Foresters to Launch New Incentive Program Offering Cash Bonuses Quarterly
FROM FORESTERS…
We are excited to introduce a new incentive program, Fund Your Dreams, offering qualified producers the opportunity to earn cash bonuses. Starting January 1, 2023, producers will collect Fund Your Dreams points and get the cash bonuses quarterly – not annually, not every six months but each quarter. Producers earn extra cash and use it how they like!
Tiered Structure Details
- Earn 20,000 – 24,999 points to receive a 12% bonus
- Earn 25,000 – 29,999 points to receive a 15% bonus
- Earn 30,000 or more points to receive an 18% bonus
The bonus amount in dollars is a percentage of the points you accumulate through sales. Bonus percentages increase incrementally when you reach certain point thresholds. For example:
- 24,000 points earned = $2,880 cash payout (12% of 24,000)
- 27,000 points earned = $3,300 cash payout (12% of 24,999 + 15% of 2,001)
- 33,000 points earned = $4,290 cash payout (12% of 24,999 + 15% of 5,000 + 18% of 3,001)
When a quarter ends, points are reset to zero, and the incentive starts over again the next quarter. Certificates must be issued and paid by the end of the quarter to earn points. Foresters Financial records will determine qualification results and eligibility.
Bonus payouts will be processed no later than 30 days after the end of each qualification period (as defined below).
Qualifications & Requirements
- Minimum of three applications per qualification period
- Must be in good standing with Foresters and within acceptable business quality parameters
- Foresters reserves the right to withhold payment should persistency or placement fall below minimum acceptable levels
- Quarterly qualification periods during 2023:
- January 1 – March 31
- April 1 – June 30
- July 1 – September 30
- October 1 – December 31
How to Earn Fund Your Dreams Points
Points are earned when an application is issued and paid, and one point is earned for one dollar of annualized premium as defined below:
- Life Net Paid Commissionable Annualized Premium = total Annualized Premium less the unearned portion of Annualized Premium on Lapses, Surrenders and Refunds. (Chargebacks may occur in a subsequent quarter)
- UL excess calculated at 10% of Earned Premium above target
- Paid-up Additions Rider at 10% of Annualized Premium
- PlanRight, BrightFuture and Prepared II calculated at 75% of Annualized Premium
Click here to learn more on how to earn points.
Find out more about these changes from Foresters…