CONTRACTING WITH CARRIER

[Kayla Hall]

I've been in the business 8 years. Started out at AIL, Northwester Mutual. Mass Mutual dived into the FE side of things been in it about 2 years now as a captive agent who is now transiting to independent. So I am a well rounded seasoned agent.

 

[Kayla Hall]

Yes I could do my own underwriting. However how is that so when I'm new to the company? Every company is different. Some are more lenient on things that another carrier may not be so fond of. So itll take time until I master the underwriting guidelines of each carrier. Over time itll be a breeze I'm sure.

 

[Life Hawk]

I've been in the business 8 years. Started out at AIL, Northwester Mutual. Mass Mutual dived into the FE side of things been in it about 2 years now as a captive agent who is now transiting to independent. So I am a well rounded seasoned agent.

Then go direct... even if you shave a few points... then you are truly Indy... my opinion.

There are many carriers who no longer allow for direct contracts but go where you can would be my suggestion... the only draw back may be some lose for leads... but if you have an IMO blow-up... you will be so glad not to have to reset contracts... that is a head ache!

 

[Kayla Hall]

Sure thing. Thank you for that information!

 

[goillini52]

Yes I could do my own underwriting. However how is that so when I'm new to the company? Every company is different. Some are more lenient on things that another carrier may not be so fond of. So itll take time until I master the underwriting guidelines of each carrier. Over time itll be a breeze I'm sure.

Some FMO's have underwriting cheat sheets. I recommend that you make your own. It's time consuming, but you'll learn a lot while you put it together. Then, instead of reading over every app to find a company that will take diabetes with a stent, you go to those conditions on your cheat sheet and see that Banker's Fidelity and Everest might take them. I'm talking Med Supp because you asked about Med Supps in another thread.

I recommend having multiple FMO's...don't "put all your eggs in one basket" for the reason Life Hawk mentioned. Plus you can get a feel for each one and learn who you like best.

 

[billyb]

I don't think some of the big players in FE allow you to contract directly. Does Transamerica or Mutual of Omaha? I would contact a reputable FMO like I did. You can have all of your contracts under 1 and get contracts just as good as going direct. You will also have access to a lead program.

 

[Kayla Hall]

I'm think I'm going that route billy. Thank you

 

[OttoGraf]

Just make sure you get an open release agreement up front IN WRITING before you do anything

 

[Kayla Hall]

What if a IMO send you their open releas policy in their typed of guidelines. Does it have to be in writing?

 

[OttoGraf]

What if a IMO send you their open releas policy in their typed of guidelines. Does it have to be in writing?

I always recommend in writing. Otherwise it's your word versus theirs at the end of the day and that's no fun. I'd be leery of ayone who says it's their policy to release but won't put it in writing for you