IMO Questions

[Bozack23]

Ok I'm wanting to get started selling FE part time and move it to full time later. Been reading posts on here for sometime and it has got me nervous about selecting an IMO. My question is if I choose an IMO and get contracted with MOO or Foresters and things don't work out and I want a release but the IMO will not grant a release can I move to another IMO and get contracted with other carriers? My concerns are from reading all the posts about IMO's not granting releases, lead debt, chargebacks, etc. Would I be better off starting captive since I would be a rookie at insurance? Thanks.

 

[jdeasy]

Ok I'm wanting to get started selling FE part time and move it to full time later. Been reading posts on here for sometime and it has got me nervous about selecting an IMO. My question is if I choose an IMO and get contracted with MOO or Foresters and things don't work out and I want a release but the IMO will not grant a release can I move to another IMO and get contracted with other carriers? My concerns are from reading all the posts about IMO's not granting releases, lead debt, chargebacks, etc. Would I be better off starting captive since I would be a rookie at insurance? Thanks.

You might be beter off starting captive but that's always an individual choice. There is no right answer for everyone.

As to your question of changing IMO's, yes, if you change to another IMO and can't get released from the former IMO to write whatever companies you had there you can just contract with different companies. Do not expect to get a release. Releases are far and few between and sometime the person that tells you upfront that they will grant a release and has every intention of doing so does not have the authority to grant a release when the time comes.

So just plan on having a waiting period if you change IMO's. I don't know which IMO you are considering but if they are only offering MoO and Foresters I wouldn't get near them. MoO has no niche in the FE market and Foresters has just about stuck a fork in their own business.

 

[WinoBlues]

I do not have all my contacts with just one IMO for that reason.

 

[Bozack23]

jdeasy thanks for the response. I have been reading alot on this forum and have found your posts to be very informative and to the point.
As for captive companies that specialize in FE do you have any suggestions? I have read all the negative posts about Lincoln Heritage and a few of the others.

 

[CALTCAgent]

Ok I'm wanting to get started selling FE part time and move it to full time later. Been reading posts on here for sometime and it has got me nervous about selecting an IMO. My question is if I choose an IMO and get contracted with MOO or Foresters and things don't work out and I want a release but the IMO will not grant a release can I move to another IMO and get contracted with other carriers? My concerns are from reading all the posts about IMO's not granting releases, lead debt, chargebacks, etc. Would I be better off starting captive since I would be a rookie at insurance? Thanks.

You want to ask for an in writing "open release" agreement. Some will not give this. It does alleviate the problem of not allowing you to go where you want to.

If you go captive, find out if you are locked in with the companies when/if you want to leave.

 

[Josh]

You want to ask for an in writing "open release" agreement. Some will not give this. It does alleviate the problem of not allowing you to go where you want to.

If you go captive, find out if you are locked in with the companies when/if you want to leave.

I'd think there a short list of IMOs that would do that.

Why are your posts always bold?

 

[CALTCAgent]

Why are your posts always bold?

I already answered this in another post, didn't you read it?

Is it bad etiquette or something else?

Let me know.

 

[nfl72]

Hey Bozack is your handle related to the loud speakers? Bozack made speakers for many many years and they were pretty good back in their day. late 80's.

 

[Josh]

I already answered this in another post, didn't you read it?

Is it bad etiquette or something else?

Let me know.

I must have missed your response.

It is grating because bold is used for emphasis and while it's less abrasive than all caps, it's along those same lines. Obviously it's an open forum and you could make every word you right huge, red, capitalized, and bold, but to directly answer your question, yes, it is bad etiquette.

My apologies for missing your explanation last time, I'll go look for it.

 

[jdeasy]

jdeasy thanks for the response. I have been reading alot on this forum and have found your posts to be very informative and to the point.
As for captive companies that specialize in FE do you have any suggestions? I have read all the negative posts about Lincoln Heritage and a few of the others.

I don't know of the captive companies. LH is not really captive although they treat the agents like they are.

Monumental has a captive side as does Columbian Life, I think.

There are a few good IMO's that offer training and leads. Quite a few more that offer training but no leads except for help with sending your own mail.

It all depends on how training and support you need. If you need leads then your options are limited.

Also, don't get hung up on the release thing. It's nice to get but the truth of the matter is that are just too many companies out there to write for while waiting out your probation for a release.

Releases are a big deal in the MA market because there are not a lot of viable options to chose from.