New Insurance Agents: Always Negotiate A Release Upfront

[FinalExpenseDojo.com]

Generally speaking this is good advice!

But, it should be noted that getting a "pre-signed release" is NOT a silver bullet when it comes to moving your carrier contracts whenever you want.

Even with a release signed, the IMO can still decide to not release you. The carrier will still ask the IMO for authorization to release. Carriers are on the IMOs side, not the agents side. Sad to say, but you're just a number to them. I have had it happen before personally!

With that being said, it's still good practice to ask for one up front anyway!

 

[Newby]

Come on Scott, you have been in the business long enough that you know better than that. There are companies out there that have higher premiums according the FEXquotes.. Plus, how many times has it been said that low premiums are not the end all, be all. Replacements are made by touting supposed company advantages, added benefits such as the funeral advantage or even the bonding between the agent and client. Some LH agents probably have replaced the KSKJ plans using the possibility of assessments against them..

But the main point of my post was there are agent making a far bettr than averge living even with all of LH's shortcomings.. Would you deny that?

There is not much Lincoln Heritage activity in my area so maybe I'm assuming that agents are more ethical than they really are. But no I would think it's a rare day when a Lincoln Heritage agent finds an existing policy that he can beat the rate on. I know they have a little window on male smokers above age 80 where they are priced well. (That's an odd niche to make your sweet spot but that is certainly theirs.)

And I have had plenty of prospects that took a liking to me and wanted me as their agent rather than their current. But if they had existing coverage that I couldn't beat then I didn't replace what they had. I don't hear of Lincoln agents doing that as a rule. Not like Bankers Life agent's do. Maybe they do. There just never was any Lincoln agent's that stuck around long in my area. Between me, JD and a few other agents in the area Lincoln could never get much to stick. And there was one reason for that. Their rates were simply way too high.

 

[rousemark]

There is not much Lincoln Heritage activity in my area so maybe I'm assuming that agents are more ethical than they really are. But no I would think it's a rare day when a Lincoln Heritage agent finds an existing policy that he can beat the rate on. I know they have a little window on male smokers above age 80 where they are priced well. (That's an odd niche to make your sweet spot but that is certainly theirs.)

And I have had plenty of prospects that took a liking to me and wanted me as their agent rather than their current. But if they had existing coverage that I couldn't beat then I didn't replace what they had. I don't hear of Lincoln agents doing that as a rule. Not like Bankers Life agent's do. Maybe they do. There just never was any Lincoln agent's that stuck around long in my area. Between me, JD and a few other agents in the area Lincoln could never get much to stick. And there was one reason for that. Their rates were simply way too high.

Did the policies JD wrote with Lincoln not stick?

 

[DonP]

Speaking of rates i ran into a woman who needed a GI on her 80 yr old father. She had the Colonial Penn brochure and i was shocked they were the exact same price for $5k as the cheapest GI i had which was Great Western. I looked up Moo's rates and their an amazing 35% cheaper. For a smoker Moo's GI rates are cheaper than many co's preferred smoker rates at the older ages. Many don't care about the 2 yr wait.

 

[Newby]

Did the policies JD wrote with Lincoln not stick?

I doubt they held up any better than normal Lincoln policies would. Other agents aren't going to take mercy on them just because JD sold them.

 

[Newby]

Speaking of rates i ran into a woman who needed a GI on her 80 yr old father. She had the Colonial Penn brochure and i was shocked they were the exact same price for $5k as the cheapest GI i had which was Great Western. I looked up Moo's rates and their an amazing 35% cheaper. For a smoker Moo's GI rates are cheaper than many co's preferred smoker rates at the older ages. Many don't care about the 2 yr wait.

Great Western is not one of the lower GIs that independent agents sell. You need to pick up both Gerber and AIG and you will be much better shape. But MOO and Physicians Mutual are going to be slightly cheaper still.

That's how a lot of agents lose smoker cases if you sell the MOO prefered rate to a smoker they will get marketed directly by MOO GI and will be offered a lower GI rate. It's a bit of a problem because like you said, some people will accept the 2-year ROP in exchange for the lower rate.

 

[goillini52]

Speaking of rates i ran into a woman who needed a GI on her 80 yr old father. She had the Colonial Penn brochure and i was shocked they were the exact same price for $5k as the cheapest GI i had which was Great Western. I looked up Moo's rates and their an amazing 35% cheaper. For a smoker Moo's GI rates are cheaper than many co's preferred smoker rates at the older ages. Many don't care about the 2 yr wait.

Take a look at Son's of Norway's GI. I believe they'll beat MOFO in most cases.