Jackson National Term Conversion Question

[Chicken Coop]

I have a client who is interested in converting his Jackson National term policy to their GUL product.

Does anyone know what kind of compensation JNL will pay on the conversion?

I will need to reappoint with them in order to do the case. Is there a particular contract I should be getting with them? I do have some pretty large term cases with them that may also be future conversion candidates.

 

[Mattschmidt]

If your not the agent of record on your current Large Term Cases, and plan on converting them in the future, why not just get re-appointed with them? At one point, the GUL conversion was 100% commissionable. You might want to have your GA check on this for you

 

[Chicken Coop]

If your not the agent of record on your current Large Term Cases, and plan on converting them in the future, why not just get re-appointed with them? At one point, the GUL conversion was 100% commissionable. You might want to have your GA check on this for you

I don't have a GA.

Years ago when I actively wrote JNL term policies I was on their Deal Direct system.

Because of lack of production they eventually terminated my appt, but I still get servicing letters on my clients from them.

I assume it is a simple matter to get reappointed with them in order to do the conversion on my client.

I was just wondering what commission percentage I should be making on the case.

 

[WinoBlues]

I have a client who is interested in converting his Jackson National term policy to their GUL product.

Does anyone know what kind of compensation JNL will pay on the conversion?

I will need to reappoint with them in order to do the case. Is there a particular contract I should be getting with them? I do have some pretty large term cases with them that may also be future conversion candidates.

One big problem is that JNL life is no longer writing new business. Not sure if there new contracting allows conversion. and commission. You will need to talk to your internal whole saler. I was told that since I am active I can convert and get paid. I am doing one in the next week or so.

The only plan they have for conversion the Gen ULC. Which is a comparatively good option. I believe that is changing Jan 1.

If you need a illustration I may be able to help you.

If you can not do it hit me up. Maybe we can work something out. I am very good at conversions.


Lee

 

[munson]

I have a client who is interested in converting his Jackson National term policy to their GUL product.

Does anyone know what kind of compensation JNL will pay on the conversion?

I will need to reappoint with them in order to do the case. Is there a particular contract I should be getting with them? I do have some pretty large term cases with them that may also be future conversion candidates.

I have the answer to this. I wrote my own 20 year term 13 years ago with JNL. I was also terminated with them due to lack of production. Their rates went crazy. I contacted them to get a quote on my own conversion and if I would get commish on my own policy. They gave me the rate for the conversion with the only policy they have to convert to. Only one choice. It is a Whole Life. This is in FL. They do not provide illustrations. Craziest thing I ever heard. I asked about providing me with the guaranteed cash values. They said it would be in the policy pages and I could always decide to not take the policy. Terrible alternatives. To top it off, was told they no longer pay commish on term conversions!!!!!! So obviously, they do not want the business. When my term is up, bye bye. I will be converting other term policies I have with ING and GenWorth.

 

[WinoBlues]

I have the answer to this. I wrote my own 20 year term 13 years ago with JNL. I was also terminated with them due to lack of production. Their rates went crazy. I contacted them to get a quote on my own conversion and if I would get commish on my own policy. They gave me the rate for the conversion with the only policy they have to convert to. Only one choice. It is a Whole Life. This is in FL. They do not provide illustrations. Craziest thing I ever heard. I asked about providing me with the guaranteed cash values. They said it would be in the policy pages and I could always decide to not take the policy. Terrible alternatives. To top it off, was told they no longer pay commish on term conversions!!!!!! So obviously, they do not want the business. When my term is up, bye bye. I will be converting other term policies I have with ING and GenWorth.

I think he may have figured it out by now. Over a year ago.

But yeah they could give a carp about the book now. Is the ULC no longer available for conversation? I would suggest you use your JNL experience as motivation to take the best conversion options now. Many companies are only offering crappy conversion options. I have two term policies with them also.

My ART is still pretty good. My 30 will do it's job and I will drop it when it terms out. Which was always the plan.

Oh, just remembered, some of the old plans had a ST option built into them. Maybe that is an option for you.

Lee

 

[wfs]

Jackson National Life? Wow... I used to write for them back in the day. I have a 20 year term that I sold myself from a company called "The Midland" (remember them?). Then they sold their policies to "Reassure America" - who serviced them for quite a while, then last year, the policy was sold to Jackson National Life. I tried to update my beneficiaries on my policy, they sent it back... They said that it did not look like "my signature" and they now require a signature guarantee. Grrrr...

So it's been 14 years, but my signature didn't change that much. Moral of the story? I wouldn't do a thing for a defunct company such as Jackson National.

 

[BNTRS]

Defunct? We're talking about the company with one of the top selling variable annuities in the country and the American appendage of one of the largest life insurers in the world.