Filed Under:Health Insurance, Ltci

Carrier updates LTCI commission structure

(USDA photo)
(USDA photo)

An insurer says it will return to an older, higher sales commission structure for some long-term care insurance (LTCI) products sold in some states.

Genworth Financial Inc. (NYSE:GNW) says the commission structure update will apply to sales of one type of LTCI policy in 11 states -- California, Connecticut, Florida, Hawaii, Indiana, Massachusetts, Maryland, Missouri, New York, Oregon and Virginia.

Genworth began using the same commission structure for the same product in other states where the product was being launched in April.

Genworth announced a cut in first-year gross commissions on sales of all individual LTCI products in 2012.

The new commission rate change involves a return to commission rates in effect when the cut was announced in 2012, Genworth says.

Genworth announced the change in a bulletin sent to agents. 

See also:

Top Sales and Marketing Ideas - 2014

Special Feature

2014 100 Best Sales & Marketing Ideas

There are a million ways to sell an insurance product, and any one of them may work depending on your target market, your product lineup and your own unique skill set.

Explore Now
More Resources

Comments

   

Advertisement. Closing in 15 seconds.