Do You Need a Release Letter from an IMO to Work with Another IMO

Raider123

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Specifically if you do not intend to contract with any of the same companies. What if you would like to contract with the same companies?

Can they put in waiting period in place?
 
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Specifically if you do not intend to contract with any of the same companies. What if you would like to contract with the same companies?

Can they put in waiting period in place?

I do not think you need a release if you are using different companies.
 
Specifically if you do not intend to contract with any of the same companies. What if you would like to contract with the same companies?

Can they put in waiting period in place?

If you are talking Life Insurance, you do not need a release for most companies. You can also multi contract with most Life companies.

FE companies are different.
 
My experience has been you cannot contract with a carrier that you are already contracted with generally for six months (a year in some cases)unless the carrier allows dual or multi contracting. Even then the carrier is not allowed to give you a higher contract than the one you currently have with them for a six month period. Some carriers like United Home Life(they do not offer dual contracting) you have to wait six months before you can contract. When you do contract, you have to take either the same or a lower contract than you previously had with them for another 6 months. Of course if you write for different carriers than the ones that you are currently contracted with you won't have an issue. If you get a release which is pretty tough to do, you won't have any of these issues.
 
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Before you sign with the other IMO, get their release requirements in writing. Most reputable IMO's will release you provided there is no debt balance.
 
Thanks!

Yes, the MLM IMO I was dealing with proved to be very dishonest and wouldnt give me releases as of yet. I was new to the business and jumped right in blindly without doing my due diligence. It is sad how they have built a business on greed and manipulation of people with minimal focus on clients best interest.

A great learning experience but time to get in with a real IMO.
 
I would rather not say the name and they have proved to be a sociopathic bunch and dont need any headaches from them.
 
I would rather not say the name and they have proved to be a sociopathic bunch and dont need any headaches from them.
And with that, none of the newbies behind you will know where not to step...and the cycle continues and these MLM guys will continue to prey and eat. Bullies will usually back down after a solid punch to the nose (ie bad press) and eventually enough bad press will dry up their supply of unsuspecting prey.

All you need is new companies, and stop writing for the Psyco folks. If they're that bad, you might even forget to tell them to stop your lead flow....they can always check your DOI website to see if you have any outside appointments and cut you off then.

My first exp was exactly like yours.
My second IMO I was surprised at how upfront and honest they were. Turns out, they're probably the most respected 'big' IMO out there.
 
The MLM IMO I am talking about has deep pockets and I cant compete legally with them so I choose not to name them. It would be hard to rope in someone with industry experience due to how they do business.

They will continue to rope newbies like me in. Fact of the matter is I made money, learned a lot, and got out up so now it is time to use what they taught me. Anyone who really wants to be a respectable insurance agent would leave and the rest will continue to be manipulated.
 
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