LEGACY MARKETING GROUP

Transcription

1 LEGACY MARKETING GROUP GA COMPENSATION SCHEDULE FOR CURRENTLY AVAILABLE PRODUCTS Avoid commission delays: Proof of Errors and Omissions insurance coverage is required from all writing Producers, including Licensed Only Agents and Agencies, and Wholesalers prior to commissions being paid on new business. See the LegacyNet secure website (access via for details of E&O coverage options. Commissions will not be paid on same-company or company-subsidiary transfers, replacements, and/or surrenders, including partial amounts or penalty-free withdrawals. Commissions may not be paid on transfers, replacements, and/or surrenders, including partial amounts or penalty-free withdrawals between carriers that distribute products through Legacy. Commissions on Legacy s current Exclusive Products are paid twice weekly. Commissions earned in excess of $20,000 on one case will be paid as follows: The first $20,000 will be paid when all delivery requirements are met and the case goes in force; the remainder will be paid after the free-look period in the issue state has expired. Minimum commission payments are $20 EFT and $250 check. Commission chargebacks may apply. See each product page for details. Legacy reserves the right to change commission rates at any time. Commissions will be paid according to the Producer/Wholesaler contract level in effect on the issue date of the annuity. This Compensation Schedule replaces all existing schedules. Effective October 7, 2013 Please also refer to Compensation Schedule for Servicing Annuity Products Closed for New Sales, Form 11916F/ F/0603 Page 1 10/3/2013

2 Table of Contents AdvanceMark SM Ultra Annuity Series... Page 3 AdvanceMark SM Annuity Series... Page 4 AmeriMark SM Freedom Annuity Series... Page 5 SpectraMark SM Annuity Series... Page 6 SecureMaster SM Single Premium Indexed Universal Life... Page 7 New CommandMark SM Annuity Series... Page 8 Original CommandMark SM Annuity Series... Page F/0603 Page 2 10/3/2013

3 AdvanceMark SM Ultra Annuity Series 1,2,3 Commissions are based on the date the application is received in our Administrative Office. No commission paid on premium bonus or annuitization, and no trail commission available. Title AdvanceMark Ultra 14 AdvanceMark Ultra 10 AdvanceMark Ultra 10 LT Issue Ages 0-75 GA Bro Issue Ages GA Bro Issue Ages GA Bro Commission Payout Schedule: AdvanceMark Ultra contracts are issued with an effective date of the 1 st, 8 th, 15 th, or 22 nd of the month, which are the allocation dates for the product. Premiums and paperwork must be received in good order two business days prior to the effective/allocation date. Commissions may be paid as early as the next commission run following the effective/allocation date. Additional premiums: Commissions are paid on additional premium prior to Year 4. Premiums of $2,000 or more are accepted if the current oldest Annuitant or Owner is less than age 86. Commission chargebacks: There is no commission chargeback for death or qualification under a Nursing Home, Terminal Illness, or Home Health waiver after the free-look period, subject to the terms of the Producer Agreement. In the first policy year, 100% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. In the second policy year, 50% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. For annuitization, 100% of the commission will be charged back in the first and second policy years. 1. Not available in all states. Check current State Approval Matrix or Quick Reference Sheet for product and strategy availability. 2. Issue ages 0-85 based on age of oldest Annuitant. No Owner or Annuitant may be over the age of 85 at issue. 3. Minimum initial premium is $10,000 for qualified and nonqualified money F/0603 Page 3 10/3/2013

4 AdvanceMark SM Annuity Series 1,2,3,4 Commissions are based on the date the application is received in our Administrative Office. No commission paid on premium bonus or annuitization, and no trail commission available. Commission for premium allocated for issue ages 0 through 75. Title AdvanceMark SM in Florida (ages 65 75) AdvanceMark SM LT General Agent Broker Commission Payout Schedule: AdvanceMark contracts are issued with an effective date of the 1 st. 8 th, 15 th, or 22 nd of the month, which are the allocation dates for the product. Premiums and paperwork must be received in good order two business days prior to the effective/allocation date. Commissions may be paid as early as the next commission run following the effective/allocation date. Additional premiums: Commissions are paid on additional premium prior to Year 4. Premiums of $2,000 or more are accepted if the current oldest Annuitant or Owner is less than age 86. Commission chargebacks: There is no commission chargeback for death or qualification under a Nursing Home, Terminal Illness, or Unemployment waiver after the free-look period, subject to the terms of the Producer Agreement. In the first policy year, 100% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. In the second policy year, 50% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. For annuitization, 100% of the commission will be charged back in the first and second policy years. 1. Not available in all states. Check current State Approval Matrix or Quick Reference Sheet for product and strategy availability. 2. Issue ages 0-75 based on age of oldest Annuitant. No Owner or Annuitant may be over the age of 75 at issue. 3. Minimum initial premium is $10,000 for qualified and nonqualified money. 4. In Florida, AdvanceMark SM is available ages 0 64, and AdvanceMark SM LT is available ages F/0603 Page 4 10/3/2013

5 AmeriMark SM Freedom Annuity Series 1,2,3 Commissions are based on the date the premium is received in our Administrative Office. Commission for premium received on issue ages 0 through 75. Premium Bonus is not commissionable. Title AmeriMark SM Freedom AmeriMark SM Freedom SE AmeriMark SM Freedom 7 AmeriMark SM Freedom 7 SE General Agent Broker Commission for premium received on issue ages 76 through 85. Premium Bonus is not commissionable. Title AmeriMark SM Freedom AmeriMark SM Freedom SE AmeriMark SM Freedom 7 AmeriMark SM Freedom 7 SE General Agent Broker Initial and additional premium: Commissions are based on the issue age of the oldest Owner (oldest Annuitant if Owner is an entity). Additional premiums of $2,000 or more are accepted if the current oldest Owner (oldest Annuitant if Owner is an entity) is less than age 86. Premium over $1 million: Premiums over $1 million need prior Home Office approval and commission is adjusted. Please contact Marketing Field Support for more information. Commission chargebacks: There is no commission chargeback for death after the free-look period. 100% of the commission will be charged back upon surrenders on premiums paid in the last 12 months. For annuitization, 100% of the commission will be charged back in the first policy year. 1. Not available in all states. Check current State Approval Matrix or Quick Reference Sheet for product and strategy availability. 2. Issue ages 0-85 based on age of oldest owner. No Owner or Annuitant may be over the age of 85 at issue. The Annuitant s age is utilized for determining commissions if the Owner is an entity, such as a trust or corporation. 3. Minimum initial premium is $3,000 for qualified money and $5,000 for nonqualified money F/0603 Page 5 10/3/2013

6 SpectraMark SM Annuity Series 1,2,3,4 Commissions are based on the date the application is received in our Administrative Office. Issue Ages 0 75 Issue Ages Title SpectraMark SM SpectraMark SM LT SpectraMark SM SpectraMark SM LT General Agent Broker Commission Payout Schedule: SpectraMark contracts are issued with an effective date of the 1 st. 8 th, 15 th, or 22 nd of the month, which are the allocation dates for the product. Premiums and paperwork must be received in good order two business days prior to the effective/allocation date. Commissions may be paid as early as the next commission run following the effective/allocation date. Additional premiums: Commissions are paid on additional premium prior to Year 4. Premiums of $2,000 or more are accepted if the current oldest Annuitant or Owner is under age 86. Commission chargebacks: There is no commission chargeback for death or qualification under a Nursing Home, Terminal Illness, Unemployment, or Home Health Care waiver after the free-look period, subject to the terms of the Producer Agreement. In the first policy year, 100% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. In the second policy year, 50% of the commission will be charged back upon full surrender or on any withdrawal amount exceeding the surrender charge-free amount. For annuitization, 100% of the commission will be charged back in the first and second policy years. 1. Not available in all states. Check current State Approval Matrix or Quick Reference Sheet for product and strategy availability. 2. Issue ages 0-85 based on age of oldest Annuitant. No Owner or Annuitant may be over the age of 85 at issue. 3. Minimum initial premium is $10,000 for qualified and nonqualified money. 4. In Florida, SpectraMark is available ages 0-64, and SpectraMark LT is available ages F/0603 Page 6 10/3/2013

7 SecureMaster SM Single Premium Index Universal Life Insurance 1,2,3 Distributed by Legacy Marketing Group Commissions are based on the date the application is received in our Administrative Office. Title Issue Ages Issue Ages GA Broker Commission chargebacks: In the first policy year, 100% of the commission will be charged back upon surrender or lapse. In the second policy year, 50% of the commission will be charged back upon surrender or lapse. Note: If premium does not match submitted illustration, a new illustration will be a delivery requirement and may delay payment of commission. 1. Not available in all states. Check current State Approval Matrix or Quick Reference for product availability. 2. Minimum premium is $20,000. Additional premium not allowed. 3. Available issue ages State variations may apply. Check current State Approval Matrix or Quick Reference for details F/0603 Page 7 10/3/2013

8 PHL Variable Insurance Company NEW CommandMark SM Annuity Series 1,2,3 Commissions are based on the date the premium is received in our Administrative Office. Issue age is based on the age of the older owner (or annuitant if owner is an entity). Issue Ages 0 75 Title CommandMark SM CommandMark SM Plus CommandMark SM LT CommandMark SM Plus LT CommandMark SM IR CommandMark SM IR LT GA Bro Issue Ages Title CommandMark SM CommandMark SM Plus CommandMark SM LT CommandMark SM Plus LT CommandMark SM IR CommandMark SM IR LT GA Bro Issue Ages Title CommandMark SM CommandMark SM Plus CommandMark SM LT CommandMark SM Plus LT CommandMark SM IR CommandMark SM IR LT GA Bro Commission chargebacks: Commissions paid on premiums received within the 12 months prior to full surrender or death are charged back at 100% for surrender and as follows for death: Premium month Chargeback percentage 100% 50% 41.67% 33.33% 25% 16.67% 8.33% 0% 1. For use in states that have approved the Income Command Rider SM 2.0 or 2.0 Enhanced. Check current State Approval Matrix for product availability. 2. Minimum premium is $15,000 for nonqualified money and $3,000 for qualified money. Additional premium not allowed. 3. CommandMark SM annuities are available issue ages State variations may apply. Check current State Approval Matrix or Quick Reference for details F/0603 Page 8 10/3/2013

9 PHL Variable Insurance Company Original CommandMark SM Annuity Series 1,2,3 Commissions are based on the date the premium is received in our Administrative Office. Issue age is based on the age of the older owner (or annuitant if owner is an entity). Issue Ages 0 75 Title CommandMark SM CommandMark SM 8 CommandMark SM Plus CommandMark SM LT CommandMark SM LT 5 CommandMark SM LT 8 GA Bro Issue Ages Title CommandMark SM CommandMark SM 8 CommandMark SM Plus CommandMark SM LT CommandMark SM LT 5 CommandMark SM LT 8 GA Bro Issue Ages Title CommandMark SM CommandMark SM 8 CommandMark SM Plus CommandMark SM LT CommandMark SM LT 5 CommandMark SM LT 8 GA Bro Commission chargebacks: Commissions paid on premiums received within the 12 months prior to full surrender or death are charged back at 100% for surrender and as follows for death: Premium month Chargeback percentage 100% 50% 41.67% 33.33% 25% 16.67% 8.33% 0% 1. Not available in all states. Check current State Approval Matrix or Quick Reference for product availability. 2. Minimum premium is $15,000 for nonqualified money and $3,000 for qualified money. Additional premium not allowed. 3. CommandMark SM annuities are available issue ages State variations may apply. Check current State Approval Matrix or Quick Reference for details F/0603 Page 9 10/3/2013