+ won't pay til March... GIVE ME MY MONEY!!! DO NOT WORK FOR THEM...

 

[TK1217]

Thanks, FormerPennLife I'm sending you an email now.

[email protected]

Ted
- - - - - - - - - - - - - - - - - -
it won't let me send out a message.
send me an email [email protected]
Ted

 

[Bobby Joe]

I recently attended a presentation at a local suburban Chicago office. I was favorably impressed and filled out an application. There were approximately 30 people there and we were told by the principal that he would review apps and call back those he thought were a fit. As it was explained at the presentation you would be assigned a trainer to work with you for the first few months until you were ready to go on your own. There was a structured approach of two days in the office making calls on leads generated from mailers or listings of people who had recently turned 65. The other three days would be spent at appointments. The expectation was 15 appointments per week that would result in 8 presentations and that would end up with four sales. Bottom line those sales would gross around $1200 per week. The objective was to gross $5,000/ month in commissions. Including bonuses the expectation was $55,000 - $65,000 the first year. That would go up to $70K to $80K the second year and $100K in the third year.

Based on that information and the fact that there was a target market on seniors that seems to be a legitimate source for their products I had two subsequent interviews with the principal and a trainer that would be assigned to me. They seem to have there act together but I didn't jump at making a commitment as I am also entertaining an offer to join an exiting independent agency that is affiliated with LPL.

I worked as a financial advisor back in the 80's so I am not entirely new to this business but I obviously have no book of business. If I go with LPL I would have access to a book of a little over 300 clients that I could work for Insurance opportunities while I work on developing my own client base. I would also seek a Series 6 license in order to sell variable annuities and mutual funds.

I am weighing these two opportunities and I must say that the feedback I am getting here on Sr Solutions is a mixed bag at best. It would appear that a lot of the issues may depend on local management and the folks I talked to seemed to be professional. They claimed they had a low turnover ratio but now I am skeptical about affiliating myself with this company.

I am much closer to the end of my working career than the beginning and I am not interested in taking a job to get experience and then jump to and independent in a year or two. I am thinking if I can weather the first year or two at the independent while I develop a book I would be better off with LPL.

I would appreciate feedback on my dilemma.

 

[insuranceexec]

The expectation was 15 appointments per week that would result in 8 presentations and that would end up with four sales. Bottom line those sales would gross around $1200 per week. The objective was to gross $5,000/ month in commissions. Including bonuses the expectation was $55,000 - $65,000 the first year. That would go up to $70K to $80K the second year and $100K in the third year.

.

What about Cancellations and rejections?

How do they fit into the expectation?