Life Insurance Agent Commission and Whole Life Policy Design, with Rodney Mogen
Not all whole life policies are designed equally. Some that show up better on an illustration actually have a higher risk. Rodney Mogen came back on the show to continue the conversation about life insurance agent commission and whole life policy splits.
We address the “Fear, Uncertainty, and Doubt” in the IBC world around policy splits. We answer questions about illustrations, changing dividends, agent commissions, effects on the death benefit, and policy tax status.
Check out the first conversation here: 10/90 Premium Split & Blended PUA Rider Risks, with Rodney Mogen
Podcast: Play in new window | Download (Duration: 43:44 — 50.0MB)
Subscribe: Apple Podcasts | Spotify | Android | Pandora | RSS | More
Life Insurance Agent Commission
Why are we talking about life insurance agent commission? Because some people think that agents design policies based on how they are compensated. There are agents telling people that a 10/90 premium is the only one right way to design policies. According to them, anything else is just trying to earn a higher commission.
We design policies based on the client’s unique situation, versus using a cookie-cutter approach and designing all polices the same. It’s important to have an abundance mindset when looking for the best life insurance companies to work with. We believe compensation is a good thing and should be based on the amount of value you receive.
If someone bases their entire agency on the 10/90 split, then they are running their business based on volume. This approach is very similar to Walmart. There is absolutely nothing wrong with serving as many people as possible. The question is, how much value and time do you think you will get from that advisor?
Your agent’s commission should be the last thing in the agent’s mind and your mind when putting individualized strategies and recommendations in place.
Get Started with Privatized Banking
There is not a one-size-fits all policy design for everyone.
If you would like to find out exactly what policy will best help you accomplish your goals, book a call with our advisor team
We’ll get to know you, learn your objectives, and consider your complete financial picture before recommending strategies for your unique situation.
Success leaves clues. Model the successful few, not the crowd, and build a life and business you love.
Becoming Your Own Banker, Part 30: Infinite Banking Process Explained
Why does Infinite Banking work? We’ll look at the flow of money through the economy, where it is pooling, who owns it, who controls it, and who gets access. This is the Infinite Banking Process explained; and this clarity will tell you everything you need to know about how money works. Unlock the secrets to…
Read More
Becoming Your Own Banker, Part 29: Words Matter
Ever felt like financial jargon was designed to confuse rather than clarify? Join us as we navigate the labyrinth of financial terminology, particularly within the infinite banking sphere. It’s not just about learning by rote; it’s about cementing a rock-solid financial strategy based on clear, precise language. By dissecting common misconceptions, we aim to transform…
Read More