Penn Mutual or other Whole Life Comp levels

[paulallred]

Hello Everyone, can anyone tell me with a certain amount of accuracy the highest levels of compensation an IMO receives for WL contracts, particularly Penn Mutual?

Thank you!

 

[rousemark]

Hello Everyone, can anyone tell me with a certain amount of accuracy the highest levels of compensation an IMO receives for WL contracts, particularly Penn Mutual?

Thank you!

Just curious.. Unless you are an IMO, what difference does it make the highest level and IMO can receive. Your concern should be what is the highest level you can receive..

 

[pfg1]

Penn pays less than most other carriers. I think the max is 95% that they will pay out at the top to an IMO and I believe most don't even get that much (probably most get 90%). Most agents get 85% and can go through through an IMO or go direct.
They aren't designed for the agency system big overrides like alot of other carriers.

Companies like NA, LSW, etc... they have substantially higher top for IMO's and are built for that type of setup. One IMO I know told me they like Penn alot, but don't push agents to use them because they only make 5pts on the business.

 

[paulallred]

Thank you pfg1.
I appreciate you offering a direct answer and not trying to offer unsolicited and unwanted advice.
I've been hearing in the neighborhood of 130% for IMO's with proven production.

 

[Allen Trent]

Are you appointed with Penn Mutual?

Thank you pfg1.
I appreciate you offering a direct answer and not trying to offer unsolicited and unwanted advice.
I've been hearing in the neighborhood of 130% for IMO's with proven production.

Get it in writing so you dont end up in court with the IMO

 

[bmarsh]

Hello Everyone, can anyone tell me with a certain amount of accuracy the highest levels of compensation an IMO receives for WL contracts, particularly Penn Mutual?

Thank you!

i'm appointed with PM, the most you can usually get is 90%, they use a regional distribution offices for contracting....our particular office has a backlog of about 70 agents, and they are only appointing 2-3/week.

Send me a message if you want to look at the commission schedule.

 

[Tahoe Ray]

Penn pays less than most other carriers. I think the max is 95% that they will pay out at the top to an IMO and I believe most don't even get that much (probably most get 90%). Most agents get 85% and can go through through an IMO or go direct.
They aren't designed for the agency system big overrides like alot of other carriers.

Companies like NA, LSW, etc... they have substantially higher top for IMO's and are built for that type of setup. One IMO I know told me they like Penn alot, but don't push agents to use them because they only make 5pts on the business.

I have an SMA (special marketer agreement) with them and it's for 95% as well. Even IMOs like CRUMP only offer 80-85% to the agent with Penn as a max so I'm guessing you're right pfg1.

 

[scagnt83]

Penn and other major mutuals offer very low contracts to IMOs because they contract direct. Most Ive heard of with Penn is 95%-100% range, and that means the agent is getting 90% or less. So you might as well contract direct if you can.

 

[paulallred]

Thank you everyone!
I suppose I need to consider another WL company(ies)
Would anyone please make suggestion to higher Comp paying carriers and/or IMO's?

 

[Tahoe Ray]

Thank you everyone!
I suppose I need to consider another WL company(ies)
Would anyone please make suggestion to higher Comp paying carriers and/or IMO's?

I remember Lafayette Life having pretty high IMO levels. I don't know if their product is any good though.