Contracting & Commissions
Where can I get contracts?
If you are not
already contracted with our carriers, you may print the
online contract from this website
or call our life product specialist for assistance. If you are
contracting a down-line agent, simply print an online contract and
have the agent complete it. You may forward the completed contract
to our office or directly to the insurance company. When appointing
a down-line agent, make sure your agent code is clearly marked and
all necessary forms are signed by you. If you have any questions
about contracting or licensing, please call our licensing
department. **Remember, all contracts MUST have current copies of
licenses in the state(s) you wish to be appointed.
How do I get my commissions annualized?
Most companies
offer annualization to qualifying agents. If you are contracting
with a company for the first time, complete an annualization
agreement along with your contract. If you are already contracted
with a company and would like to obtain annualization, please
contact our office.
Can I have my commissions direct deposited into my account?
Download and
complete the direct deposit form for the company. Please forward
the completed form to the insurance company.
Insurance Brokerage Direct Commission Deposit Forms
∙
American General
∙
Assurity Life
∙
Aviva
∙
Genworth Financial companies
(online form)
∙
North American
∙
Transamerica Family Markets
∙
West Coast
What companies require E&O coverage?
Some companies do
require E&O coverage in order to be appointed.
Click here for detailed information
regarding your company.
How do I get E&O coverage?
E&O coverage is
offered through most carriers requiring the coverage.
Click here for details on
how to get E&O coverage.
How are commissions paid by each company?
Company
|
|
Commissions Paid On: |
|
Direct Deposit |
|
American General |
|
Paid on Wednesdays on a weekly or bi-weekly basis. Go to
http://www.aiglifebrokerage.com
for a detailed commissions calendar. |
|
Is Available
Paid every Tuesday |
|
Assurity Life |
|
Paid on 15th and last day of the month |
|
Is Available
Deposited into account within 24 hours of the commission
processing cycle. |
|
Aviva |
|
Paper Checks are mailed on Mondays. |
|
Is Available
Direct Deposit is paid on Tuesdays. |
|
Genworth Financial companies |
|
Paper checks are mailed out every other Thursday. |
|
Is Available
Sign up on
https://www.genworth.com/content/pro/us/en/home.html
Direct Deposit pays daily. |
|
North American |
|
Commission checks are mailed every Monday and the day
after the last day of the month. |
|
Is Available
Paid every Tuesday and 2 days after the end of the
month. |
|
Transamerica Family Markets |
|
As-earned Commissions - paid last working day of the
month
Annualized Commissions - paid daily |
|
Is Available
Paid Daily if annualized
Paid last working day of the month if not annualized |
|
West Coast |
|
Commissions are paid weekly on Tuesdays. |
|
Direct Deposit REQUIRED
|
|
General Life Insurance Questions
Why should I purchase more insurance?
Since many companies offer group insurance to their
employees for free, it’s easy to assume having this kind of coverage
is enough. Unfortunately, most people who already have some type of
insurance are underinsured. And if you only have group insurance, if
you ever leave your company, your insurance protection does not go
with you. Make sure you understand how much coverage you
actually need by answering the questions on page three and totaling
the expenses. If the group insurance you already have does not cover
this need, you should consider purchasing an additional life policy.
“Today, insured adults are more likely to have only group life
insurance obtained at work. Adults with only group coverage carry
the smallest amounts of life insurance.” LIMRA 2007
Do I really need life insurance?
If any of the following situations apply to you, you
need life insurance:
• Are you married?
• Do you have children or are you expecting to?
• Do you financially support an elderly parent or
have debt and/or a mortgage?
The loss of a loved one is hard enough emotionally
without having it compounded by financial worries from the loss of
an income. Life insurance can help your loved ones meet important
financial needs beyond funeral costs including daily living
expenses, medical bills, mortgage payments and college tuition.
The easiest way to approach life insurance is with a basic approach
– term life insurance.
How much life coverage do I need?
Everyone’s situation is different. When determining
your own needs consider this:
Besides the daily living expenses your dependents
will need, you also have to take into account funeral costs, lawyer
fees, taxes and other miscellaneous debts that may arise due to an
untimely passing of a loved one. The average life insurance coverage
needed is $459,000 but the average amount owned is only $126,000.
“22% of families with dependent children admit, if their primary
wage earner passes away, they will have immediate trouble meeting
everyday living expenses and another 26% will only be able to cover
expenses a few months.”* ( LIMRA 2007).
An easiest way to approach life insurance needs is
with this basic approach –
Outstanding Debt/ Expenses
1) How much would it cost to pay off your mortgage
and other debts?
$____________ (Mortgage)
$____________ (Car Payments)
$____________ (Credit Card Debt)
$____________ (Outstanding Loans)
$____________ (Other)
Sub Total $_____________
2) How much would your loved ones need in order to
afford ongoing and future financial needs like daycare or college
costs?
$____________ (Daycare)
$____________ (Tuition)
$ ____________(Room and Board)
$____________ (Other)
Sub Total $_____________
Funeral Expenses
3) Funeral
$____________Funeral/Memorial Expenses
$____________Legal Fees
$____________Taxes
Sub Total $_____________
Income
4) If you were gone tomorrow, how much money
would your family need to replace your income
and for how long?
$____________ (Annual Salary)
How many years? _____
Multiply the number of years with your annual
salary:
Sub Total $_____________
Add up your four subtotals for a total expense:
Total Expenses $ _______________
This total should represent how much of a death
benefit you will need when you consider purchasing a policy.