Fex Contracting or the Insurance Squad

[goillini52]

Louis points it out whenever he gets a chance. It's just never been a problem for me.
I predict all the FE carriers will begin to adopt the same thing. Most of them are struggling as we speak.

Shame on Louis for telling the truth. Shame on you Louis!!!

 

[myinsurebiz]

I wonder why there has been no answer to this question?

It does appear that any month your persistency is below 72.5% you are not paid any of your renewals. SL may be a great company but it seems they have a lot of gotchas in their contract. They give with one hand, take it with the other.

I answered it - yes . . .

 

[myinsurebiz]

There are. The 6 month thing is for sure. That's ok for GI, but not everything else.

I can't believe no one ever pointed that out before?

I do like a lot of things about SL though. But there are some things that concern me.

Josh - their agent contract has very limiting legal clauses. Better look at section 5 real close. They could harm your team building and lead generation.

 

[myinsurebiz]

Nothing guarantees Legacy will be around in 10, 20, 30+ years to service the clients. It isn't insurance, there is no regulation and it is billed separately too . . .

 

[rousemark]

Louis points it out whenever he gets a chance. It's just never been a problem for me.
I predict all the FE carriers will begin to adopt the same thing. Most of them are struggling as we speak.

I do? What I usually point out is the 0% renewal if the client did not want or need the LA. I can see possibly paying a reduced first year commission but to penalize an agent 100% of the renewal is outlandish in my mind. I know you say you just include in the quote but if someone days how much is 10k, I think you are required to tell him the actual price. If you include the LA, the client should be informed it is an option. If this is not being some then one day a smart lawyer will pick up on it and there will one heck of a class action.

 

[Abrasax]

I do? What I usually point out is the 0% renewal if the client did not want or need the LA. I can see possibly paying a reduced first year commission but to penalize an agent 100% of the renewal is outlandish in my mind. I know you say you just include in the quote but if someone days how much is 10k, I think you are required to tell him the actual price. If you include the LA, the client should be informed it is an option. If this is not being some then one day a smart lawyer will pick up on it and there will one heck of a class action.

A $3 difference in price isn't much though. Most agents don't think twice about an extra $3-5/month if it means they will get a better commission %. Not sure how the VAT is any different.

Not saying the LA is worth it, but I don't think anyone is obligated to give a client a run down of all the company prices either.

 

[HoosierLife]

Josh - their agent contract has very limiting legal clauses. Better look at section 5 real close. They could harm your team building and lead generation.

You mean from the agent manual? I don't see any sections.

 

[myinsurebiz]

You mean from the agent manual? I don't see any sections.

No - the Agent Appointment Contract.

 

[myinsurebiz]

A $3 difference in price isn't much though. Most agents don't think twice about an extra $3-5/month if it means they will get a better commission %. Not sure how the VAT is any different.

Not saying the LA is worth it, but I don't think anyone is obligated to give a client a run down of all the company prices either.

But - it is billed separably - additional draft.

However - the client can cancel the LA after the first payment and the Agent isn't affected by that and would continue to receive the higher commission and renewals . . .

 

[HoosierLife]

No - the Agent Appointment Contract.

I haven't seen that yet.