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I've been getting 4% of the premium on single pay whole life
Single Premium Life Insurance
- Thread starter Winter_123
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You must be captive.
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At this time I am captive in a multiline (primarily P&C) group...
4% can seem low, but there are frequent bonuses and incentives built into the contracts that can make up a fairly significant amount.
- 11,280
I was not saying anyhting bad. Just wanted to clarify the 4%.
- 135
I didn't take it bad at all -- Sorry if my reply made it seem that way. I've been captive for about a year now, and there are plenty of positive things about where I'm at... but I'm contemplating a switch to independent and focusing on life products. Maybe my response had an undertone of my ponderance.
- 944
Steve Dont Mind Indiana Jones, Hes Just Like That 
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Steve Dont Mind Indiana Jones, Hes Just Like That
Do you ever use apostrophes?
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- 944
Lol the english teacher is coming back out of you again Mr. Indiana
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Do you ever use apostrophes?
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Do you really think he knows what is an apostrophe?
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Just to follow up on this I asked Bysis/Crump what they pay on a Genworth permanent policy single pay (Lifetime Flex Plus/UL). They said it is based on target premium which you get off of the illustration. They pay 80% of the target premium and then 2% of the remaining 20%.
I ran an illustration on a 60 year old, standard , male, single pay 0f $20,000. After calculating the numbers based on the target premium, the payout looks like 6% of the single pay amount. I imagine if the client was rated preferred that the payout would be less, or your payout might be more if you have a better contract for Genworth products. But that is what it looks like to me as a rough sizing. Again, I dont think it can be directly calculated as a per cent of premium or face amount because you have to know the target premium, for Genworth anyway but it would seem to make sense for other companies as well.
Winter
