MedicareMutt
Guru
- 251
Let's say we have a new agent who contracts under an IMO but never writes a piece of business under that IMO. Would they still need a release to change to a new IMO..? With any carrier or product type?
IMO release
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MedicareMutt
Guru
- 251
Or the carriers involved I suppose ...
The new IMO would also likely know the procedures. But, in most cases, no you dont need the release. It's likely 6 months no production, workaround to the release. Sometimes it's more or less.
Better get it done before the end of the month though.
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MedicareMutt
Guru
- 251
I see that ... and thanks ... I'm probably fed for this AEP ... the plan was to get the wife licensed and to move the Cigna,Humana,Aetna,Wellcare and Anthem business over to her so that the current IMO (who supplies no marketing) would not take a hit ... through her, we would continue to run new business through the current IMO that resulted from our referrals and marketing. Meanwhile I could keep going with a new IMO that does provide marketing ... at least for a while. I've been up front with the current IMO about my intentions and reasons on this. Now we are in the 11th hour and 3 of the aforementioned carriers have a "transfer deadline" as you stated of 9.30 ... the 6th month thing won't work because we have had production within it ... anyways, I emailed every contact I have at the current IMO yesterday "pleading my case ..." including the IMO president. Not counting on it of course. If they don't come across, I certainly don't want the wife following through with them. I'll submit delayed releases which for the most part take 3 months ... I guess what I am wondering is are there any IMO's that don't provide marketing that guarantee an immediate release prior to contracting with them that have the aforementioned carriers ..?
- 17,015
Yes. Once they have an agent number they have to wait 6-months before they can move. Writing a piece of business has never made any difference except it restarts the 6-month wait again. Many agents have always understood this wrong.
There are some carriers that don’t start their 6-month wait until the agent actually cancels their agent number. So if they fail to cancel their agent number with the carrier they can go 4-years without writing biz but they still can’t move. You definitely want to cancel your agent numbers if your Upline won’t release you.
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MedicareMutt
Guru
- 251
It's 3 mos. with most i believe but thanks. As far as Medicare market goes ... you reference final expense here ...
- 17,015
Yes. Final Expense is what I’m referring to.
I know with Allstate Nat Gen it’s 90 days, bc I looked it up recently. The new imo was surprised/shocked it wasn’t 180 days.
Jim Wright
Super Genius
- 166
It is also not required that you stop writing business. You can submit the delayed release to the carrier and the appointment gets moved after 3 months as long as that 3 months doesn't end in the blackout period.
I would also urge anyone on here when signing with an FMO/IMO/Whatever, get them to put in the contract a time period they need to provide a release by. We do 48 hours for every agent no matter what (even though we rarely need to provide them).
Most will say they grant releases and then never answer your calls or emails...
I would also urge anyone on here when signing with an FMO/IMO/Whatever, get them to put in the contract a time period they need to provide a release by. We do 48 hours for every agent no matter what (even though we rarely need to provide them).
Most will say they grant releases and then never answer your calls or emails...
