Why become an Agent with Prestige Life?
What are the benefits?
- There are no fees to join.
- We help you get licensed quickly.
- Many companies and products.
- Get paid directly from the companies;
- Office use for print and fax, and meeting.
- Cash, Trophy, and Vacation Awards
- Agent & Product Training monthly.
How do you get paid?
If the client pays $100 monthly target premiums, then multiply it by 12 (months), which equals $1,200.
If your commission is 80% or (.8) multiply it by $1,200, which equals $960. This is the total amount you will be paid for the year.
If your advance is 75% or (.75) multiply it by $960, which equals $720. This is the first payment you will receive. The rest of the $240 will paid equally on the 10th, 11th, and 12th month.
Month 1: $720
Month 2 to Month 9: $0
Month 10 to Month 12: $80 ( total $240)
Total for the year: $960
Any premiums above the target premium ($100 ) excess) will be paid at a lower %. Example .5% to 2.5%.
Advance commission limits: if you set your advance limit at $2,500 then any premiums above that will be paid on the second month, third, and onward. Change the limit if you feel you will have large paying premiums.
You will be paid residuals or renewals after the first year. Some companies pay you renewals to the 10th or 12th year and then it ends. And some pay for the lifetime of the policy.
Chargebacks: you have to pay back your commissions if a client surrenders their policy or if it lapses. Different companies structure it differently so look at your commission schedules.
For American National the commission chargeback is 100% on all life products if during the first 6 months a policy terminates due to a surrender or lapse.
License Requirements
Licensing Process
1. License Class: https://www.xcelsolutions.com/ - If you are a Prestige agent, contact your upline for a code to get 67% off. Otherwise, go to this second website for a lower price https://prelicensetraining.com/
2. State Exam: https://test-takers.psiexams.com/cadi - Register to take the state exam.
3. Apply for License: https://www.insurance.ca.gov/0200-industry/0020-apply-license/ - After passing the exam of 60% you will need to apply for a license.
Anti Money Laundering
https://aml.limra.com/Login.aspx - another course (FREE) to understand money laundering and how to prevent it. Take it every 2 years to keep your license active with life insurance companies. If a new course doesn't show up after two years you need to call a carrier (contracting department like Columbus Life) that is listed on the refresher course (company association) and request them to add the course.
Limra at 860-285-7789 or customer.service@limra.com
For LSW agents go to www.calsurance.com/nlgoct
Continuing Education
www.successce.com, www.bested.com or www.webce.com - Every two years you need to take 24 hours of continuing education with ethics to update and keep your license active.
Errors & Ommision Insurance
You need insurance coverage for yourself in case someone sues you. This is required to get contracted with companies. Please contact your upline to get information on where to get E&O coverages. If you are contracted with Foresters you can use https://calsurance.com/iof for 1 million coverage paying $398 or use www.calsurance.com/lh if you are doing life and health.
Non Resident Licenses
https://nipr.com/ - Use this site to apply, renew, and print your non-resident licenses. Also, download the app onto your phone so you can easily access information to view the states and expiration dates.
CA Insurance Department
https://www.insurance.ca.gov/ - California's insurance website for all your agent needs. Go to Agents & Brokers's tab to print or download your license, renew your resident license, or check your license information.
Commissions Calculation
If the client pays $100 monthly target premiums, then multiply it by 12 (months), which equals $1,200.
If your commission is 80% or (.8) multiply it by $1,200, which equals $960. This is the total amount you will be paid for the year.
If your advance is 75% or (.75) multiply it by $960, which equals $720. This is the first payment you will receive. The rest of the $240 will paid equally on the 10th, 11th, and 12th month.
Month 1: $720
Month 2 to Month 9: $0
Month 10 to Month 12: $80 ( total $240)
Total for the year: $960
Any premiums above the target premium ($100 ) excess) will be paid at a lower %. Example .5% to 2.5%.
Advance commission limits: if you set your advance limit at $2,500 then any premiums above that will be paid on the second month, third, and onward. Change the limit if you feel you will have large paying premiums.
You will be paid residuals or renewals after the first year. Some companies pay you renewals to the 10th or 12th year and then it ends. And some pay for the lifetime of the policy.
Chargebacks: you have to pay back your commissions if a client surrenders their policy or if it lapses. Different companies structure it differently so look at your commission schedules.
For American National the commission chargeback is 100% on all life products if during the first 6 months a policy terminates due to a surrender or lapse.
License Requirements
Licensing Process
1. License Class: https://www.xcelsolutions.com/ - If you are a Prestige agent, contact your upline for a code to get 67% off. Otherwise, go to this second website for a lower price https://prelicensetraining.com/
2. State Exam: https://test-takers.psiexams.com/cadi - Register to take the state exam.
3. Apply for License: https://www.insurance.ca.gov/0200-industry/0020-apply-license/ - After passing the exam of 60% you will need to apply for a license.
Anti Money Laundering
https://aml.limra.com/Login.aspx - another course (FREE) to understand money laundering and how to prevent it. Take it every 2 years to keep your license active with life insurance companies. If a new course doesn't show up after two years you need to call a carrier (contracting department like Columbus Life) that is listed on the refresher course (company association) and request them to add the course.
Limra at 860-285-7789 or customer.service@limra.com
For LSW agents go to www.calsurance.com/nlgoct
Continue Education
www.successce.com, www.bested.com or www.webce.com - Every two years you need to take 24 hours of continuing education with ethics to update and keep your license active.
Errors & Omissions
You need insurance coverage for yourself in case someone sues you. This is required to get contracted with companies. Please contact your upline to get information on where to get E&O coverages. If you are contracted with Foresters you can use https://calsurance.com/iof for 1 million coverage paying $398 or use www.calsurance.com/lh if you are doing life and health.
Non Resident Licenses
https://nipr.com/ - Use this site to apply, renew, and print your non-resident licenses. Also, download the app onto your phone so you can easily access information to view the states and expiration dates.
CA Insurance Department
https://www.insurance.ca.gov/ - California's insurance website for all your agent needs. Go to Agents & Brokers's tab to print or download your license, renew your resident license, or check your license information.
Cher Yang 559.906.7040 Lic# 0E29881
4949 E Mckinley Ave Ste A, Fresno CA 93727
cheryangins @ yahoo.com
Copyright © 2023 Cher Yang Insurance - All Rights Reserved.
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