Has anyone had experience with Genworth's new agent career contract (yes I search the old threats,nothing available that addresses this new contract. ). A Genworth ncareer agent sells Life and LTC only. They offer training which I hear is the best in the industry. A top notch product. $15000 first year new agent bonus if you hit the production requirements(which appear reasonable). However an agent is captive, not vested for 3 years and leads are $50 each ! I understand leads used to be provided no charge, I am also told leads are better quality now. Any thoughts, experience with this company and feedback is greatly appreciated. !
Ltc Insurance Question
- Thread starter Broker22
- Start date
I will send you a private message.
Arthur Rudnick
Guru
- 1,652
previously posted by ltcadviser
Hi Jack,
How about sharing the answer with the Forum?
I'm anxious to see what the deal is.
Hi Jack,
How about sharing the answer with the Forum?
I'm anxious to see what the deal is.
Arthur, my private message to Broker22 did not have any enlightening news. Bottom line is some agents will benefit tremendously from the training they will receive and can use the training as a springboard to greater success down the road as a non-captive independent agent; some agents may not need the training whatsoever and will be impacted adversely by signing a lousy contract. I have no idea where Broker22's practice is at presently.
Arthur Rudnick
Guru
- 1,652
Is it true that Genworth charges their captive agents $50 per lead?
- 2,584
What are the production requirements to get the 15K bonus?
I simply can't see this system working except for Genworth.
When I started in the business John Hancock gave me $60,000 spread out over 4 years; but I never became vested in the business I wrote; and I only earned 40% FYC. When I left after 4 years I had zero.
were you in the ltc fast start, Jack?
I was in the ltc fast start in one of their tampa offices.
i left after 3.5 years.
- 657
I've been told you have to submit $10,000 without their help before being considered for the contract. 60/4 contract, or 85/1, your choice. $50 a lead, the $15000 is paid to you the first 6 months if you make monthly quotas. (you'll spend more than that on leads and marketing the first 6 months to make quota) I personally can't think the leads are any better than they used to be. (not so good). No AARP anymore. Whoever hires you is responsible for the $15000 if you don't make it. You do have to vest to get renewals. They want you to sell 1/3 from leads, 1/3 from referrals, and 1/3 through other self marketing methods.
Yes. The only mistake I made was not leaving sooner; and/or not sending more business to other companies outside of my JH contract for the initial 4 years e.g. CNA, GE, Allianz. But I was loyal. I drank the jh kool aid.
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1/3? Hmm, if would write 1/3 of the leads I get I think I would make $3,000,000 year. Just saying.
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Ignore my comment above. I misunderstood Bill's comment. Now I see it means 33% from leads, 33% from referrals, etc.
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