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Selling IDI Pays Off with Quality Producer Bonus
Sell just two Individual Disability Insurance (IDI) policies a month, with an average annual premium of $1,042 each (approximately $25,000 total annualized premium) and you could receive a 10 percent Quality Producer Bonus1:
|
First Year Premiums |
First Year Commissions (FYCs) |
10% Quality Producer Bonus |
Total Annual Earnings |
|
$25,000 |
$12,500 |
$1,250 |
$13,750 |
Assumptions: 97% persistency, 50% FYCs, Policy Series 700
Over five years, that's over $68,000 in compensation. Plus, Principal Life's competitive compensation package includes tiered renewals and a tiered persistency bonus.
Plus, the more you sell, the higher your bonus:
-
$50,000 - $79,999 annualized premium, earn a 15% bonus ($25,000-$39,999 FYCs2)
-
$80,000+ annualized premium, earn a 20% bonus ($40,000+ FYCs2)
Quality Producers also benefit from priority handling, special underwriting concessions, and exclusive marketing support. To learn more, contact:
Madison Brokerage at 888-539-3232
1The Quality Producer Bonus rewards disability producers who have a high level of IDI production and in-force premium, good persistency, favorable morbidity experience and low wastage (not takens, close outs, kills, cancels or declines). The bonus is paid in March and is based on the previous year's disability FYCs; the percentage payable starts on the first dollar of commissions. This is a cash bonus and does not increase your overall first-year commission level credited for that year. This program is intended for single producers only. It is not intended for producer groups.
2Assumes 50% FYCs earned and paid on premiums received; commissions may be reduced for lower occupation classes, guaranteed standard issue cases and issue ages 65+.
Please remember to abide by the company's policy on disclosure of compensation. You can obtain more information, as well as a sample disclosure form, at www.principal.com.
© Copyright 2011 by Madison Brokerage Corp.
All Rights Reserved.
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