Are IMOs Just Making This More Difficult then It Needs to Be?

[NCAgent]

Hey guys,

I have several new clients who I am working with and would like to expand the companies I have access to. I was looking at American General, Guardian, Lafayette Life, Transamerica, Assurity, and Penn Mutual, since they all came recommended from a friend of mine and have some nice products. All I have right now is Mutual of Omaha, Genworth, Metlife, and AFLAC. Worse comes to worse, I don't use the appointments based on what my clients need and I terminate, right?

When I contacted my IMO to get appointments with these companies, they say I can't unless I have an app to submit already. However, without appointments, how would I access the agent's portal to get underwriting information and rating information for WL products, DI, and things like that?

It seems almost paradoxical. I need the appointment to get access to all the information on the products and do some illustrations, rates, and find the right company for my client. However, I need to already have an app to submit for a client to get the appointment, which means I already have enough information to say to the client that Assurity or Lafayette Life is the way to go.

According to the newest e-mail they sent me, here is what they said:

"We have received your online licensing requests and I wanted to inform you that none of the carriers requested will process licensing paper work without business in house.

Once you submit business through XXXXXXXXX, we will then process the appropriate set of licensing you have requested. Until then, the packets will remain on file awaiting new business."

Am I just reading this incorrectly? I don't want to have to call up an IMO and ask them to run 5-10 quotes for a client each time through 1 company until I see business is right to submit (30k vs 40k vs 100k, what is the amount at THIS premium, now what is it if I do UL instead of WL using NLG, etc. etc. etc.) This can get very cumbersome and very annoying to try and do for 2-3 companies when learning their underwriting and rates.

 

[VolAgent]

Actually, it is you that is making it more complicated.

For standard and preferred business, you just need a quoter. Compulife or whatever your IMO supplies. If you find one that looks good, get the app and submit it along with your contract.

For impaired business, unless you are an expert at it, you need to run it past a broker or IMO to see where to place it.

 

[NinjaNic]

Not sure how deep you would need to dig to get the appropriate u/w data but here is what we give our agents on the front end; http://www.pinneyinsurance.com/life-insurance/

Click on the product specifications link and you will see that you can see all the underwriting requirements, underwriting guidelines and build charts for the carriers and their products.

We try to only appoint as business is submitted as well because it takes a fair amount of time to complete your appointments, and that is time loss if you never actually submit the business. Carriers hate it as well unless it is a preappointment state.

Nic

 

[dgoldenz]

That's the way the cookie crumbles....a catch-22, but I've had the same thing with a lot of companies.

 

[NCAgent]

So what do I do then for things like WL (which I don't see raters for really) or DI, or CI? I'd like to read up on the definitions of disability for the companies or to see what the conversion options are for term, or the different riders available with a company. Is that stuff available somewhere that doesn't require an agent appointment?

That isn't a sarcastic question, if there is then I will gladly use that website instead and my problems are pretty much done.

For example- I asked earlier on another forum about a company that does a limited pay for a child and I got the recommendation for Guardian. I'm trying to get a look at Guardian's products now, but I can't until I get an appointment. I wouldn't have known about it unless I asked here and now I can't get anymore information on it. Maybe Guardian is good for what I need but I don't want to submit an app on someone JUST to get an appointment to look at things for other people in the future.

dgoldenz: when you weren't appointed with a company yet, how did you know if that was a company you wanted to write with? Did you just submit a term app with the company first and then after the appointment you investigated their other products?

 

[WinoBlues]

Not sure how deep you would need to dig to get the appropriate u/w data but here is what we give our agents on the front end; http://www.pinneyinsurance.com/life-insurance/

Click on the product specifications link and you will see that you can see all the underwriting requirements, underwriting guidelines and build charts for the carriers and their products.

We try to only appoint as business is submitted as well because it takes a fair amount of time to complete your appointments, and that is time loss if you never actually submit the business. Carriers hate it as well unless it is a preappointment state.

Nic

Nice site. With a lot of info.
- - - - - - - - - - - - - - - - - -
That is what your IMO is for. Most will simply email the info to you.

So what do I do then for things like WL (which I don't see raters for really) or DI, or CI? I'd like to read up on the definitions of disability for the companies or to see what the conversion options are for term, or the different riders available with a company. Is that stuff available somewhere that doesn't require an agent appointment?
....................

 

[NCAgent]

Nice site. With a lot of info.
- - - - - - - - - - - - - - - - - -
That is what your IMO is for. Most will simply email the info to you.

Yes, that is what they are SUPPOSED to be for.

I asked for an Assurity DI illustration with specific riders and haven't gotten anything back in 2 weeks and they won't call me back because they are busy. This isn't the first time either. I'm not trying to be impatient but the more people you involve with these things, the longer it takes to get it done. I'd prefer to do these things at 1AM when I am awake than during normal business hours calling them and begging for illustrations to be done. I needed an IUL illustration for NACOLAH as well and nothing. So now I just stay with my current companies and don't ask for these things anymore.

It just bothers me that I can't even learn about products that I am expected to sell for clients because I won't sell until I do a white glove test on them. Maybe I just need to start writing with a bunch of different companies and then use them only once. I've just always been of the opinion that you should do your own research on things, not JUST take the opinion's of others.

Yeah, I sound like I'm bitching, that's because I am I guess this is why I'm trying to be self-employed, because I hate having to rely on others to get me basic information like rates on a DI policy.

 

[VolAgent]

Sounds like you need a new IMO if you can't get things back in a timely manner.

One thing to ask yourself. If you are asking for a lot of service, are you sending the business to justify it?

 

[NCAgent]

Sounds like you need a new IMO if you can't get things back in a timely manner.

One thing to ask yourself. If you are asking for a lot of service, are you sending the business to justify it?

I'm not asking for a lot of service, PERIOD. I have a little corner in the insurance market that I sit in and keep to myself. I don't submit a LOT of business, but I am consistent in 3-5 apps a month with usually 2-4 of them taken. I'm looking to go more into L&H at this time and expand out and be the L&H guy in my agency over the P&C, so those app numbers will begin to increase more in January.

I've talked to my IMO and asked things a total of 6 times in the last 5 months, and each take forever to get. They aren't just "oooh what happens if I do this" kinda thing either, they are for people looking to buy since I got their P&C.

 

[WinoBlues]

Shop um. there are several guys on here that sound better.

quote=NCPCLHnoob;478516]I'm not asking for a lot of service, PERIOD. I have a little corner in the insurance market that I sit in and keep to myself. I don't submit a LOT of business, but I am consistent in 3-5 apps a month with usually 2-4 of them taken. I'm looking to go more into L&H at this time and expand out and be the L&H guy in my agency over the P&C, so those app numbers will begin to increase more in January.

I've talked to my IMO and asked things a total of 6 times in the last 5 months, and each take forever to get. They aren't just "oooh what happens if I do this" kinda thing either, they are for people looking to buy since I got their P&C.[/quote]