Advanced Commission on Own Policy?

[redzalez]

Question does anyone know if you sell a policy on yourself are there any companies that will advance the commissions? Baltimore life be one?

 

[STIBROKER]

yes....any company you get an advance on now should advance you on your policy.....

Question does anyone know if you sell a policy on yourself are there any companies that will advance the commissions? Baltimore life be one?

 

[redzalez]

Thank you. I was informed differently thats why I asked.

 

[STIBROKER]

Received advances on all policy's I have written on mine and wife's policy's....

 

[Fisher]

yes....any company you get an advance on now should advance you on your policy.....

Disagree based on a number of my contracts.

 

[redzalez]

Actually just contacted baltimore life and it is as earned with them.

 

[magagent]

Smart company.

Actually just contacted baltimore life and it is as earned with them.

 

[Todd King]

I know of very few companies that will advance on policies you write on yourself. The reason companies won't do it is because any agent could get behind on the bills then write themselves up just to get a loan. There are many agents, believe it or not, who would do that.

 

[Norwayguy]

Smart company.

I agree it is smart for the carrier to pay as earned on at least personal if not all controlled business. Almost all of my contracts state it as such, but I know when I wrote a policy on myself (and indicated it as such in the agents report) I got advanced on it...No biggie as the policy is still in force years later but I could see an agent sell a large premium policy on autodraft get the advance and stop payments on the policy.

 

[360]

I agree it is smart for the carrier to pay as earned on at least personal if not all controlled business. Almost all of my contracts state it as such, but I know when I wrote a policy on myself (and indicated it as such in the agents report) I got advanced on it...No biggie as the policy is still in force years later but I could see an agent sell a large premium policy on autodraft get the advance and stop payments on the policy.

I have seen an agent have their contract terminated immediately for doing just that...writing a policy and then cancelling after it paid out. Agents should realize that can become a very expensive loan when they consider they will end up with a vector for the balance and more than likely lose their contracts with that marketer.