It pays to place new business with The Standard. As listed in the chart below, your bonus payment percentage increases according to the level of new premium credits. And you can increase your compensation from The Standard by earning additional new premium credits throughout the year.
Note: New business that you generate with our sister company will be combined with your sales with The Standard Life Insurance Company of New York for the purpose of calculating your bonus. However, separate checks will be drawn from each company based on the bonus calculations.
Level
New Premium Credits
Bonus Payment = Percentage of Annualized Premium
1
$25,000
2.0%
2
$100,000
2.5%
3
$250,000
3.0%
4
$500,000
3.5%
5
$1,000,000
4.0%
6
$2,000,000+
5.0%
Features
Eligibility: The original selling producer is eligible for the New Business Bonus.
A minimum of three new Life and/or LTD cases must be written during the calendar year. Voluntary coverages do not qualify to meet these eligibility requirements.
To retain eligibility, each case must remain in force for the remainder of the calendar year; revocation would result in a debit (case eligibility is determined by The Standard).
Payment Frequency: The New Business Bonus is paid quarterly.
Premium Credits: Premiums are credited at 100 percent for LTD, STD, Life, AD&D, Voluntary LTD, Voluntary STD, State Disability Insurance and Voluntary Life. Premiums are credited at 50 percent for Dental. When sold with new Life coverage during the same calendar year, Additional Life and Dependents Life receive 100 percent premium credits.
Incentive for Increased Business: The higher the premium, the greater the bonus. Bonus payment levels are retroactive as your production increases.
Exclusions: ASO, ATP and Select Claim policies are excluded.
Non-commissioned Cases: New Business Bonus may include non-commissioned cases if approved by The Standard prior to release of final proposal.
Bonus Splits: As the premium credits are equal to the percent of commission received by each producer on a case, bonus splits are easily accommodated.
New Business Bonus Cap: The amount of New Business Bonus paid for each line of coverage is capped at two times our most current level-graded commission scale.
