Residuals

[randyteee]

Hi! My name is Randy and I am very new to the life insurance business. If anybody can tell me if brokers pay residuals on term life? The broker I am working with will pay about 70% of first years premium. No residuals. Is there a broker with multiple carriers that pay residuals after the first commission? Can anyone PM me? Thankx in advance...

 

[somarco]

No renewal comp on term.

70% is low, unless you are brand new. If you have been in the business a year or longer you should be able to get 90%+

 

[joshril]

You are getting reamed at 70%... What carriers are you appointed with?

 

[randyteee]

AIG, Hartford, Metlife, Etc... It is about 70-85%. What I am interested is the residuals. Is it only P & C that you get residuals on? Any info would help tremendously. Please advise.

 

[David C]

Randy,

There are a few companies that pay renewals on term. Illinois Mutual is one that does. You can contract direct with the company.

Renewals on whole life are pretty good.

In my opinion, if you are not getting renewals on term you should at least be eligible for some sort of five or ten year bonus on your term persistentcy.

 

[Mark]

I think your getting ripped off and should going looking for another company.

 

[randyteee]

Thank you all. I will do more research on this. Can anyone point me to a company that has multiple carriers and pays good commission? Your help would be greatly appreciated as I am new to this insurance business.

 

[teambuilder]

BYSIS... but your business may never issue

 

[joshril]

I have some better sources than Bisys (aka Crump)... feel free to PM me.