- 4,689
Larger than LH or AmAm?
Correct.
Senior Life Commissions
- Thread starter Rearden
- Start date
Correct.
- 3,994
It’s incredible how hard these carriers make it seem too Bill people properly and expediently
- 4,689
I agree. It may be more complicated to do than it appears. At least Sr Life is going to make it happen.
It is almost funny how Greg was very selective in whose question he addressed. He completely ignored your inquiry, even though he is on the inside of Senior Life.
Therefore, allow me:
Typical commission is 75-80% for a "career agent". Keyword: typical. If uninterested in being a career agent, the starting commission is lowered to 45%. They discourage assigning high commission levels to part-timers and broker agents with contracts from multiple carriers.
The answer to your second question: I have not found any recruiter at any level, whether it be Regional VP, District Mgr, Regional Mgr, etc, who has any policy in writing on production requirements for commission raises. Everyone does their own thing, which appears to be designed to maintain better than 25% overrides on direct downline agents. The email below was sent to one of their career agents who was writing $20,000+/mo. on 95% commission. When he demanded more, this was the response direct from his RVP before he quit:
"It was a pleasure to sit down and meet with you this morning. I believe that our meeting was very fruitful and I want to take time to send you a structure format for Growth and Advancement that you ask of me .Lets Start by saying as of Dec 1st 2018 your Commission Schedule will Increase to 100%. Any Increase from that point must be based on Production and Growth of New Agents. All other Increases will be based on 5% increments.
105% Increase will be based on $70,000.00 Team Production Performance for 3 consecutive Months with 5 New Recruits per Month totaling 15 New Agents in a Quarter.
110% Increase will be based on $100,000.00 Team Production Performance for 3 consecutive Months with 10 New Recruits per Month totaling 30 New recruits in a Quarter.
115% Increased will be based $150,000.00 Team Production Performance for 3 consecutive Months with 12 New Recruits Per month totaling 36 New Recruits in a Quarter.
Hopefully with this Structure and Clarifications in place it will help with all us working together to achieve the same goals of success. I Appreciate All that you do."
Having first hand knowledge, none of the RVP's agents are aware of this structure, because it did not exist before the agent address his concerns to Ron Powell. If it had existed, there would never have been a reason to recreate it in an email. The ridiculous thing is, this same RVP is requiring production levels that not even the Region as a whole has EVER done! As you can see from the email, this RVP really has no intentions on increasing an agents commission.
- 4,689
You sound bitter. Are you the agent in your post above? I believe anyone up here who has seen my posts know I don't avoid anything up here that concerns me. Feel free to ask me anything about my FE opportunity.
An agent's commissions is determined by the immediate manager and not the carrier. (Agents with any experience usually know this). The immediate manager determines the agent's commission level because the immediate manager is the one who cosigns for the agent's advances (loans) and cosigns for the agent's leads (so the agent can get 25 fresh exclusive leads on credit with no $$$ needed up front) and cosigns for the agent's charge backs (so they are not deducted from advances).
I start my agents higher than the 75%-80% you quote above and that's with me cosigning for leads. If a manager is going to cosign for an agent to get leads on credit, with no $$$ upfront from the agent, then that manager needs a bigger spread because the manager has more exposure to potential agent debt. If an agent wants to prepay for their leads or prepay for their drops AND also have charge backs deducted from their next advance then they can get higher commissions, just like it is anywhere else. That's because now the manager's exposure to potential debt has been reduced to the levels that the other IMO's up here have and I can and will match or beat any other FE opportunities up here. But that's only for full-time loyal agents, not part-time brokers.
Most agents are too broke to do put the capital up to get their business off the ground with a steady supply of 25 fresh exclusive leads every week. And if they can afford getting a lead campaign going usually their cash flow can't handle the ups and downs of charge backs being deducted from advances.So we help them get them get their FE business up and running by cosigning for 25 fresh exclusive leads every week and also cosign for their charge backs so they are not deducted from their next advance. The agent's cash flow is now totally dependent on their production, doesn't matter if they do or do not have any charge backs that week. Their cash flow now comes strictly from production.
Sounds like your beef is with that RVP and not the carrier. Thankfully there are a lot of other FE opportunities available for you to be successful with.
Oh by the way PM me that $20k/month producer and I'll take good care of him. He should be able to get 120% from other recruiters up here BUT he/she will have to put $$$ up front for their DM drops and will have charge backs deducted from their advances.
I on the other hand will get them that same 120% AND I'll cosign for them to get 25-30 fresh exclusive leads per week AND I will cosign for their charge backs not to be deducted from their advances.
So please send me that agent's contact info.
Thank you in advance!
You are hilarious! Not only has the producer in the email signed with me, he wrote more than the 180,000 he said SL requires to "win" a Rolex. With the difference in commission that I gave him, he purchased his own Rolex and still put more money in his pocket than SL would have. The RVP lost his highest producing agent, who obviously needed no training, because he was greedy.
According to your own response, SL is for "most agents too broke to get their business off the ground". Successful agents neither need you or SL. Every veteran agent on this site knows SL is neither competitive in products or commissions.
I'm still not sure why you are so defensive. All I did was answer Guru's question, since you did not.
Adrian Davjs
New Member
- 2
And remember to subtract the policy fees from the annual premium. Because senior life doesn't pay on that. Whole life is 36.72 and term is 99.96
FEX has companies that pay 125%, yet one of their favorites pays 100% with no advances. Why would an agent sell at 100 when they can make 125?
Lots of reasons and those reasons may not be yours.
My point? Just sell baby! And leave the bean counting to the bean counters.
Lots of reasons and those reasons may not be yours.
My point? Just sell baby! And leave the bean counting to the bean counters.
I just got a recruiting flyer from SL and it invited me to a meeting that is going to be held locally. It gave a quote for a $10,000 policy on a 65F being $38.12 monthly. She is insulin dependent, has HBP, high cholesterol, depression and has asthma. Where does this rate come from? FEX has preferred at $54.78.
Look in the Traditional/SIWL section of FEXQuotes.. That is their "Super Preferred" rate..
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