Reduced Comp with Americo

[lifeagent007]

Americo reduces comp a little for ppl 75-80 & reduces it a lot more for ppl 80-85. They are one of the few who reduce it before 80, SNL reduces it at 70 and more at 80 too. But the best (best comp that is) carrier to use for ppl over 80 is: Monu (no reduction) & Oxford I believe.

If you are only worried about comp then yes monu... If you want the best priced policy for your client write American memorial...yes low comp on age 80+ but at least you can go to sleep knowing you did what you would have done for yourself at age 80.

 

[TDFnCali]

If you are only worried about comp then yes monu... If you want the best priced policy for your client write American memorial...yes low comp on age 80+ but at least you can go to sleep knowing you did what you would have done for yourself at age 80.

I believe in fair market price for fair market value. And reducing my comp to 1/2 of what it normally is for that age group isnt fair to me....esp when the price isnt that drastically diff except for 84-85 really. For 80-83yr olds, I can get within $5-8 with my other carriers, and AM isnt worth a damn if they smoke. So, no thanks to 45% for that.

Anything over $10/mo is where I start to draw the line....thats just me!

 

[lifeagent007]

I believe in fair market price for fair market value. And reducing my comp to 1/2 of what it normally is for that age group isnt fair to me....esp when the price isnt that drastically diff except for 84-85 really. For 80-83yr olds, I can get within $5-8 with my other carriers, and AM isnt worth a damn if they smoke. So, no thanks to 45% for that.

Anything over $10/mo is where I start to draw the line....thats just me!

83 year old male ns $10,000
american memorial- $130.85
oxford- $ 166.08
monumental $ 178.80

I believe in "FAIR" market value as well... and this is not "fair" Anyway i'm not here to judge you but i really dont feel comfortable placing my clients in a $35- $50 a month more policy just to pad my pocket.

45% of $130.85 is $58.89 x 12 is $706.59 first year commission is this not a "fair" commission for you? $700 is higher than the average commission for most agents.

 

[TDFnCali]

83 year old male ns $10,000
american memorial- $130.85
oxford- $ 166.08
monumental $ 178.80

I believe in "FAIR" market value as well... and this is not "fair" Anyway i'm not here to judge you but i really dont feel comfortable placing my clients in a $35- $50 a month more policy just to pad my pocket.

45% of $130.85 is $58.89 x 12 is $706.59 first year commission is this not a "fair" commission for you? $700 is higher than the average commission for most agents.

I may have 1 guy whos that old buy that much coverage per year, MAYBE ONE! Most 80+ buy 3-6k at best. Maybe my math was a lil off and 80-82 Im pretty competitive, but 83-85 AM is much less, but they have nothing else to offer me. So if you run across any of my 83-85yr olds (which is maybe 5-7 clients in 2yrs) & u can offer them far better, do it! AM isnt worth my time for the 2-4 cases a year they could really help me!

 

[Newby]

I don't market products or lines where I can not be profitable. But then, I also don't go around beating my chest about how I am morally and ethically superior to someone else because I use companies with a lower premium than their company. When you do that, but then pass on another company with a lower premium and lower commission, you are nothing but a hypocrite. I have always laughed to myself and privately to others about this forum's constant rant at LH and SL agents about the premiums those companies charge. It seems you many have more in common with them than the realize. I have said it and I will say it again. I wouldn't have said a word if not for the constant harping at LH and SL agents for selling overpriced insurance. Remember, those who live in glass houses shouldn't throw stones.

You are entitled to your opinion Kirby. You can take anything to the extreme. You could say that recruiting green agents to sell at 5-times the premium at 1/4 the commission is just as good as Monumental if that's what you want to believe.

That's not the way I want to run my business. I have been consistent in my words and actions. I sleep pretty good at night.

You can snicker publicly or privately with your LH recruiter friends. They are still going down the wrong path in my opinion.

 

[jdeasy]

I may have 1 guy whos that old buy that much coverage per year, MAYBE ONE! Most 80+ buy 3-6k at best. Maybe my math was a lil off and 80-82 Im pretty competitive, but 83-85 AM is much less, but they have nothing else to offer me. So if you run across any of my 83-85yr olds (which is maybe 5-7 clients in 2yrs) & u can offer them far better, do it! AM isnt worth my time for the 2-4 cases a year they could really help me!

I've written one 84 year old and one 86 year old in my career. Those are my two oldest clients. That's over 10 years of being an independent life agent.

Maybe a handful of 80 year olds.

I did an 87 year old a couple or three years ago with AmCon. He cancelled in the free look period. He's still alive. I see him sitting out his porch when I drive by there.

The 84 ans 86 year olds are still kicking and paying every month.

I didn't know about AmMem until the last year. I robably wouldn't get contracted to sell one case. Just refer it over to Newby.

If I started seeing a bunch of 80+ that wanted to buy then I would contract with them. I take a big commission hit on CF too but it has it's place.

 

[VolAgent]

You are entitled to your opinion Kirby. You can take anything to the extreme. You could say that recruiting green agents to sell at 5-times the premium at 1/4 the commission is just as good as Monumental if that's what you want to believe.

That's not the way I want to run my business. I have been consistent in my words and actions. I sleep pretty good at night.

You can snicker publicly or privately with your LH recruiter friends. They are still going down the wrong path in my opinion.

I wasn't aware I had any LH friends, much less that I sold LH or SL. Do you know something about me that I don't?

 

[TDFnCali]

I've written one 84 year old and one 86 year old in my career. Those are my two oldest clients. That's over 10 years of being an independent life agent.

Maybe a handful of 80 year olds.

I did an 87 year old a couple or three years ago with AmCon. He cancelled in the free look period. He's still alive. I see him sitting out his porch when I drive by there.

The 84 ans 86 year olds are still kicking and paying every month.

I didn't know about AmMem until the last year. I robably wouldn't get contracted to sell one case. Just refer it over to Newby.

If I started seeing a bunch of 80+ that wanted to buy then I would contract with them. I take a big commission hit on CF too but it has it's place.

Exxxxxactly....if I started getting 80+ yr olds at least a few a month, it would be worth it. But for the 4-6 I get per year, most being in the 80-82 range, AM isnt worth my time.

 

[gordon112]

Exxxxxactly....if I started getting 80+ yr olds at least a few a month, it would be worth it. But for the 4-6 I get per year, most being in the 80-82 range, AM isnt worth my time.

Bingo. I have only written one last year that was over 85. Two at 79 and 80.. At 86 we have only one company AMC that I can go with. She is still alive and paying. 4k in coverage, small amount as expected.

 

[WinoBlues]

I am an old traditional agent. There are unethical agents in all areas. The worst I have seen are in annuities (suitability and churning) and FE (clean sheeting and churning)

Hypothetically

+1 Agree with that as well. I never had a problem with their rates, GDM represents them well, and offers fair contracts it seems. I just said if u offer them, dont act like you dont get replaced a lot or lie about all the other ill wills former LH agents have said that goes on there, esp the FCG thing. It seems they are unethical, very unethical, a lot of them....thats my problem with them, but a high rate is better then no insurance, I believe.