Optional Commission Loan Advance Program
United American presently offers a loan on all Life, Health and loan products written on a Monthly Bank Draft Mode.
On all products the 1st year commission loan advance is 6 months cash upon submission (except Long Term Care plan which is upon policy issue), 3 months credit to statement upon the first draft, 1.2 months credit to statement upon the second draft and .2 months credit to statement each month thereafter through the first year. A charge will occur for unearned commission resulting from lapses. A full chargeback will occur for cancellations as of issue date.
1st Year Commission Loan Advances:
| 1st Month | 2nd Month | 3rd Month | 4th - 12th Months | |
|---|---|---|---|---|
| Payment Type | Weekly Statement | Month End Statements | ||
| Payment Amount | 6 months | 3 months | 1.2 months | .20 month |
The only variable is the commission rate on the product written.
