This Commissions Guide article relates to Lifebroker Insurance.
Connective will maintain this guide to the best of its ability but cannot guarantee that the information within is complete, and/or in line with the latest guidance and policies of the lender. If you believe anything is missing or inaccurate, please contact us.
Contents:
Referral Fees
Lifebroker will pay a commission Referral Fee based upon a completed application.
Lifebroker receive 66% commission from the insurer which is inclusive of GST. From this Lifebroker deducts and retains a $150 admin fee, any policy fee and any other government charges. 55% is paid to Connective who retain 10% with the balance paid to the broker.
Clawbacks
Clawbacks may apply where a client who has been provided a service from Lifebroker, cancels their financial product, lapses their financial product or otherwise ceases paying for their financial product during the initial responsibility period for that financial product and where Lifebroker is required to repay all or part of the relevant commission to the issuer of the cancelled, lapsed or otherwise unpaid financial product.
The clawback amount will be commensurate with the percentage of the commission amount claimed by the relevant insurer for the reversal of commission. For example, if the relevant insurer claims 50% of the relevant commission to be reversed then 50% of the Referral Fee will be claimed by Lifebroker as the Referral Clawback amount.
Initial Responsibility Period means the period the relevant issuer of the Financial product may request a refund of any commission or other financial incentive given for the sale of a financial product