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More about Family First
To be specific, Family First Life is a multi-level marketing (MLM) company that offers life insurance.
Established in 2013, the firm is quite young. There is a Connecticut location listed for the company.
Ahead, we’ll go up Family First Life is led by CEO and President Shawn Meaike. In this review, we will examine Family First Life’s “aggressive compensation” insurance.
Founded in 2021, Family First Life is a multi-level marketing company specializing in the life insurance industry.
The company’s history begins in 2013. There is a Connecticut location listed for the company.
Shawn Meaike is the CEO and President of Family First Life.
Following the lead of Meaike’s LinkedIn page;
Upon finishing graduate school, I found employment as a social worker for the state of Connecticut and then went on to get a real estate license to diversify my income.
For 15 years, I struggled to make ends meet by working two jobs.
At first, I was most interested in this prospect because of one specific factor.
I was paid an average of $550 for every customer sent to NAA, and they had hundreds of leads from people that wanted insurance.
Part-time employment with NAA in 2008 yielded a $296k salary for me during my first year there. I was ready to GO!
After a year of working full-time for NAA, I was able to leave my other employment and call it a success.
I issued $1,450,000 in 1099s last year.
Other than wanting to assist others and avoiding financial insecurity, being a billionaire has never been a goal of mine.
NAA’s president and CEO, Andy Albright, took the time to be my mentor and explain the organization’s straightforward procedures.
National Agents Alliance (or “NAA”) is yet another multi-level marketing (MLM) life insurance company.
The breakup between Maike and NAA in 2013 wasn’t as amicable as it may seem reading his LinkedIn page.
Items for Life and Family First
The life insurance plans sold by Family First Life are all written by independent insurance companies.
Family First Life’s website is devoid of any information whatsoever with regard to life insurance products.
In its place, Family First Life’s website promotes the company’s business potential.
Advantages of Working for Family First Life
A copy of Family First Life’s compensation plan is not available on the company’s website.
I looked elsewhere for this data but came up empty-handed.
What’s offered instead is a nebulous outline of the pay structure of Family First Life.
What I’ve deduced from comparing this with the official promotional films is as follows.
Commissions on Policymaking for the First Year
The first year’s commission on each insurance sold is shared between the affiliate and Family First Life.
On the website, it is stated that the first year of monthly membership costs is paid at a 90% commission.
To dig further, I found that the commission rate for the first year of a Family First Life insurance is anywhere from 80% to 140%.
Commissions for new policies in their first year are tiered based on either the individual’s monthly policy volume or the total monthly policy volume of the downline.
In both cases, achieving the necessary policy volume over the course of two months entitles the agent to a higher commission rate.
Commissions for new individual policies in the first year may be anything from 80% to 110%.
For example, if you sell $5,000 in policies each month for two months in a row, you’ll earn 80% of the commission for the year. If you sell $10,000 in policies each month for two months in a row, you’ll earn 85%. If you sell $15,000 in policies each month for two months in a row, you’ll earn 95%. If you sell $20,000 in policies each month for two months in a row, you’ll earn 100%. If you sell for $40,000.
The first-year policy commission rates are monitored through a uni-level compensation system that accounts for downline volume.
Each member of an affiliate’s downline who was individually recruited by that affiliate would report directly to the affiliate at the top of the uni-level team.
When an affiliate on level 1 recruits another affiliate, the new recruits join the affiliate’s uni-level team at level 2.
If any affiliates on level 2 bring in more affiliates, those new recruits will be put on level 3, and so on, perhaps indefinitely.
After the first year, the commissions paid on Family First Life insurance are unclear.
In the event that a policy is renewed at the end of the year, the agent will get a renewal commission.
Five percent of the yearly premium is the typical renewal commission.
It is unclear what proportion of sales are considered “certain insurance” that qualifies for commissions.
For each leg of a uni-level team, the capped downline volume (GV) is 50% of the necessary volume. Also included is the number of policies held by the affiliate itself.
Produce $15,000 in GV over the course of two months and receive a 90% first-year policy commission rate; Produce $20,000 in GV over the course of two months and earn 95%; Produce $25,000 in GV over the course of two months and earn 100%; Produce $75,000 in GV over the course of two months and earn 105%; Produce $100,000 in GV over the course of two months and earn 110%; Produce $125,000 in GV over the course of two months and earn
Earn 120% if you make $150,000 GV in two consecutive months; 125% if you make $200,000 GV in two months; 130% if you make $250,000 GV in two months; 135% if you make $300,000 GV in two months; 140% if you make $350,000 GV in two months.
Keep in mind that if you qualify for a certain commission rate on a first-year policy, you will keep that rate regardless of how many policies you sell each month.
Direct commissions from Family First Life are determined by the estimated full-year fee payment.
Commission on yearly policies is computed and paid at the beginning of the year, although 75% of that amount is paid upfront.
In months 10–12 of the insurance, you’ll get the remaining 25%.
There must be some kind of “borrowing” of insurance fee payments beyond the first year’s Residual Commissions for the 100%+ commission rates.
When it comes to the MLM aspect of their company, Family First Life is just as secretive.
Once again, facts are lacking, but we do know that higher-ranking affiliates get overrides in the form of residual commissions relative to their lower-ranking downline affiliates.
Your override commission will be the sum of the base commission and the commission of your agents.
The typical commission for an override is 15% of the yearly premium.
According to this logic, the First Year Policy Commission’s aforementioned 90% example is not a hard and fast rule.
The commission structure of override styles often depends on the employee’s position. If there are several levels of employees at Family First Life, such information is kept secret.
There’s a bonus system in place where affiliates get money when their subordinates make a certain amount of money, and I included that in a marketing film for Family First Life by quoting Shawn Meaike.
Beyond that generalization, however, no other details were given.
It costs nothing to become a Family First Life affiliate member.
The business stresses that no affiliates ever sign any contracts on the company’s behalf.
Conclusion
Watching the marketing films for Family First Life, I got the impression that Shawn Meaike is an honest and forthright individual.
Even though I don’t know him from a bar of soap, he seemed open and honest about the company. The lack of specific pay information raises the issue of why this is the case.
This surprised me since Meaike had always been open and honest with me regarding the company’s finances.
Signing up, buying leads, and selling life insurance policies are the three pillars of Family First Life’s business strategy.
Mike claims Family First Life has no role in the generation of the leads and that they are obtained only from third parties.
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