Erie Insurance

[DSInsurance]

Erie Insurance has really been hammering Life Insurance sales of it's Agencies that represent them. Has anyone ever experienced them or a similar company pulling their contract with their Agency because they did not place their life insurance with them? Thanks for any feedback.

 

[CaptiveGuy]

The captives (State Farm, Allstate, Liberty Mutual etc.) all have life production tied into their contract/employment. I don't think Erie can terminate you for life sales. Read through the contract but I think dishonesty, fraud, and loss ratio is the only legitimate reason for Erie to terminate. But we all know if you are not producing the carriers they can do whatever possible to make the experience miserable.

 

[NCSU INS GUY]

I haven't heard of anyone being cut for life insurance production in my state, but Erie is definitely liking agents who are doing some life.

I just make sure I do $5,000 in premium each year (which is their triple crown level) and they have been very happy with me.

Their term commission is kind of low, but it's worth a small sacrifice to make them happy. It's also good for rounding out accounts as customers get a discount on home/auto.

 

[nyc2phi]

We don't have a life product in NY. Just curious, do you find their life product to be competitive with other life carriers in your area?

 

[NCSU INS GUY]

They are actually pretty competitive up to about a million dollars on term. They are significantly better than Nationwide or State Farm.