Primerica or Something Out There Better

[goillini52]

We have developed a program similar to Primerica on the recruiting / team building side. We modified it to make it easier to understand for the members of the Old Farts Club:

Everyone has a 60% Commission Contract with a 6 month Advance direct from the Insurance Carrier. As Earned / Pay Thru Commissions and 3% Renewal Commissions are also paid direct from the Insurance Carrier.

Personal Bonuses:

You can earn Personal Bonuses each month based on your Personal Earnings in the previous month. There are 2 Bonuses based on Production and Persistency.

Production Bonus:

Earn $1,500 = 5% Bonus

Earn $2,500 = 10% Bonus

Persistency Bonus:

Maintain 75% = 5% Bonus

Maintain 80% = 10% Bonus

Example - In July - You personally earn $3000. You would qualify for a 10% Production Bonus - or - $300. If you have a 80% Persistency - you also qualify for an additional 10% Bonus - or - $300. $600 total bonus for July!

Personal Bonuses paid on the 15th of the following month.

Team Bonuses:

You can also earn Bonuses each month if you decide to build a Team by recruiting Agents. You are able to personally recruit new Agents and also show them how to recruit new Agents. This is your Team.

If you qualify - Team Bonuses are paid based on what the Agents on your Team earn in the previous month.

How To Qualify:

5% = Personally create $5,000 in Personal Earnings + maintain 5 active policies + personally recruit 1 Agent. (3 Month Ramp Up)

10% = Personally create $10,000 in Personal Earnings + maintain 10 active policies + personally recruit 1 Agent that does the same.

15% = Personally create $15,000 in Personal Earnings + maintain 15 active policies + personally recruit 2 Agents that do the same + your recruits have 2 Agents that also do the same.

20% = Personally create $20,000 in Personal Earnings + maintain 20 active policies + personally recruit 3 Agents that do the same + your recruits have 3 Agents that also do the same.

Example - In July - You have 5 total Team Agents that each personally earn $3000. You qualify at the 10% Team Bonus level. You will earn $300 per Team Agent -or- a nice $1,500 total bonus for July!

Team Bonuses paid on the last day of the following month.

Lead Program:

We have 2 lead types - TM or Telemarketed Leads and D2D or Door To Door Leads

Each $100 AP issued and paid in a given week = .5 TM lead and .5 D2D lead.

Example - Sue has $1000 AP issued and paid in week #2 of July. Between Tue and Thu of week #3 - Sue will receive 5 Telemarketed Leads + 5 D2D Leads.

There are no fees to join and no fees to participate every month. It is all solely based on production. As you can see - we have made the ability to earn extra pretty simple . . .

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^ ^ ^ much easier to understand eh Amtrak ? ? ?

Yes Lamb Chops. I can't speak for the other members of the Old Farts Club, but this Old Fart's going to pass...you Old Fart.

Patterned after Primerica. Primerica's definitely MLM, so no more denying it Tom.

 

[myinsurebiz]

Yes Lamb Chops. I can't speak for the other members of the Old Farts Club, but this Old Fart's going to pass...you Old Fart.

Patterned after Primerica. Primerica's definitely MLM, so no more denying it Tom.

Not recruiting ya Amtrak. I just wanted you to see we streamlined it . . . Easy to understand now?

 

[goillini52]

Not recruiting ya Amtrak. I just wanted you to see we streamlined it . . . Easy to understand now?

I know Lamb Chops. Yes, it's VERY clear now that your operation is MLM.

 

[myinsurebiz]

I know Lamb Chops. Yes, it's VERY clear now that your operation is MLM.

bahahahaha - no different than Newby recruiting JD that then recruits Doug . . .

 

[goillini52]

bahahahaha - no different than Newby recruiting JD that then recruits Doug . . .

Sorry Tom...not the same.

Primerica, Inc. is a multi-level marketing company[8] which sells financial products and services using a hybrid model of direct selling, franchising and distribution. <<<From Wikipedia.

 

[myinsurebiz]

Sorry Tom...not the same.

Primerica, Inc. is a multi-level marketing company[8] which sells financial products and services using a hybrid model of direct selling, franchising and distribution. <<<From Wikipedia.

Dude - imagine if I'm one one thousandth as successful. Great times!

 

[DHK]

Dude - imagine if I'm one one thousandth as successful. Great times!

That calculation is a fallacy in and of itself. In MLM, they tout the compensation plan as a great way to this huge 6-7 figure monthly residual income... and then they take 90% away, then 90% of that.

The fallacy is that it has to be build FIRST before you take it away. Which, in reality, means you need to recruit with attrition in mind from the beginning... which will take at least 10x-100x as many sponsored/recruited to net your 1/1000th result.

Since you were an "MLM company owner" before, I'm sure you're familiar with Len Clements who considered himself a "watchdog" of MLM practices, and this was a big one in his book 20 years ago.

Just one of those little inconvenient half-truths that MLM'ers tell themselves and others in their recruiting pitches.

 

[myinsurebiz]

That calculation is a fallacy in and of itself. In MLM, they tout the compensation plan as a great way to this huge 6-7 figure monthly residual income... and then they take 90% away, then 90% of that.

The fallacy is that it has to be build FIRST before you take it away. Which, in reality, means you need to recruit with attrition in mind from the beginning... which will take at least 10x-100x as many sponsored/recruited to net your 1/1000th result.

Since you were an "MLM company owner" before, I'm sure you're familiar with Len Clements who considered himself a "watchdog" of MLM practices, and this was a big one in his book 20 years ago.

Just one of those little inconvenient half-truths that MLM'ers tell themselves and others in their recruiting pitches.

Len and I have spoken many times . . . He changed over time . . .

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That calculation is a fallacy in and of itself. In MLM, they tout the compensation plan as a great way to this huge 6-7 figure monthly residual income... and then they take 90% away, then 90% of that.

The fallacy is that it has to be build FIRST before you take it away. Which, in reality, means you need to recruit with attrition in mind from the beginning... which will take at least 10x-100x as many sponsored/recruited to net your 1/1000th result.

Since you were an "MLM company owner" before, I'm sure you're familiar with Len Clements who considered himself a "watchdog" of MLM practices, and this was a big one in his book 20 years ago.

Just one of those little inconvenient half-truths that MLM'ers tell themselves and others in their recruiting pitches.

But - an average Agent just needs to find 3 that find 3 that earn $3k each month and earn $3k themselves to make 6 figures each year . . .

Agents don't need hundreds of Team Agents to make great money. Now - I will to make my 7 figue goal however . . .

 

[DHK]

But - an average Agent just needs to find 3 that find 3 that earn $3k each month and earn $3k themselves to make 6 figures each month .

Me = $3,000 in premium = $3,000 in premium x 100% (I assume)
x3 people x $3,000 = $9,000 in premium
x9 people x $3,000 = $27,000 in premium

Downline revenue:
$27k + $9k = $36k

Um... no matter how you structure your overrides, you cannot promise an agent a 6-figure MONTHLY income based on $36,000 in premium/revenue.

 

[myinsurebiz]

Me = $3,000 in premium = $3,000 in premium x 100% (I assume)
x3 people x $3,000 = $9,000 in premium
x9 people x $3,000 = $27,000 in premium

Downline revenue:
$27k + $9k = $36k

Um... no matter how you structure your overrides, you cannot promise an agent a 6-figure MONTHLY income based on $36,000 in premium/revenue.

Me = $3k in "earnings" a month . . .

12 Team Agents earning $3k and I earn a 20% Bonus = $7200 a month

$3k + $7200 = $10,700 a month x 12 = $128,400 a year . . .

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Me = $3,000 in premium = $3,000 in premium x 100% (I assume)
x3 people x $3,000 = $9,000 in premium
x9 people x $3,000 = $27,000 in premium

Downline revenue:
$27k + $9k = $36k

Um... no matter how you structure your overrides, you cannot promise an agent a 6-figure MONTHLY income based on $36,000 in premium/revenue.

Based on earnings not premium or revenue . . .