Is an MGA Necessary for All Appointments?

[syzmik]

First off, I really value this site and it's members. Great information. I did some research but could not find the answer so........ here is my question. Any input is good....

I am currently working with an agency that splits my commission 40%-60%. I recieve the 60%. here's my situation.
1) I work from home with my laptop/phone/transportation
2) I prospect for my own leads (they dont give any leads)
3) They provide 'training' but it's basic 101.
4) They provide E&O insurance.

Is my split of 60% worth it? Am I better off going independent? Do I need to be part of this agency if I can do it on my own? Im thinking that I can go directly with LSW, Mof O, Symetra, UHL, and Americo myself and recieve 100% of all my commissions and provide my own E&O insurance, whats your opinion? Is the only way to write business for these companies is to go through an MGA?

 

[TheSalesWolf]

If they are not providing leads and taking part of your commission there's 0 reasons to go with them.

 

[YouGotMyMoney]

First off, I really value this site and it's members. Great information. I did some research but could not find the answer so........ here is my question. Any input is good....

I am currently working with an agency that splits my commission 40%-60%. I recieve the 60%. here's my situation.
1) I work from home with my laptop/phone/transportation
2) I prospect for my own leads (they dont give any leads)
3) They provide 'training' but it's basic 101.
4) They provide E&O insurance.

Is my split of 60% worth it? Am I better off going independent? Do I need to be part of this agency if I can do it on my own? Im thinking that I can go directly with LSW, Mof O, Symetra, UHL, and Americo myself and recieve 100% of all my commissions and provide my own E&O insurance, whats your opinion? Is the only way to write business for these companies is to go through an MGA?

Which insurance lines do you sell?

 

[syzmik]

Yougotmymoney-----

I sell life and fire & casaulty. If I decided to go direct, does that mean I am a captive agent with that company?

 

[agentexhorter]

First off, I really value this site and it's members. Great information. I did some research but could not find the answer so........ here is my question. Any input is good....

I am currently working with an agency that splits my commission 40%-60%. I recieve the 60%. here's my situation.
1) I work from home with my laptop/phone/transportation
2) I prospect for my own leads (they dont give any leads)
3) They provide 'training' but it's basic 101.
4) They provide E&O insurance.

Is my split of 60% worth it? Am I better off going independent? Do I need to be part of this agency if I can do it on my own? Im thinking that I can go directly with LSW, Mof O, Symetra, UHL, and Americo myself and recieve 100% of all my commissions and provide my own E&O insurance, whats your opinion? Is the only way to write business for these companies is to go through an MGA?

sounds like you've already maxed out the benefit of the training offered, so you're only receiving the E&O benefit which is only valued at around $600 per year.

at least from the life insurance side of the issue, there's no reason you shouldn't go independent tomorrow

just make sure you get up-front contract releases, deal direct with companies after appointment for ap submission, pending, etc

i'd suggest getting some other/additional companies on the life side scenarios those companies won't be competitive in, for example, North American, Lincoln Financial, Ing

the rest (and most important part) would be up to you

 

[syzmik]

agenthorxter,

thanks for the advice and replying. I completely agree. I have exhausted the training and the E&O is fairly reasonable! I could afford that. I'm going to look into becoming a career agent for National Life. I'm only concerned about the repercussions of leaving my MGA in regards to the no compete clause or something like that?

 

[YouGotMyMoney]

I'm only concerned about the repercussions of leaving my MGA in regards to the no compete clause or something like that?

Non Compete Clause?

I've signed plenty of those, and it's all bs.



Apple vs IBM and the non compete clause - bijansabet.com