Researching becoming Independent Life and Health Agent

[GreenSky]

William:

I have several questions.

1) Is the entire 140% (using your example) paid by your agency or just the additional amount over street level?

2) If an agent moves on and requires a release, will you grant one?

3) Who owns the business?

4) Is there a production miniumum?

5) Is the override paid based upon a contract or a whim?

If all you are doing is bonusing the difference without any downside, then good for you. I don't know how you could do this for any and all agents but that's your business, not mine.

Rick

 

[insuranceexec]

William:

I have several questions.

1) Is the entire 140% (using your example) paid by your agency or just the additional amount over street level?

2) If an agent moves on and requires a release, will you grant one?

3) Who owns the business?

4) Is there a production miniumum?

5) Is the override paid based upon a contract or a whim?

If all you are doing is bonusing the difference without any downside, then good for you. I don't know how you could do this for any and all agents but that's your business, not mine.

Rick

Good Questions I will answer them one at a time.

1. The additional is paid in-house as a bonus.

2. I will always grant a release; though I have never had an agent do that. This business is hard enough as it is, why have someone you don't "mesh" with working with you.

3. You own your block of business.

4. No production minimum. However at that level I can not afford to give support. If an agent is needing support we would have to re-negotiate terms.

5. Per Contract, on a weekly, bi-weekly, or monthly basis. What ever is the most convenient for the agent. One thing is that I am not advanced with ANY carrier over there comp level. Example: An agent writes a $1,000.00 premium life case. That agent is at a 125% comp grid, therefore, they would be advanced based on their comp grid. The additional would be paid out as earned in the form of an IN-HOUSE bonus monthly.

That is a very good question there Rick. The way I operate, again and to be clear, with an agent or agency that requires NO support, is that I pay them everything and I operate on 5% on life and .25bps on all annuities. If I have zero overhead meaning I do not provide the agent an office, leads, back office support or anything. Than it is only fair that the agent get everything except what I mentioned previously. The agent is making money and we are making money. This is why I make a great deal of IMO, FMO, or any other combination of letters mad. I can pay this to everybody and anybody because I deal with volume. I process on average of about 7-10 Million a month in annuity production and about 200K a month in life premium. I thank you for your question and again if I can be of any help please contact me. Happy Hunting and have a great day.

 

[hlink20]

I have begun researching on becoming an independent agent. I have my Life/health and Annuity license and would like to get advice on what to look for in companies and what to consider. I am located in ohio. Any help would be nice.

Will your focus be individual or group sales?

 

[moonlightandmargaritas]

I am located in ohio. Any help would be nice.

Consider relocating to a better climate?

 

[MikeLentini]

Good Questions I will answer them one at a time.

1. The additional is paid in-house as a bonus.

2. I will always grant a release; though I have never had an agent do that. This business is hard enough as it is, why have someone you don't "mesh" with working with you.

3. You own your block of business.

4. No production minimum. However at that level I can not afford to give support. If an agent is needing support we would have to re-negotiate terms.

5. Per Contract, on a weekly, bi-weekly, or monthly basis. What ever is the most convenient for the agent. One thing is that I am not advanced with ANY carrier over there comp level. Example: An agent writes a $1,000.00 premium life case. That agent is at a 125% comp grid, therefore, they would be advanced based on their comp grid. The additional would be paid out as earned in the form of an IN-HOUSE bonus monthly.

That is a very good question there Rick. The way I operate, again and to be clear, with an agent or agency that requires NO support, is that I pay them everything and I operate on 5% on life and .25bps on all annuities. If I have zero overhead meaning I do not provide the agent an office, leads, back office support or anything. Than it is only fair that the agent get everything except what I mentioned previously. The agent is making money and we are making money. This is why I make a great deal of IMO, FMO, or any other combination of letters mad. I can pay this to everybody and anybody because I deal with volume. I process on average of about 7-10 Million a month in annuity production and about 200K a month in life premium. I thank you for your question and again if I can be of any help please contact me. Happy Hunting and have a great day.

What happens at the end of the year when you are in Costa Rica (or similar) with all of your agents "bonuses"? (like what just happened to myself and several others that were dumb/ignorant enough to fall for this commission structure type)
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Still waiting for an answer Mr. IMO.

 

[insuranceexec]

Considering that we are still in business and that a good many of agents on here can atest to the fact that we follow through with what we promise is a pretty good indication.

The additional comp/ marketing reimbursement is also paid out monthly via EFT.

I am sorry that you had a poor experience with another IMO. Give me a call if you would like some help.

 

[sokybrian]

Hang in there insuranceexec, you're doing great... Don't back down yet! Their right side is weak, it you lead with the left and then jab with a right and then another left, you'll put em on the ropes!

 

[insuranceexec]

Hang in there insuranceexec, you're doing great... Don't back down yet! Their right side is weak, it you lead with the left and then jab with a right and then another left, you'll put em on the ropes!

Thank you, Sir. I never back down!......LOL

Keep up the good fight.

 

[jody108]

I work with a company called "virtual insurance concepts", like alot of FMO's they have access to carriers and pretty good contracts, but I think their lead program has been top notch from day 1 and does not cost a dime to work with them or get leads.

So they offer above street comps and give you free leads. That is a really good deal.

If they don't offer you above street, then the leads aren't free? When you reduce an agents commission by 30-40% just so they have leads (that they can easily generate themselves), then they aren't free. Best to be up front about it!

What companies and what comp?

Is it FE, Med Supps, straight Life, or Annuities.

I'm assuming it's FE so if you are reducing the commission, I would suggest folks not wasting their time.

You need as much commission as you can get in FE and you don't need to be limited to the companies you can sell.

Just send out your own mailers, hire your own telemarketers (or make your own calls), use your own dialer etc. It's not worth giving away your commission.

Unless you want to work for minimum wage. Then it may be worth it.