Non-Competes

Jul 10, 2008

  1. seadevil
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    seadevil Expert

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    Okay, tapping the wealth of knowledge again.

    I have searched and read up on non-compete clauses in contracts. I still don't completely understand it. I currently work in the banking industry and non-competes with Loan Officers, usually mean that the Loan Officer cannot go to another bank and solicit loans.

    So for insurance, does a non-compete mean that I cannot sell the same products that I sold at my previous company or does it mean that I can't sell insurance at all?

    From what I have read, a lot will depend on how the contract is written. Would I be out of the box to request a copy of the contract to review it?

    Thanks in advance.
     
    seadevil, Jul 10, 2008
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  2. Guest
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    The only one I ever signed was with Colonial. That one said that when I leave Colonial I can't go to any clients (groups) that I wrote and replace any Colonial products with those of a competitor (by which they mean AFLAC!.)

    Mutual of Omaha does not have a non-compete clause. They let me write anything I want.

    Every carrier gives you a copy of the contract / agreement to read and sign. I've never known one that said "You can't take this out of the office... so sit here and read it and sign."

    If something like that happens, run for the door.

    The Jackass
     
    Guest, Jul 10, 2008
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  3. patch36
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    I'd read everything carefully they put in front of you from SS.

    On the West side of the state their entire management team came from Bankers Life and either did not have or ignored non-compete agreements. They never asked me to sign a non-compete. I worked with them for less than a month and asked for and was given a release with no strings.
     
    patch36, Jul 10, 2008
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  4. xrac
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    Non-competes in the insurance business must not be common because I haven't ran into any and I have been with two captives and two indy's. However, I think they are very common in the wirehouse business.
     
    xrac, Jul 10, 2008
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  5. indmedins
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    I thought a non-compete clause also protected the company you leave from you re-soliciting current agency clients that belong to their book of business. You most likely don't own your book of business in captive setting.

    The other part of non-compete you might be referring to is the 6 month period of time a carrier and/or agency makes you wait until you can start writing with the same carrier again before you go direct or switch FMO's or GA's.
     
  6. seadevil
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    seadevil Expert

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    Patch,
    I was told that I would have a non-compete clause. I had the interview and part sounded exciting, but there were a couple of things that have really turned me off. I'm pretty sure that (99.9%) I'm going to tell them no. I am seriously starting to consider going independent. There are a couple of agents in this area who will be able to help.
     
    seadevil, Jul 11, 2008
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