Jones average pay: $65k?
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Wind, when it comes to insurance listen to me. When it comes to Jones, don't listen to me. Think of this from an actuarial standpoint. If $50,000 as a lump sum purchases $300,000 of insurance and $6,000 annually will purchase $300,000 of coverage, these premiums need to be close to actuarial identical. This further means that the insurance company can't afford to pay $35,000 in commission for a lump sum and $4,200 if paid annually. Either way, the commission needs to be in the same ball park.What I was told is that with the 50000 in cash value they purchase a lump sum and we get 70 percent of the investable assets in the cash value.
I’m not keen on insurane cause I just got started on it but I’ve been told 70 percent of the cash value that’s used to purchase a
nother policy
So, is the wholesaler saying you're going to get 70% of the $50k single premium? Or is $50k the annual premium? Or is $50k the 1035'ed amount? If it's a $50k per year premium, I could see 70% of that going through the grid. If its a single premium or a 1035 exchange, you're not getting 70%. Your wholesaler is a moron.What I was told is that with the 50000 in cash value they purchase a lump sum and we get 70 percent of the investable assets in the cash value.
I’m not keen on insurane cause I just got started on it but I’ve been told 70 percent of the cash value that’s used to purchase a
nother policy
Deekay, the Jones thread turned into a thread about himself. How could he not be Wind?
Windy … you better call the Lexus dealership and see if you can get your deposit back.
Tell you guys what. Let me talk with someone and ill get back to you on the exact amount.
Ronnie, all you have to tell us is what this $50k represents and we’ll tell you roughly what the commission will be.
Holy Crap! Are you kidding me? You guys are asking the wrong questions. What is the purpose of the insurance? We all know the commission is wrong. He is still going to have a monster month. The issue is should he be advising people, especially accounts that size.
Just because I do not yet know what the commission payouts are, doesn’t mean I don’t know what I am doing otherwise. It’s an exchange from a $100,000 face value policy, that has $50,000 cash value. I have been told multiple times that you get 70% of the cash value or “investable” portion. Thats not coming from me, just what i’ve heard. Enough bashing on me advising people, I already stated that i just started adding insurance to my business. Just like the rest of you did, when you started.
Hotair - I never said i knew what the answer was on my commissions. Just going off what was told, that in no way makes me a liar. If it makes you happier, we’ll take the insurance totally out of it and go with a $48,000 month thats already been solidified. Can you match that? Go count some ones, and make sure my check gets deposited correctly.
Hey Windy…we all know your numbers were inflated but now it all makes sense! No Segment 3 this month I guess, and to think I stole your screen name
RD,
The client may have 70% or so of the $50k available as cash surrender value in her new policy, but you do not get a 70% cut of that $50k as a commission. You will get somewhere between 2-8% of that amount. If I understand how insurance works at EDJ, that amount will get put through the grid and you'll get that amount. If there are ongoing premiums, you can potentially earn upwards of 70% of the first year premium in the first year. The insurance company reps you're talking to are either idiots, or you're just misunderstanding the commission structure. If it's the company's mistake, you may consider using another vendor. If it's your mistake, that's ok. As long as you're doing well for the client, that's all that matters.It is whats best for the client. We’re trying to lower the over all premium. You said you get 70% of the 1st years premium, but I think whats been said to me is that the $50K cash value is paid in a lump sum and you get 70%. I’m not sure. I will find out exactly tomorrow. Regardless, $48,000 month. I’ll let everyone know what it is exactly tomorrow.
remind us again what you did this month retard? as if we didn’t hear you the first 40 times. No one thinks you are telling the truth … you don’t even know the commission structure on a life insurance policy. 70%? Are you a retard? How would the insurance company make money giving a tool like you 70%? You are as dumb as a box of rocks.
48,000 my arse.
i’m going to do 49,000 this month. prove i won’t
Just don't be disappointed when your $50k lump sum isn't a $35k gross transaction, but rather a $1k gross transaction. 1035 exchanges are not fully commissionable.It is whats best for the client. We’re trying to lower the over all premium. You said you get 70% of the 1st years premium, but I think whats been said to me is that the $50K cash value is paid in a lump sum and you get 70%. I’m not sure. I will find out exactly tomorrow. Regardless, $48,000 month. I’ll let everyone know what it is exactly tomorrow.
Thats ok with me. Joneslink says 70% of “commissionable target premium”. Someone wants to help me with that, i’d be greatful.
Hotair - I don't have to prove you won't, because i don't care. Have fun rollin coins buddy...[quote=Ronnie Dobbs]Thats ok with me. Joneslink says 70% of “commissionable target premium”. Someone wants to help me with that, i’d be greatful.
Hotair - I don't have to prove you won't, because i don't care. Have fun rollin coins buddy...[/quote]$250,000 UL policy has a target premium of $2000 per year for example. That is what is needed to carry the policy to the client's age of 100. You will get 70% of that which amounts to $1400.
The client puts an additional $48,000 into it (assuming they can do so without creating a MEC) you would receive 4% of the additional premium so you would get an additional $1920. Your total sale on this life policy is $3320.
Run the hypo and it’s clearly printed on it. Not rocket science. If this deal is truly “locked” you should have done this already and client should be in application process … hell you don’t even know if the person will be approved.
Volt - Thats why I said it may or may not go through. The other stuff i have locked in, the policy is in the works.
Gotcha … Make sure to get their drivers license and benf. info before you put the policy in. Hartford asks for it, I think.