Contract Levels

[Door2Door]

Hello everyone. I’ve been scouring the forums for weeks now and have decided to make an account to ask questions and hopefully answer some as well. I’ve been in the life insurance business for a few years now and produce around 150k AP annually door to door. I have always wandered if the grass is greener with another IMO/FMO. Most people on here know the agency I’m with, so I’d rather not say who/where. I receive 80% of 9 month advance and have renewals with most carriers around 4%. I receive supplied leads of around 20 a week but they are internet leads, not DM. My question is, am I getting screwed here or do I have a good deal? Based off of street level commissions elsewhere, I believe I’m losing a ton of money both short and long term.

edit: this was also posted on the “introduction” forums but I wanted to make sure it was seen

 

[Baseball7]

I’d say 115-120% in the big name companies is called for, but expect to pay for direct mail and receive a better return on your investment by doing so.

 

[goillini52]

Hello everyone. I’ve been scouring the forums for weeks now and have decided to make an account to ask questions and hopefully answer some as well. I’ve been in the life insurance business for a few years now and produce around 150k AP annually door to door. I have always wandered if the grass is greener with another IMO/FMO. Most people on here know the agency I’m with, so I’d rather not say who/where. I receive 80% of 9 month advance and have renewals with most carriers around 4%. I receive supplied leads of around 20 a week but they are internet leads, not DM. My question is, am I getting screwed here or do I have a good deal? Based off of street level commissions elsewhere, I believe I’m losing a ton of money both short and long term.

edit: this was also posted on the “introduction” forums but I wanted to make sure it was seen

And you DON'T have to have all of your contracts with the same IMO. You're Independent and it's a good idea to not put all of your eggs in one basket. Shop around. You'll be surprized what you can get from some of the IMO's.

 

[Baseball7]

Disagree, You’d be surprised what loyalty gets you as well.

 

[goillini52]

Disagree, You’d be surprised what loyalty gets you as well.

Spoken like a recruiter. You can have both. Loyalty works both ways.

 

[Baseball7]

Explain the advantage in spreading yourself all over the industry versus working with one organization.

 

[goillini52]

Explain the advantage in spreading yourself all over the industry versus working with one organization.

You get to try several out and get a feel for them. You can see who you fit with. Then if you have trouble moving your contracts to the one you like best, you should already have several companies you can offer while waiting your 6 months.

 

[Baseball7]

Or just not be in a polygamist relationship and invest in an organization who invest their energy in you.

 

[Newby]

Hello everyone. I’ve been scouring the forums for weeks now and have decided to make an account to ask questions and hopefully answer some as well. I’ve been in the life insurance business for a few years now and produce around 150k AP annually door to door. I have always wandered if the grass is greener with another IMO/FMO. Most people on here know the agency I’m with, so I’d rather not say who/where. I receive 80% of 9 month advance and have renewals with most carriers around 4%. I receive supplied leads of around 20 a week but they are internet leads, not DM. My question is, am I getting screwed here or do I have a good deal? Based off of street level commissions elsewhere, I believe I’m losing a ton of money both short and long term.

edit: this was also posted on the “introduction” forums but I wanted to make sure it was seen

It’s a simple math problem. Take the commission levels that you can get elsewhere and do the math of how much more you would have made last year. Is that enough to buy your own leads? If yes, that’s a no brainer because you will have full control over the type and amount of leads you buy. Not to mention higher renewals.

 

[WinoBlues]

Loyalty?

Other than a couple of people, and not sure, about them, hasn't most of the agents and especially recruiters jumped at least one ship? And taken their goodies with them?

Me included. Although many of my contacts are 20 years old.