really poor IMO (Americo)

[DayTimer]

The burden is on the agent. The agent should be aware of this and research before contracting.

And how would a new agent know this was something "to be aware of?" Furthermore, it sounds as though had I contracted with Baseball7's IMO or Todd King this would not have been an issue. I agree with Baseball7 here - this is an IMO issue. The IMO decided it was not interested in Term business and so didn't bother to request the new agent have those products available, and the IMO decided not to tell the new agent that he or she would not be contracted to sell anything other than FE.

I'm all for personal responsibility. But an IMO and agent have responsibilities to one another.

 

[NSRH]

And how would a new agent know this was something "to be aware of?" Furthermore, it sounds as though had I contracted with Baseball7's IMO or Todd King this would not have been an issue. I agree with Baseball7 here - this is an IMO issue. The IMO decided it was not interested in Term business and so didn't bother to request the new agent have those products available, and the IMO decided not to tell the new agent that he or she would not be contracted to sell anything other than FE.

I'm all for personal responsibility. But an IMO and agent have responsibilities to one another.

Are you still with that IMO, or did you release your contract from them?

 

[HoosierLife]

I have never personally written a term policy off of a Final Expense lead. If I had wanted to, I would have had many opportunities to use carriers that offer all in one contracting, while I added the other carrier specific products.

If we offered term contracting for MoO/Americo etc to every agent we contracted they would all happily take it, just in case.

That would take time and money.

Just my 2 cents.

 

[Rirwin]

And how would a new agent know this was something "to be aware of?" Furthermore, it sounds as though had I contracted with Baseball7's IMO or Todd King this would not have been an issue. I agree with Baseball7 here - this is an IMO issue. The IMO decided it was not interested in Term business and so didn't bother to request the new agent have those products available, and the IMO decided not to tell the new agent that he or she would not be contracted to sell anything other than FE.

I'm all for personal responsibility. But an IMO and agent have responsibilities to one another.

It's written on the contract and commissions that you sign. Being New isn't an excuse to not do research, ask questions, and read what you are signing.

 

[DayTimer]

I have never personally written a term policy off of a Final Expense lead.

Wasn't a final expense lead - it was referrals from an FE lead: her 29 year old daughter and 32 year old son-in-law with three children under the age of 6. I have my reasons for selecting that product.

 

[NSRH]

It's written on the contract and commissions that you sign. Being New isn't an excuse to not do research, ask questions, and read what you are signing.

Not only that, but as independent business owners its 100% our responsibility to run our business. At minimum, its the agents fault for signing up with that specific IMO.

I know thats a hard line approach, but its the only way you can make it in this business. The moment you blame the leads, your upline, the economy, the rates, your training, communication from the carrier, contracting, releases, or anything else, you fail.

You are either making money, or youre making excuses, and the electric company doesnt care that your contracting was tied up with Americo.

 

[Life Hawk]

I am going through this right now myself. Wrote two MOO term contracts last week, but can't submit because I am contracted with MOO for FE only. Americo has a similar term product, but I come to discover I can't write HMS Term as I am contracted for, you guessed it: FE only!

This is a discussion an IMO should have with an agent/recruit up front, and not something an agent should find out after having written business. I'm in a pre-appoint state, so I need to be appointed for a product before I can submit. It is a big frustration for me.

If an IMO doesn't want any business but FE, that would be fine, but tell me up front if I need to go elsewhere to sell "life insurance"

I almost dropped a Med Sup contract with a current IMO, also wanted to be FE contracted with this company as well... guess what... they didn't even know they wrote FE!

The burden is on the agent. The agent should be aware of this and research before contracting.

IMO's are simply a necessary evil in the industry.

You are correct, but folks new to the industry don't get a "How To" book for this stuff.

Me, I took the "owned by a company" then "owned by an FMO" then "Dang if I'm going to owned by an IMO" route. Would have loved for the brains to have known that's the long way to do it route.

Some days I feel really stupid. Always willing to help someone not make the same mistakes I made... but then again it was the process that molded me. Still, a long process. I think it left me damaged or something... or something... or something... or somethinng...

 

[DayTimer]

Are you still with that IMO, or did you release your contract from them?

I find the situation frustrating, but they are working diligently to get everything squared away.

I'm stuck inside with near white-out conditions and 12 inches of snow and still swirling and falling. So I'm really here today just trying to boost my post count.

 

[NSRH]

With all due respect, I'm not sure you are really looking at this from the agent's perspective. I have been licensed for less than two years. I was very part time until recently. When I decided to give this a full time effort, I transferred my MOO contracts from one IMO to my current IMO. My prior IMO had contracted me with all carriers for both FE and TERM. They never asked, "Hey, would you like to be able to write term policies as well?" They just went ahead and made sure both products would be available to me, and I assumed that that was "standard operating procedure" for the IMO "industry," and not just that particular IMO.

My current IMO brought my FE contract over but left the Term contract with MOO with the prior IMO. You may not understand why I would have assumed that my new IMO would have brought over all of my MOO contracts, but that was my assumption. Now I know ... before I didn't. You want to say shame on me, so be it. But had I instead gone to Baseball7, or Todd, or Spur, I bet you I would have had that Term Express contract ready to go, and therefore, I'd still be in the dark that there are IMO's out there that only want FE contracts.

I dont disagree with your assessment. I agree that the IMO you chose to work with is a dud. Any reputable IMO would have had their ducks in a row. I can go on and on about how incompetent this (and many other) IMOs are.

However, all those mishaps dont negate the ultimate issue. You have a client that wants a product, that you thought you had, that you dont, and now the client is not taken care of.

This is not the clients fault, nor the dud IMO's fault. The IMO is a dud. Always has been and always will be. The IMO will always make dud decisions. This is a really good opportunity for you to identify your shortcomings and make sure it doesnt happen again. The only way that is possible is if you take full responsibility. If you blame the dud IMO on this one, you're gonna find there will be alot of blame to go around in this industry, but it ultimately only affects your pocket book.

 

[NSRH]

I find the situation frustrating, but they are working diligently to get everything squared away.

I'm stuck inside with near white-out conditions and 12 inches of snow and still swirling and falling. So I'm really here today just trying to boost my post count.

HA! I know my point of view is a hardline approach. But at the end of the day, there are way too many options out there for you stick around with a subpar IMO. Learn a lesson, and move on. I wouldnt stick with a company like that.