Thinking of Becoming an Agent but I Have Some Questions

[fetam]

Thanks for the answer Mark. That was nice of you to explain it. I'm new also and I thought I understood the as earned/advance payment, but I thought if you took an advance of 9 months, you would loose the 10, 11, and 12th month. That makes me feel a little bit better. LOL. I'm such a newb huh!

I know this isn't my thread but maybe Christin has the same question. If I go with a place like HCO to sell life and health, can I take life as advanced and health as earned? Or do I have to be one or the other. This is what I was hoping to do.

Thx!

 

[ksigmtsu]

Thanks for the answer Mark. That was nice of you to explain it. I'm new also and I thought I understood the as earned/advance payment, but I thought if you took an advance of 9 months, you would loose the 10, 11, and 12th month. That makes me feel a little bit better. LOL. I'm such a newb huh!

I know this isn't my thread but maybe Christin has the same question. If I go with a place like HCO to sell life and health, can I take life as advanced and health as earned? Or do I have to be one or the other. This is what I was hoping to do.

Thx!

You can take the commissions you want on a company by company basis depending on what they allow. Some companies do not allow advances, like most Graded WL or TL policies with Fidelity. I've never seen one that required advances yet, although nothing ever surprises me.

I wouldn't necessarily say HCO is a life insurance shop either. And, don't get me wrong I have several contracts through them. It's just not their specialty, I know they have a guy in charge of it but I think personally you'd be better off even just joining the iliaa and contracting through them for the free dues and the u/w support and quote engine for at least 1 or 2 term companies. I wouldn't necessarily say go through them for med supp either, again, not their specialty.

Life is way more flexible about contracting anyway, you don't need to be contracted up front necessarily, you can go ahead and sell things and submit your contract with applications if you need a new company, its the polar opposite of health. The only annoying part is having to call the company to run your illustrations and email you the applications before you go to appointments if you aren't already appointed.

 

[GreenSky]

We're happy to speak with any new agent. Just drop me an email (address below) with your phone number.

Rick

 

[ksigmtsu]

Yeah, and ILIAA and IHIAA = win. Cheap to join, good resources if you wanna teach yourself. Have not regretted joining either of them for even 1 second.

 

[fetam]

Hijacking again!

So ya, ILIAA and IHIAA seem to be the way to go. I have another 10 days or so before I officially get the process started. Doesn't mean I'm going to go out and sell, but I'm waiting for my license to get approved.

Another simple question for you guys...
I understand charge backs since I've been in sales forever. But if I sell a Term20 policy, how long do they have to keep it before I get a charge back on it. 1 year? 2 year? Just so I know.

Thanks again!

 

[ksigmtsu]

Hijacking again!

So ya, ILIAA and IHIAA seem to be the way to go. I have another 10 days or so before I officially get the process started. Doesn't mean I'm going to go out and sell, but I'm waiting for my license to get approved.

Another simple question for you guys...
I understand charge backs since I've been in sales forever. But if I sell a Term20 policy, how long do they have to keep it before I get a charge back on it. 1 year? 2 year? Just so I know.

Thanks again!

Depends on carrier but usually 6 months to 1 year. Trick is to not sell policies people can't afford or will replace that fast.

 

[arnguy]

Re: Thinking of Being an Agent but Have Some Questions

You are putting the horse in front of the cart!

This reminds me of something I saw on shark tank the other day.

Geez, Mark, I thought putting the horse in front of the cart was the way to go?

 

[Mark]

Re: Thinking of Being an Agent but Have Some Questions

Geez, Mark, I thought putting the horse in front of the cart was the way to go?

I'm starting to have more and more daily brain farts. I think it is from the lack of sleep and working too much on everything at once.

Why was you the only one that caught that??

 

[pmgannuities]

I am about to take the classes and get my license. We will be opening up a broker shop for insurance but I am confused on how you will get paid from the different insurance carriers that you sell for? We will be doing life, health, auto and home. I dont know where to go to find out this information hoping someone can help me find out how we will be making money!

Hello Christin
I started my own IMO and it's allot of work building the database and maintaining the service independent agents need out there in the field. Getting paid from the carriers is the easy part, knowing how to recruit agents is the keys.



Joe Santore