Brokering With Penn Mutual

[CFP83]

12.5, 12.5, 7.5, 3 (through year 15), then 2

Yep, that's correct...however there is a pretty major variable anyone who is consider placing a good amount of whole life with penn she also be aware of. From year 4 and beyond, and on whole lfe only, you can qualify for up to an additional 6-7% on your whole life book of business. Being that this additional renewal goes until year 15 of the policy, it's something important to understand

 

[WPM]

Yep, that's correct...however there is a pretty major variable anyone who is consider placing a good amount of whole life with penn she also be aware of. From year 4 and beyond, and on whole lfe only, you can qualify for up to an additional 6-7% on your whole life book of business. Being that this additional renewal goes until year 15 of the policy, it's something important to understand

Thanks for the heads up. I tried to touch base with them on Thursday, but no one has gotten back to me, which is interesting.

 

[Full Throttle]

Yep, that's correct...however there is a pretty major variable anyone who is consider placing a good amount of whole life with penn she also be aware of. From year 4 and beyond, and on whole lfe only, you can qualify for up to an additional 6-7% on your whole life book of business. Being that this additional renewal goes until year 15 of the policy, it's something important to understand

Is this the persistency fee bonus?

I haven't been with Penn long enough to have it effect me, but I would like to understand it. Unless my contract is outdated, it show a max persistency boost of 5% with selling over 200% above the "average producer figure" and 95%+ persistency in year 5. 80% persistency at year five for the same producer would be a 2% bump.

 

[WPM]

Is this the persistency fee bonus?

I haven't been with Penn long enough to have it effect me, but I would like to understand it. Unless my contract is outdated, it show a max persistency boost of 5% with selling over 200% above the "average producer figure" and 95%+ persistency in year 5. 80% persistency at year five for the same producer would be a 2% bump.

Are you contracted directly with PM or did you go through an IMO?

 

[Full Throttle]

Are you contracted directly with PM or did you go through an IMO?

Directly, as far as I'm aware, they don't offer IMO contracts. The IMO contracts through the regional office, therefore, there is no advantage to use an IMO for Penn.

 

[westcoast]

thank you for this post, i have just learned i am officially getting shafted! or was about too. 90% is a lot more like it. these companies say that they are going to give you leads, then they want your "warm market" with one of their "managers", and want you to pay for your leads on top of that. Not good if i'm reading this right.they wanna pay a guy 45-53%. that's a big big difference, or am i getting something wrong? It's just shocking to me that anyone would do this.

 

[BNTRS]

thank you for this post, i have just learned i am officially getting shafted! or was about too. 90% is a lot more like it. these companies say that they are going to give you leads, then they want your "warm market" with one of their "managers", and want you to pay for your leads on top of that. Not good if i'm reading this right.they wanna pay a guy 45-53%. that's a big big difference, or am i getting something wrong? It's just shocking to me that anyone would do this.

Happens all the time. Like I've said before: sales managers like money, they just don't like work, so that's where the you (the agent) comes in.

 

[Full Throttle]

these companies say that they are going to give you leads, then they want your "warm market" with one of their "managers", and want you to pay for your leads on top of that.

As general advice as it pertains to the insurance business, if anyone is going to give you leads, run fast and far away. It never ends well.

 

[Bluefin646]

Hold on guys.....

Im not hearing an apples to apples discussion here.....

If you are mature in the business, have your referral network running full bore, and know product inside-out, backwards-forwards, you should get 90% across the board as an indy. You dont use any office space, support, knowledge, time, phone, of the company you are writing with, ...... However.....

If you are not established, need a desk, support, knowledge, salary (even if only $2000 a month NON DRAW), and some expertise to leverage in years 1-3 to develop a clientele.

Is there a company that offers training, salary, desk, support, and 90%? Who?

Is 45-55% crazy? It aint great, but college wasnt free either. Plus its w2 comp vs 1099, so lower ss tax. Also, post salary, bonus points kick in, along with expense rebates, deferred bonuses, etc that creep it back up to 70-80%.

So, what are the other options?

 

[Mehler91]

Thanks! They seems to have a well-rounded product line with good comp. I need to give them a call.

No kidding very interesting