MINewBeginning
Expert
- 81
Me too, and these ethnic groups dont really care about cash value. So I sold them NLG UL, and instruct them to pay Target Premium.
First Financial Security (FFS) Constant Recruiting!
- Thread starter Peace9999
- Start date
- 16,889
Target premium is not enough to keep No lapse GUL from lapsing.
The have to pay the higher premium that is set by the guarantee. Target is what your commission is paid on. The extra premium needed to give the guarantee is paid a much lower commission amount.
This is a common mistake. I have run across two GUL policies that were set up drafting at target premium rather than the higher GUL premium. Their no lapse guarantee was void. They were just regular UL at that point.
FTFY...there are plenty of policies where the target can be higher than the NLG premium.
Your point is well taken, though. Premiums should be paid on time at least to the NLG level, not focusing on the target (assuming a pure DB play).
This happens more than you would think. With lower interest rates, the GUL premium is higher than some Target premiums. Especially for those GUL's out there that did not reprice the product in Jan/2013.
dcowden
New Member
I am a member of FFS and an independent agent. I am a full time Police Officer of 14 years and was recruited by a close friend that I went through the Police academy with in 2000. He is 44 and just retired early to pursue FFS full time. He left $76K a year job, not to mention off duty work which put him around $105k a year. He is married with kids and doing quite well!
First, it's not a pyramid and yes, there are quite a few Asian folks in FFS, I am a white boy. As with any type of business you can study and take a test to obtain a license (financial advisors) you will have folks that don't know what the heck they are doing out there trying to sell a product they know nothing about. Another reason this is not a pyramid, they sell a viable product for insurance companies that have been around for 100+ years. Like World Financial group (Trans-America), Amway, supplement companies....team building will make you money! Commissions are closely tracked and only go so far, again, not a pyramid. Bottom line, I sure as heck can't be involved with a company that is not legit and believe me I did my homework even though my friend and colleague brought me in. You have to be motivated to learn insurance, sell insurance and if you want to make passive income you have to build a team and help them build their teams. The bigger the team the less everyone has to sell. It's not get rich quick, it's slow and you have to be patient. I would love to answer any questions you might have. My team is having a meet and greet Saturday Feb 15th in the Denver area if you want to hear more.
First, it's not a pyramid and yes, there are quite a few Asian folks in FFS, I am a white boy. As with any type of business you can study and take a test to obtain a license (financial advisors) you will have folks that don't know what the heck they are doing out there trying to sell a product they know nothing about. Another reason this is not a pyramid, they sell a viable product for insurance companies that have been around for 100+ years. Like World Financial group (Trans-America), Amway, supplement companies....team building will make you money! Commissions are closely tracked and only go so far, again, not a pyramid. Bottom line, I sure as heck can't be involved with a company that is not legit and believe me I did my homework even though my friend and colleague brought me in. You have to be motivated to learn insurance, sell insurance and if you want to make passive income you have to build a team and help them build their teams. The bigger the team the less everyone has to sell. It's not get rich quick, it's slow and you have to be patient. I would love to answer any questions you might have. My team is having a meet and greet Saturday Feb 15th in the Denver area if you want to hear more.
Depends on the company. Some companies, ALGA for one, has the target (they call it benchmark) premium set at the premium it takes to guarantee the GUL to 121. Their premium is on the high side so agents are running it at less than target and only guaranteeing it to age 90.
- 8,707
Would not your renewals become a passive income stream without the need of building a team? Also the bigger the team means only the less you have to sell not everyone has to sell.
dcowden
New Member
Of course they would, along with all of your team mates renewals. It's just a matter of grasping the team concept and running with it. It's definitely not for everyone but you are not forced to team build. Why you would join a group like FFS or WFG and not team build, it wouldn't make much sense. I guess the bottom line is, you own your insurance license not FFS and you can make as much money with it as you want. I've seen a lot of post suggesting IUL's are what we sell, true, we can but I've done more business with term than anything. Most folks just want that pure protection. The concept works for my friend and I, it also works at WFG for another colleague of mine. If you have the motivation to start your own company I suggest you take a closer look. I sell way more than I recruit but I'm seeing the fruit from what recruiting I have done as well. Oh, and there are equity shares to be had when this company goes public. My friend at WFG missed that boat with them, FFS is newer and we still have that perk coming. I can tell you more.
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