- Thread starter
- #21
Both
Controlled business question
- Thread starter Shakray
- Start date
- 26,946
Dude, that is scary!
That is like MLM management stuff. What happens the next month when the advance is spent and the bills keep coming in?
- 26,946
I understand your reasoning. I used to to carry copies of our policies also. But as you said. This is marketing and not something you bought to protect your family. Or a form of financial planning using advances on controlled business.
Knowing I may be opening myself up to a beat down. _Many_ FE plans are poor choices for >$25k on semi healthy people. For small plans, for what I understand the FE market to be, for quick issue and less than standard health it is an awesome product. Probably the correct product for FE leads. But, do I think the top FE guys, underwriting issues aside, are stacking FE plans? Nope.
- 4,132
Ahhh, something to keep in mind is a carrier can always come back and take those commissions back if you lapse. Depends on the situation but usually if they get even the slightest hint that you're pulling a scam, they will bury you. It's like fighting the government. They have endless money and you don't. If you create a situation that other agents could also do, they will crush you, no matter how small, just to show other agents.
If you're writing other business, you shouldn't care if family business is as earned.
Who are you with right now? How long have you been an agent?
- 15,041
I don't know of a carrier that won't pay commissions on controlled business. Most won't advance, but I'm not aware of any that won't pay commission.
Now I have heard of some carriers, tends to be more home and auto, that will give a discount for being an agent. In those cases, I've heard the carrier won't pay the commission. This isn't something I am personally aware of.
- 4,132
From your PM to me... OP....
If I were to write myself whole life as an independent agent, I would use Guardian as I plan on keeping the policies for my lifetime. At this point in life, I am totally uninsurable however, so I am using Guardian for my adult kids plans. I own NYL, left them 20 years ago, but kept the policies, cause there is nothing wrong with them. Kids had and still have NYL as well, but now need additional coverage.
I write Guardian because they are a quality company that works with independents. There are several others out there as well as it's not a one size fits all thing. Several career agencies still are top notch, but I only want to work for the Ahole in the mirror these days, and Guardian allows that.
My preference for WL is still to use a mutual company first. Mother NYL taught me that long ago, and since I have had policies for nearly 30 years I have seen first hand what they can do if you keep them.
Agents cheat themselves starting and stopping policies cause they need a short term commission. Letting a policy "work" (buy and hold basically) does amazing things over time. Starting and stopping doesn't pause time... in the end you end up with nothing. Commissions come and go, if you're serious about buying for yourself, make sure you choose wisely.
If I were to write myself whole life as an independent agent, I would use Guardian as I plan on keeping the policies for my lifetime. At this point in life, I am totally uninsurable however, so I am using Guardian for my adult kids plans. I own NYL, left them 20 years ago, but kept the policies, cause there is nothing wrong with them. Kids had and still have NYL as well, but now need additional coverage.
I write Guardian because they are a quality company that works with independents. There are several others out there as well as it's not a one size fits all thing. Several career agencies still are top notch, but I only want to work for the Ahole in the mirror these days, and Guardian allows that.
My preference for WL is still to use a mutual company first. Mother NYL taught me that long ago, and since I have had policies for nearly 30 years I have seen first hand what they can do if you keep them.
Agents cheat themselves starting and stopping policies cause they need a short term commission. Letting a policy "work" (buy and hold basically) does amazing things over time. Starting and stopping doesn't pause time... in the end you end up with nothing. Commissions come and go, if you're serious about buying for yourself, make sure you choose wisely.
- Thread starter
- #28
Good company, good products. Maybe not as strong on dividends as Guardian. Ohio National is also a good mutual company.
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- Thread starter
- #30
