Penn Mutual or other Whole Life Comp levels

[david_lewis]

Thought I would bump this thread as well as throw in some updates I just found out.

After 20 years in the business, I just joined a producers group. The main reason for this groups existence, outside of providing some high-end study-groups and a national meeting of it's 240 member firms, is to get members that exact same payouts as the top IMO's get from their carriers. It's a large annual membership fee but the juice is worth the squeeze for me.

Anyway, I can attest that that absolute highest top compensation that Penn has built into their contract is 110% for whole life, IUL, term, and UL, which is what I am now getting. For those that over-fund every permanent contract like I do, Penn is one of the highest on "excess" at 5.5% for IUL and 6.6% for whole life. Term pays a 3% for 5 year renewal, which is a little quirk within the term market, and takes term comp to 125% over 5.

I realize I'm bumping an old thread. Would like to talk more about these agent groups. Sent you a PM.

Also, what are your current thoughts about Penn Mutual?

 

[Lloyds of Lubbock]

There are a number of outfits you can pay a fee to and receive the highest payout.
Last time I looked the fee was about $25k.
Thoughts on Penn...consult Bobby Samuelson

 

[PrivClientSG]

I think you'll find that most companies that have a quality WL product pay out between 90 and 95% to their top line, whether that be a GA, a National shop like Crump, or some IMO, FMO, or whatever you want to call them. I am talking the norm, not the exception. Some of those companies have old PPGA contracts that pay out the same, but they are paid out to individual producers who either are on their own, or have a producer group of some sort. I won't speak to what you can get. Case by case, and based upon production.

 

[sman]

I realize this is an old thread, but who are some IMO's who have Penn Mutual? Or is it better to just go direct?

 

[Tahoe Ray]

I realize this is an old thread, but who are some IMO's who have Penn Mutual? Or is it better to just go direct?

You can probably get a similar contract to what an IMO would offer just going direct.

 

[scagnt83]

Go direct with Penn. Usually, you take a haircut going through an IMO for them.

 

[sman]

Go direct with Penn. Usually, you take a haircut going through an IMO for them.

Now if I could just get them to return a call

 

[Tahoe Ray]

Now if I could just get them to return a call

You didn't ask about that part...

 

[DHK]

Now if I could just get them to return a call

I messaged you with my PennMutual guy's info. He'll take good care of you.

 

[sman]

Much appreciated fellas. They finally called