Compensation

  • Bonuses
  • Charge Backs
  • Commissions
  • Fee For Service
  • Fee Only
  • Flexible Compensation
  • Overrides
  • Servicing
  • Target Premium
  • Trips, etc
  • From a distribution perspective, I think one of the challenges that face us in UL is the servicing of UL. 
  • Flexible premium, high-degree-of-service UL products have little or no renewal compensation paid if there’s no premium paid. 

—  Daniel F. Byrne

1999 – SOA – The Next Generation Universal Life, Society of Actuaries – 30p

  • 1986 – SOA – New Forms of Agency Compensation — Impact On Product Design And Company Profitability, Society of Actuaries – 42p

Threats and Intimidation

  • Always Marco
  • BehindMLM is under threat (GSPartners & the NYSC) Nov.02, 2023
    • 2023 1102 – BehindMLM is under threat (GSPartners & the NYSC) – [link]
  • Jerry Keating, Agent – I began my career with John Hancock Mutual Life Insurance Co. in 1965.  (p15)
    • 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]
  • Harry Markopolos, Bernie Madoff
  • Howard Metzenbaum (D-OH)
    • Newpaper
  • (p15) – Jerry Keating, Agent – I began my career with John Hancock Mutual Life Insurance Co. in 1965.
    • From 1982 to June 12, 1990, I was the staff manager in the Sioux City, LA, office.
    • My job during this period was to office train and field train new and veteran agents.
    • I am still employed by the John Hancock …
    • I would like to know exactly, what guarantees do I have from this committee that I will not be harassed?
  • Howard Metzenbaum (D-OH) – We cannot guarantee any position.
    • But I would guess that my colleague here from South Carolina and this Senator and I think every member of this Senate would be so outraged at John Hancock if they took any action against you for testifying before a Senate committee that they would find our wrath unlimited and that we would take every step possible to protect your position.
    • I think the Senator from South Carolina, with whom I disagree on some issues, but I think he would agree that no witness ought to ever be penalized for appearing before a Senate committee.
      • And this gentleman is asking whether or not-what guarantee does he have that he will not be terminated from his employment just by reason of his appearing here. Do I reflect the Senator’s view as well?
  • Strom Thurmond (R-SC) – Yes, you do.
  • Howard Metzenbaum (D-OH) –  Thank you. Mr. Keating, please proceed.

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]

Strom Thurmond

  • Strom Thurmond (R-SC)
    • 1947 to 1951 – State Governor
    • 1954 to 2003 – US Senator
    • Senate – Democratic Party until 1964, when he joined the Republican Party
  • 1979 1018 – Congressional Record – Senate –  https://www.govinfo.gov/content/pkg/GPO-CRECB-1979-pt22/pdf/GPO-CRECB-1979-pt22-4.pdf
    • (p28738) – STATE VERSUS FEDERAL REGULATION OF INSURANCE
      • Mr. THURMOND. Mr. President, one of the recurring issues which comes before the Senate is the notion that the Federal Government can do a better job than the States in regulating insurance.· History should teach us· a lesson. The Federal Government has certainly not made a record of excellence as a regulator. Regulatory reform is now one of the key issues in the Senate. 
      • Mr. President, I ask unanimous consent that the editorial “Federal Insurance Control Looms Again,” from the State, Columbia, S.C., October 14, 1979. be printed at this point in the RECORD.
        • Armed with a new report from the General Accounting Office citing flaws and abuses
          in state insurance regulation, some members
          of Congress are likely to push again for federal takeover of insurance regulation. The GAO report should be further warning for the states to stand guard and clean up their insurance acts where necessary.
        • Portions of the GAO report certainly have merit. A case in point: it urges the regulators and the industry to provide consumers with more information about insurance
          needs and cost options
  • 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]

2023 0322 – Always Marco – I FINALLY Found WFG’s Earnings Disclosure –

  • 13 – Turned down 3k sponsorship for the Primerica Video
  • 17 – James Janney, CoffeeZilla – Most Viewed anti-mlm
  • 17 – WFG (Part 3) – Got taken down – Probably Greg Stry
  • 24 – 2021 0225 – LIFE180 (Chris Kirkpatrick) – World Financial Group (WFG) Compensation Plan Analysis | Don’t Sign Up Til You Watch This – [VIDEO-YouTube-28:29]
    • 05:25 – North American Salary & Earnings Average and Highest
    • 2018 – WFG – U.S. Compensation & Advancement Guidelines, World Financial Group – 12p
    •  – WFG – Systems Manual – 
    • 44 – Nothing about Life Insurance
      • [Bonk: Connect:
        • 2023 0415 – AlwaysMarco – WFG Is In Trouble  —  [BonkNote]  —  [VIDEO-YouTube]
        • 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]
          • Jerry Keating, Agent – John Hancock
            • (p18) – The home office people who came to the Sioux City, lA, office said: Don’t try to become a Ph.D. in variable life insurance; just learn enough to sell it and go.
              • This is what they told the whole office, and this was how I trained any new men that I hired:
              • Just sell it; do not worry about it.
            • Just before I got sick in 1990, the company seemed to change.
              • They started telling us about the risks.
            • This statement is only the tip of the problem.
              • There are hundred and hundreds more.
              • And, Senator Metzenbaum, I would like to tell you, sir, if you do not get the Government to do something about this, you haven’t seen nothing yet. 
        • 1994 – SOA – Problems and Solutions for Product Illustrations, Society of Actuaries – 28p
          • Robert E. Wilcox,  Utah Insurance Commissioner and Chairman of the Life Disclosure Working Group (NAIC)
            • Second, it was observed that ….. there is virtually no accountability for any of the participants in the sale ..not for the company, not for the agent, and interestingly, the white paper discussed accountability on the part of the purchaser as well.
  • 01″11″00 – Long – he flopped – not a mlm –
    • WFG Trainers Manual – 41p
      • 15 – BPM INVITE SCRIPT
  • 01:28:00 –
  • 01:31:00 – Eric Olson
  • 01:35:00 – the only way 
  • – nobody understands forex
  • 01:37:00 – 5 years = dead
  • 1:41:00 – 
  • 01:45:00 – Greg Stry – 
  • 01:55:00 – passive income… not
  • 01:57:00 – vulnerable people, 
  • 02:01:00 – insurance licensng test
  • 02:03:00 – Anybody can do it, scam
  • 02:10:00 – people are too stupid
  • 02:13:00 –
  • 02:19:00 – mental toughness
  • 02:20:00 – professional liars
  • 02:22:00 – 
  • 02:24:00 – 
  • 02:25:00 –

2023 0607 – Always Marco – Meet Terry Johal – WFG

  • 24:00 – MLM’s Target minority communities
  • 30:00 – Date-? – DRISHTI – Terry Johal – From Rags to Riches and Still Moving Up – WFG – [link]
    • Terry reiterates that insurance is a living benefit.
      • “We sell Life Insurance. It is a living benefit in North America that is no longer available in the UK. You can save and have insurance to protect your family if something goes wrong. An insurance benefit works both ways: the early demise of a person or if one lives too long.”
    • ⇒  AM – Is that true? I don’t know.
  • 32:00 – AM – Same Pitch as a meeting at their office.
  • WFG – Training, no education needed.
  • Rooted in reality, then into nonsense
  • 34:30 – AM – life is hard
  • 40 – WFG – No income disclosure 
  • 42 – not mlm, is mlm – AM – MLM = Pyramid scheme = Infinite Level Marketing
  • 49 – Book – Execute 90

Ethos

  • 2024 0506 – Ethos Life – Global Financial Impact: How Eric Olson is Reshaping Life Insurance Distribution – [VIDEO-YouTube-39:25]
  • ethoslife.com/agents/gfi-external-carriers/
    • ANICO – American National
    • Athene
    • BMI
    • CoreBridge
    • Foresters Financial
    • Global Atlantic
    • Lincoln
    • Mutual of Omaha
    • NLG – National Life Group

College

  • Fidelity Union – Carr
  • California Lawsuit – Judge
  • 2019 – SOA – Equity Indexed Universal Life Insurance in College Funding, by Presenter: Zhixin Wu, DePauw University, arc-2019-iss-1-wu – Society of Actuaries – 1p  – <WishList – Actual Study / Presentation>
    • Abstract:  This study compared the performance of the Indexed Universal Life (IUL) with 529 college saving plans in college education planning by Monte-Carlo simulations and sensitivity analysis.
      • The IUL showed lower return and risk than the all-stock 529 portfolios but higher return and risk than the typical age-based 529 portfolios. The expected family contribution (EFC) impact should be considered in the decision-making process.
      • All key market variables were modeled as correlated stochastic processes in the stimulation.
        Important actuarial assumptions and tax-related issues driving the performance of the IUL and 529 investment were thoroughly analyzed.
      • The study reported how these factors affected the performance of two alternative funding solutions
  • You’ve probably read about the many insurance scams, where agents sold “retirement plans” that were life insurance in disguise.
  • Here’s a variation: agents selling insurance policies under the name “college savings plans.”
  • ………………….
  • MetLife spokesman Charles Sahner says the suit has no merit because these parents knew they were getting life insurance. Under company policy, he adds, people like the Rosteks would have been told that any withdrawals carried a tax penalty.
    • The Rosteks say they were never informed.
  • Similar problems arose in Florida, where some MetLife agents worked up a pitch for what they called “MetLife’s College Funding Program.”
    • Again, it was life insurance they were selling, but they targeted members of the state-run Prepaid College Program.
  • …………………
  • MetLife’s Sahner says that any buyers who were misled will be reimbursed. They also can be reinstated in the state’s prepaid tuition plan with MetLife covering all the costs of making them whole.

  • Florida has nine other insurers under scrutiny for hustling college savings plans, but no names were released.

  • But even when sales pitches don’t mislead, there’s a strong case against choosing life insurance for an education fund:

1995 0808 – Roanoke Times – College Plans are in Scams in Disguise, by Jane Bryant Quinn, Washington Post Writers Group – [link]   

American United Life Insurance Company

  • American United Life Insurance Company has been marketing an annual premium convertible special term policy for college students since 1958. 

—  Richard S. Miller

1965 – SOA – Digest of Smaller Company Forum– New York Regional Meeting Agency, Society of Actuaries – 36p

2023 0621 – Always Marco – Debating A Member Of WFG

  • 58 – 4 policies a month would be pretty impressive
  • 58 – Commissions – 25% vs 100%
  • 102 – Confusing, uneducated
  • I don’t understand vs you are not making sense
  • 104 – Final Expense – 10,000 vs 1,000,000
  • 106 – 10/10/30 – 10 policies, 10 recruits, 
  • 109 – Reality vs Expectations
  • 111 – Ice Cream Trucks
  • 120 – [Bonk: Churning]
  • 122 – Overrides
  • 129 – Sams Club
  • 133 – 
  • 134 – not many people are willing to work hard
  • 135 – it’s not easy
  • 138 – Then Why are these companies still around if it is a scam
  • 138 – Bernie Madoff
  • 139 – Legality doesn’t equate to ethics
  • 140 – always a new crop of people, [Bonk: Agent Turnover]
  • 143 – Military Recruitment
  • 147 – points, levels, helping families, recruiting, I’m 
  • 148- going in circles, I’m losing my patience
  • 151 – Complete fucking nonsense
  • 152 – …., Cognitive dissonance, 
  • 154 – Feby – Conversation is going nowhere
  • 154 – Feby -You don’t get it. You are not on the inside. and I can’t / won’t explain it to you.
  • 156 – Feby – nobody made me, people train people, are you claiming that you are smarter than those people.  Always good for people to say things from different points of view. Man Example – Lost money, couldn’t retire, we helped him put his money into something he couldn’t lose money. [Bonk: IUL?]
  • 200 – End of Video with Feby
  • 202 – Debates aren’t to change people’s minds, matrix, out of touch with reality, ice cream man, Feby-ice cream melts, wasn’t even paying attention. 
  • 211 – vender, government insurance license
  • – AlwaysMarco Video from a few days ago – Dexter Yager, Amway, old video, stinking thinking, JOBs, logical flaws, 
  •  – “Consider the Source”. Fake News on the internet, 
  • 216 – life insurance death benefit, 

Social Media – Index

 

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