Need Some No B.S. Advice About Going Independent

[tidefanj]

I'm a Licensed Life and Health Agent in Alabama. I have tried to get contracted with NYL and Guardian. But due to a credit issue and some bad checks 12 years ago (misdemeanor), they will not offer me a full time agent contract. They say it is because I can't become a Registered Representative. That's fine with me, because I don't want to sell securities. Too much regulatory control over your life. I think my best option, since I want to stay in the insurance business, is to go independent.

I need advice on how to make this happen. Who do I get appointed with? What's a good commission structure? Etc...

Any help or advice will be greatly appreciated.

If you IM me please include contact info. The forum will not let me send IM's yet.

 

[Dave020]

For good whole life (and term) for independents, get ahold of Ohio National. They have a good program and I am not sure about Alabama, but in CA we get GA contracts direct (with enhanced commission, bonuses and so on).

For term/ul, look at Brokers Alliance (they are a forum sponsor as well). They handle all of the back office work for you and never pay out less than the carrier's street commission. (you do not have to join the elite producers program with them, it is an optional program for large level producers). BA will appoint you with carriers as you submit business.

That would get you started, then you could add on with brokerage contracts with MassMutual and Guardian down the road.

 

[palerider]

There are many Insurance companies to get contracted with, you need to search the internet and find one that you feel comfortable with. Do the research, it will pay off. As far as commissions go it can range from 50% on up to over 100% depending on factors such as lead programs and experience.

 

[souldeux]

Sorry to pimp myself, but there's a link in my signature to a video explaining many things that agents brand-new to the world of independence need to know. It might help. Check this one out, too.

 

[Dave020]

Sorry, Nick. You are right. I missed one ;-)

Talk to Ohio National for whole life products
Talk to Brokers Alliance about term
Talk to Nick or Rick about ILIAA training and such

 

[BNTRS]

If you still want to be in the career circuit Massmutual should be more willing to look at you than Guardian and NYL. Mass is, I think, the only major mutual left that doesn't believe you need to be a registered rep. to be an agent with them.

 

[magagent]

I can't speak for all MM offices, but the one I looked at joining, expected me to become a registered rep in 18 months.

If you still want to be in the career circuit Massmutual should be more willing to look at you than Guardian and NYL. Mass is, I think, the only major mutual left that doesn't believe you need to be a registered rep. to be an agent with them.

 

[BNTRS]

I can't speak for all MM offices, but the one I looked at joining, expected me to become a registered rep in 18 months.

Perhaps they have changed then.

 

[tidefanj]

I've checked out Ohio National and should be getting info from them soon. Also talked to Brokers Alliance. Spoke to David over there. It seems like a good organization. Does anybody on here have any experience dealing with BA or Ohio National?
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Also, do any independents out there have a good template for an agency business plan?

 

[Dave020]

I've checked out Ohio National and should be getting info from them soon.

If they have the independent GA contract deal in AL like CA, you will love it. You get the agent's portion, plus the GA override, plus bonus for production, plus they have a retirement plan (deferred comp) and a ton of other benefits you would normally only find in a captive shop.

Also talked to Brokers Alliance. Spoke to David over there. It seems like a good organization. Does anybody on here have any experience dealing with BA or Ohio National?

Excellent operation at BA. Joe Racich runs it and many of the senior (older )agents on this forum have worked with or know him from over the years. They are great, do all of the work and pay you good comp (and will release you if you want a release). All you have to do is get the app, they do everything else. Just be careful about the Elite producer program at least until you are producing at MDRT level. It is a good program, but really designed for agents producing 150 or more lives per year minimum (cost-wise).
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Also, do any independents out there have a good template for an agency business plan?

I am thinking ILIAA might have some things to help you there, check with Nick or Rick about that. Perhaps someone on the forum has something as as well.