Hi, I recently got my H&L insurance license and I'm looking to get started. The problem is when I tried to get contracted I couldn't because I had some past debts. Will these past debts eliminate the possibility of working for a company rather than myself? If not what are some good companies to work for?
Problem - Getting Started
- Thread starter AFpro
- Start date
- 255
Ths only problem I had because of debt was with annuity companies.
I've contracted with a number of life companies without any issues.
I've contracted with a number of life companies without any issues.
- 5,260
Congratulations on recently getting your license. When you say contracted, do you mean as a captive agent with a general agency/firm? Who turned you down -- a GA or a carrier/life insurance company?
I am not sure of the nature of your past debts, but some of them could be acceptable, to both GA's and carriers.
- Thread starter
- #5
I called Foresters because I was looking over their contracting specifically at "financial obligations in arrears or collections" and they said they wouldn't be able to accept me with the amount i owed. Im interested in being a non-captive agent so I can get my clients the best pricing. I find it to be kind of a catch 22 because i'm trying to get started so I can pay the past debt off. Starting a career has so many hurdles.
- 3,247
If the debt you are referring to has been reported to the credit bureau as NON or LATE payments, then YES. Insurers do not like to advance money to people that have a bad credit history.
They consider you high-risk since the only track record you have ends up showing that you owe and are not paying or late!
Many insurers will accept your appointment for "as-earned" payment and will even do better, if you can prove that you have a payment arrangement set up with the debtor.
Forget Foresters and even Oxford. They denied my contracts because of a debt obligation I was trying to work out. There are many other carriers. I love replacing a Foresters policy!
- 3,247
I know that Foresters has a super competitive product for Final Expense. How do you replace it when you can't beat the price?
Just replaced one a month ago. You know it happens. Doesn't happen often but I don't care for them.
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There're only 2 ways I can think of.
1.They're from Canada. Buy American! Then they turn around and sell them a policy from a Dutch company(Transamerica).
2. It's not a policy...it's a certificate(you know the rest).
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Sounds like you don't care for them because you had credit problems and they turned you down.
I've had credit problems in the past and I'm contracted with Foresters and Oxford.
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