Senior Life + Technology . . .

I have a couple questions:

1. With premiums so high, why do y'all start agents so low on comp?

2. Explain the chargeback rules. I don't see how they're any different than how independent carriers work, but multiple SL marketers have told me they don't have to pay chargebacks at all.

3. What's up with the preferred plan? 35% lower comp and they have to be taking no medications at all? High cholesterol or HBP knocks them out?

4. Why do you terminate agents and take renewals if they stop writing policies for 1 month? And you make them pay the ~$100 application fee to sign up again and again. What's up with that?

5. I know someone who got a Vector letter from y'all for $0. Come on???

#1. Commissions are assigned by the hiring mgr. Everyone does it differently. Just like the independent recruiters that are up here everyday, they give different comps than others. I reward full-time agents with better contracts than part-time brokers. It's because brokers are always calling with questions but they are writing very little business and usually too broke to be on a steady diet of 20 fresh exclusive leads per week. Pareto's Principle: 20% of the agents do 80% of the production. I'd rather spend my precious time with the 20%. Especially since I'm the guy co-signing for advances and leads and licenses. I also decline agents with rotten credit, I don't just hire anyone who can fog a mirror. Once you get another 5-10 years experience you'll understand this.

#2. Agents DO pay charge-backs. Charge backs are paid back on the UN-advanced commissions (back end). Other carriers take charge backs out of the front end (advances) where as SL takes charge backs off the back end. This way agents can keep their necks above water when charge backs hit because the agent is getting paid on production being issued irregardless of charge backs. With this business model the up line mgr. incurs a bigger risk of debt roll up because the sub agent is not paying their charge backs immediately out of their advance.

#3. Preferred is 12.5% not 35% lower. High cholesterol and HBP do NOT knock them out of preferred nor super-preferred. A 10 year old insulin dependent diabetic can get preferred rates. You should be experienced enough by now to know that the health questions on company A's preferred are different from company B's preferred questions, that's why company A's preferred rates may look much higher than company B's preferred rates. especially since you are a broker.

#4 Not sure what you are talking about. I have agents who have gone 3 months without writing business. But if an agent can not write one app per month I consider them to be a waste of my time.

#5. Don't know about that either. My understanding is Vector requires a terminated agent's debt be at least $400 before they will acknowledge the debt.. Why doesn't your friend call and ask why?

LOL....I have a sneaking feeling that JD or Newby put you up to asking these questions. Tell them to be big boys and come up here with their questions. No need for them to hide behind your shadow....LOL.

If I'm wrong apologies in advance....lol.
 
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#1. Commissions are assigned by the hiring mgr. Everyone does it differently. Just like the independent recruiters that are up here everyday, they give different comps than others. I reward full-time agents with better contracts than part-time brokers. It's because brokers are always calling with questions but they are writing very little business and usually too broke to be on a steady diet of 20 fresh exclusive leads per week. Pareto's Principle: 20% of the agents do 80% of the production. I'd rather spend my precious time with the 20%. Especially since I'm the guy co-signing for advances and leads and licenses. I also decline agents with rotten credit, I don't just hire anyone who can fog a mirror. Once you get another 5-10 years experience you'll understand this.

#2. Agents DO pay charge-backs. Charge backs are paid back on the UN-advanced commissions (back end). Other carriers take charge backs out of the front end (advances) where as SL takes charge backs off the back end. This way agents can keep their necks above water when charge backs hit because the agent is getting paid on production being issued irregardless of charge backs. With this business model the up line mgr. incurs a bigger risk of debt roll up because the sub agent is not paying their charge backs immediately out of their advance.

#3. Preferred is 12.5% not 35% lower. High cholesterol and HBP do NOT knock them out of preferred nor super-preferred. A 10 year old insulin dependent diabetic can get preferred rates. You should be experienced enough by now to know that the health questions on company A's preferred are different from company B's preferred questions, that's why company A's preferred rates may look much higher than company B's preferred rates. especially since you are a broker.

#4 Not sure what you are talking about. I have agents who have gone 3 months without writing business. But if an agent can not write one app per month I consider them to be a waste of my time.

#5. Don't know about that either. My understanding is Vector requires a terminated agent's debt be at least $400 before they will acknowledge the debt.. Why doesn't your friend call and ask why?

LOL....I have a sneaking feeling that JD or Newby put you up to asking these questions. Tell them to be big boys and come up here with their questions. No need for them to hide behind your shadow....LOL.

If I'm wrong apologies in advance....lol.

Way to handle yourself man.

I have a question: why does sl drop the commission rate if you don't add the legacy plan?
 
Way to handle yourself man.

I have a question: why does sl drop the commission rate if you don't add the legacy plan?

Thanks. The Legacy Plan supposedly improves 13th month persistency about 9 points. Too much of a profit center for the company (and the agent) to not require agents to utilize Legacy. Hence the 20% .

When you add the Legacy-Assurance plan to your presentation you also increase your closing %.
 
Thanks. The Legacy Plan supposedly improves 13th month persistency about 9 points. Too much of a profit center for the company (and the agent) to not require agents to utilize Legacy. Hence the 20% .

When you add the Legacy-Assurance plan to your presentation you also increase your closing %.
So it incentivizes a desired behavior. Nothing unusual about that. Not much different than a company paying lower comp for low persistency in order to incentivize agents to work harder at conservation.
 
Think of it this way: Sr Life wants more policy holders. So when a policy holder passes, SL will let the family know that their deceased has a Legacy-Assurance plan which allows them to pay just $3500 for the casket, vault, and monument. SL also lets the family know which casket was selected by the deceased when they first became a member.

And herein lies the problem that I'm talking about. Neither SL nor LH will know anything about the death unless someone informs them or once they get the claim in. That doesn't happen as soon as the insured dies. Most folks will go to the funeral home, tell them what is going on and let them contact the insurance companies. By the time the funeral home and the insurance company actually communicate, items have already been picked out and agreed upon. Not that it couldn't be changed, but if only the funeral home knows about the discounted items, they may just decide to keep that info to themselves since they aren't making money on it. Of course, all of this would have to happen because the person making the arrangements knows nothing of the program the deceased was in.

If you think I'm out in left field then you should be in touch with your deceased policyholder's beneficiary more often.

This also goes along with the lie that LH agents tell policyholders when they say that LH will pay out within 24 hours. Most times LH doesn't even know about it during the 1st 24 hours.
 
And herein lies the problem that I'm talking about. Neither SL nor LH will know anything about the death unless someone informs them or once they get the claim in. That doesn't happen as soon as the insured dies. Most folks will go to the funeral home, tell them what is going on and let them contact the insurance companies. By the time the funeral home and the insurance company actually communicate, items have already been picked out and agreed upon. Not that it couldn't be changed, but if only the funeral home knows about the discounted items, they may just decide to keep that info to themselves since they aren't making money on it. Of course, all of this would have to happen because the person making the arrangements knows nothing of the program the deceased was in.

If you think I'm out in left field then you should be in touch with your deceased policyholder's beneficiary more often.

This also goes along with the lie that LH agents tell policyholders when they say that LH will pay out within 24 hours. Most times LH doesn't even know about it during the 1st 24 hours.

The insured keeps their Legacy-Assurance membership material with their SL policy. This way the family hopefully will see the Legacy membership along with any insurance policies.

When Legacy contacts the family about the deceased's membership and the great discounts on the casket, vault, and monument, and that the deceased picked the such and such casket.....believe the family will go right back to the funeral home and tell them they already have the casket, vault, and monument. It's a $3000+ savings, don't worry, they will go back to the funeral home. They just need embalming, music, etc., etc.

Funeral homes MUST accept caskets from any 3rd party casket vendor without charging any additional fees for doing so. It's an FTC rule. It's right their on the Legacy material.

Of course, sometimes people lose their policy, and when they pass away there is no policy for the family to find, and the insurance company pockets all those premiums without having to pay out a claim.
 
#1. Commissions are assigned by the hiring mgr. Everyone does it differently. Just like the independent recruiters that are up here everyday, they give different comps than others. I reward full-time agents with better contracts than part-time brokers. It's because brokers are always calling with questions but they are writing very little business and usually too broke to be on a steady diet of 20 fresh exclusive leads per week. Pareto's Principle: 20% of the agents do 80% of the production. I'd rather spend my precious time with the 20%. Especially since I'm the guy co-signing for advances and leads and licenses. I also decline agents with rotten credit, I don't just hire anyone who can fog a mirror. Once you get another 5-10 years experience you'll understand this.

#2. Agents DO pay charge-backs. Charge backs are paid back on the UN-advanced commissions (back end). Other carriers take charge backs out of the front end (advances) where as SL takes charge backs off the back end. This way agents can keep their necks above water when charge backs hit because the agent is getting paid on production being issued irregardless of charge backs. With this business model the up line mgr. incurs a bigger risk of debt roll up because the sub agent is not paying their charge backs immediately out of their advance.

#3. Preferred is 12.5% not 35% lower. High cholesterol and HBP do NOT knock them out of preferred nor super-preferred. A 10 year old insulin dependent diabetic can get preferred rates. You should be experienced enough by now to know that the health questions on company A's preferred are different from company B's preferred questions, that's why company A's preferred rates may look much higher than company B's preferred rates. especially since you are a broker.

#4 Not sure what you are talking about. I have agents who have gone 3 months without writing business. But if an agent can not write one app per month I consider them to be a waste of my time.

#5. Don't know about that either. My understanding is Vector requires a terminated agent's debt be at least $400 before they will acknowledge the debt.. Why doesn't your friend call and ask why?

LOL....I have a sneaking feeling that JD or Newby put you up to asking these questions. Tell them to be big boys and come up here with their questions. No need for them to hide behind your shadow....LOL.

If I'm wrong apologies in advance....lol.

I like all your answers. They just don't jive with what I've heard from other SL marketers.

Are there two Senior Life's?

JD and Newby definitely didn't put me up to anything. I'm sure they have rubbed off on me though.
 
I like all your answers. They just don't jive with what I've heard from other SL marketers.

Are there two Senior Life's?

JD and Newby definitely didn't put me up to anything. I'm sure they have rubbed off on me though.

I speak the truth, whether it's pretty or ugly. We're all adults here (except for a 2 or 3)..lol. There is a Senior Life Services out of Vero Beach, FL and there is Senior Life Insurance Co. out of Thomasville, Ga. I'm with the Thomasville, Ga. outfit.

Thanks for the compliment.
 
The insured keeps their Legacy-Assurance membership material with their SL policy. This way the family hopefully will see the Legacy membership along with any insurance policies.

When Legacy contacts the family about the deceased's membership and the great discounts on the casket, vault, and monument, and that the deceased picked the such and such casket.....believe the family will go right back to the funeral home and tell them they already have the casket, vault, and monument. It's a $3000+ savings, don't worry, they will go back to the funeral home. They just need embalming, music, etc., etc.

Funeral homes MUST accept caskets from any 3rd party casket vendor without charging any additional fees for doing so. It's an FTC rule. It's right their on the Legacy material.

Of course, sometimes people lose their policy, and when they pass away there is no policy for the family to find, and the insurance company pockets all those premiums without having to pay out a claim.

I do know they have to accept 3rd party items and all of this is great....when it works.
 
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