Effective August 29, 2022, we have several big upgrades to Select-a-Term:
We have increased the street level commission on all 18 durations of Select-a-Term! Commissionable writing agents who submit Select-a-Term applications signed August 29, 2022, or after will receive an additional 5% commission in all states except for New York where commissions will remain the same.
To confirm your commission schedule, log into Connext and find your schedule under Contracting & Commission, and Agent Lookup.
Better Term Rates
Effective August 29, 2022, Select-a-Term is getting repriced in all states except New York where rates will remain the same. There are many great adjustments increasing our position in the top 3 across all terms.
Over 96% of cells have lower monthly premiums. Be sure to check out the new 10- 15 year rates! Please see transition rules for more information.
Lower Monthly Modal Factor
We have also lowered the monthly modal factor which puts Select-a-Term among the top term products in the market today.
- Current Monthly Modal Factor = 0.0850
- New Monthly Modal Factor = 0.0845
- New product rates will be available effective August 29, 2022 (Paper Applications & AG Quick Ticket)
- New product rates will be available effective August 27, 2022 (iGo Full e-Application)
- Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
- o This does NOT apply to previously issued or conditionally issued policies.
- Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
- Reissue requests to new plan will NOT be honored.
- New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.
Find out more about these changes from AIG…