Confused New Agent in Tamarac

[junathompson]

Currently I have 20 years of real estate experience and 10 years of owning my own RE office. Recently licensed in Florida in Insurance,(health life & annuity, working on PC) I am so confused should I join an MGA or local Agency? I have written some health polices within the last year about 40 directly with Humana and United Health. My main concern is if a company should close or change the rules and regulations would I be protected if I'm being paid directly from the insurance company. Can the agency adjust my commissions with the insurance company without my knowledge, for future sales? In addition if I leave would I still get my residuals? It seems as an independent it may take me while to have the production to maintain independent relationships. Thank you so much for your expertise

JT

 

[Yagents]

Currently I have 20 years of real estate experience and 10 years of owning my own RE office. Recently licensed in Florida in Insurance,(health life & annuity, working on PC) I am so confused should I join an MGA or local Agency? I have written some health polices within the last year about 40 directly with Humana and United Health. My main concern is if a company should close or change the rules and regulations would I be protected if I'm being paid directly from the insurance company. Can the agency adjust my commissions with the insurance company without my knowledge, for future sales? In addition if I leave would I still get my residuals? It seems as an independent it may take me while to have the production to maintain independent relationships. Thank you so much for your expertise

JT

Good questions.

The only certain way is go direct with the carrier, and the biz is yours as long as you stay licensed or certified, and can afford being on as earned commission.

I only use an mg.a to get a larger contract commission. u may lose renewals if your relationship sours or u leave biz, as your book is owned by the m.g.a unless u get a release with book of biz in future. Some use m.g.a. because they need advances too, vs as earned. B careful who you get in bed with.

I also don't need any mktg support or leads. Ymmv

 

[junathompson]

Thank you for your response.?

 

[pplhelper]

Originally Posted by

junathompson

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Can the agency adjust my commissions with the insurance company without my knowledge, for future sales?

Company would have to provide you this in writing as well just to be sure, and you should get your residuals...good luck!

 

[beachgal]

If I new then what I know now.....I would give anything to rewind the clock 20 years. I worked for an agency for 12 years (#1 that last year). They owned my book. Had to start from scratch. Do everything you can to own your book. That is all you have. Forget salaries etc since they are temporary anyway.