Ok, I just want to start out by saying that I am new to this forum and I am glad there is a place for Insurance agents can all get together and discuss on a number of topics. Now to the problem.
I belong to an agency that sells only one life insurance product. Just starting out I had no problem with that. In fact the agency offered many types of investment products which I liked and later managed to get my securities license. I began to deeply understand the products I'll will be selling, so I can answer all types of question. Until I found out something really wired about the Life Insurance they offer.
Thinking to myself I wonder why this term life insurance have a 50%-70% markup compared to the other known term insurance offered by companies like AIG or StateFarm? So what's going through my mind is the customers, what would be more suitable for them? Cheaper insurance or practically the same one for a high price?
I've talked it over with my upline, she said that it expensive because it is better. We have no terrorists/war clause, so the company pays out if people die from a war or terrorist attack. Also we have a lower renewal rate than our competitors. At the end of that discussion I was like wow that's awesome. 30 minutes after the discussion I am walking home until i went, "hey wait a minute", isin it rare to get hit by a terrorist attack? And wait she said "RATE", so I am thinking even if we have a lower renewal rate in terms of percentage, that doesn't mean its cheaper overall.
I thought I was an Independent agent so I looked if I can sell for an insurance aggregators/cluster. Basically I wanted to stay with the company to sell securities only, and sell life insurance(non securities) from a number of companies In my disposal. However, I got this gut feeling that I wasn't an Independent agent, so I called my upline and she said we are independent agent. My gut still feels weird, so I checked this forum to see that someone mention about looking in the company's IBA. I checked the IBA and there it is, I can't sell other products that is not approved by the company.
I am going to look over the IBA, cause I think they meant I can't sell other products using the company's name or what ever.
So I want to stay with my company to sell securities. I want to sell life insurance through an aggregator/cluster, I just have a hard time finding one that fits me in NY, can you guys help? here are my conditions:
*I want to do this on my own time* No sign up cost or at least <100$
*I want to keep at lest 70% of commission(100% will be great)
*No pressure to sell *Good reputation.
I belong to an agency that sells only one life insurance product. Just starting out I had no problem with that. In fact the agency offered many types of investment products which I liked and later managed to get my securities license. I began to deeply understand the products I'll will be selling, so I can answer all types of question. Until I found out something really wired about the Life Insurance they offer.
Thinking to myself I wonder why this term life insurance have a 50%-70% markup compared to the other known term insurance offered by companies like AIG or StateFarm? So what's going through my mind is the customers, what would be more suitable for them? Cheaper insurance or practically the same one for a high price?
I've talked it over with my upline, she said that it expensive because it is better. We have no terrorists/war clause, so the company pays out if people die from a war or terrorist attack. Also we have a lower renewal rate than our competitors. At the end of that discussion I was like wow that's awesome. 30 minutes after the discussion I am walking home until i went, "hey wait a minute", isin it rare to get hit by a terrorist attack? And wait she said "RATE", so I am thinking even if we have a lower renewal rate in terms of percentage, that doesn't mean its cheaper overall.
I thought I was an Independent agent so I looked if I can sell for an insurance aggregators/cluster. Basically I wanted to stay with the company to sell securities only, and sell life insurance(non securities) from a number of companies In my disposal. However, I got this gut feeling that I wasn't an Independent agent, so I called my upline and she said we are independent agent. My gut still feels weird, so I checked this forum to see that someone mention about looking in the company's IBA. I checked the IBA and there it is, I can't sell other products that is not approved by the company.
I am going to look over the IBA, cause I think they meant I can't sell other products using the company's name or what ever.
So I want to stay with my company to sell securities. I want to sell life insurance through an aggregator/cluster, I just have a hard time finding one that fits me in NY, can you guys help? here are my conditions:
*I want to do this on my own time* No sign up cost or at least <100$
*I want to keep at lest 70% of commission(100% will be great)
*No pressure to sell *Good reputation.
