Bankruptcy & Contracting

[mattc]

Hello

I am taking my Life & Health insurance exam in Texas in the 1st week of January. I have found that this forum has very insightful topics and it has opened my eyes to how I want to proceed.

I want to get involved with Medicare Supplements and cross selling Final Expense.

Unfortunately in June of 2010 I had to fileChapter 7 bankruptcy in TX. The bankruptcy was discharged in September.

I believe that I will have difficulty in getting contracted with companies but was looking for some insight from Brokers or other agents that might be able to give me some information on Companies that I would have a decent shot at getting contracted with.

Any info or suggestions would be greatly appreciated!!

Thank you

 

[VolAgent]

Be honest and explain the situation. Be prepared to go with as earned contracts.

 

[Larry Tew]

Don't be shocked if the companies want 12 to 18 months after discharge.

 

[Crabcake Johnny]

VolAgent hit it on the head. Some carriers will indeed not appoint you - others will but don't count on commission advances.

 

[pahealthquotes]

any company that would not appoint do to a bankruptcy is one that I wouldnt want to write for. What does bankruptcy have to do with an agents ability to help a client? Nothing. Also Bankruptcy has nothing to do with charachter.

Best Wishes

 

[VolAgent]

any company that would not appoint do to a bankruptcy is one that I wouldnt want to write for. What does bankruptcy have to do with an agents ability to help a client? Nothing. Also Bankruptcy has nothing to do with charachter.

Best Wishes

Wrong answer.

Statistics show people who have financial problems, read bankruptcy, are at greater risk of committing financial crimes or may engage in bad sales practices.

The problem is, that is statistics and doesn't tell us about an individual, just the group. This guy may be as honest as the day is long and have extenuating circumstances. But that is the problem he will face. Not all carriers will appoint him, some simply do not want the risk.

 

[mattc]

Thank you for the replies

I am currently contacting several companies to speak with the person(s) who handle the incoming applications to explain my situation.

I have had positive feedback so far

Again Thank you

 

[VolAgent]

Thank you for the replies

I am currently contacting several companies to speak with the person(s) who handle the incoming applications to explain my situation.

I have had positive feedback so far

Again Thank you

Bravo. Talking to a person and being something besides a piece of paper is going to get you much further. If you can get a live person on the phone, you'll be surprised how many will appoint you and even advance you when their guidelines say no.

Think of it like prospecting, some will say yes and some will say no. Thank them and move on.

 

[pahealthquotes]

Wrong answer.

Statistics show people who have financial problems, read bankruptcy, are at greater risk of committing financial crimes or may engage in bad sales practices.

The problem is, that is statistics and doesn't tell us about an individual, just the group. This guy may be as honest as the day is long and have extenuating circumstances. But that is the problem he will face. Not all carriers will appoint him, some simply do not want the risk.

so people with finacial problems have greater risk of committing fraud... I say HOGWASH. People struggle all the time. Most of the financial crimes I read about all involve GREED. BTW Donald Trump was bankrupt a few years back.

 

[Jake07712]

When I joined NYL, (about 10 years ago), an agent that I previously worked with at MONY tried to get licensed with NYL. He got turned down because of of a bankruptcy that he recently went through. He wound up going with another company, (I don't remember which one), without any problems. If I remember correctly, he also licensed with several other carriers as an independent. No problems there either.