UPDATED EFES/Equita does NOT give releases (New agents please read)

[Newby]

Per Scott, that debt agreement is not binding anyway. I would guess same as an agreement to release.

It's a written agreement on the release. The IMOs are agreeing to it. And most companies accept the release with that condition on it. A few don't. But when debt rolls up the companies don't really remember about it. It's up to the IMOs to sort it out.

We learned when we release agents to always get the actual IMO or someone financially stable to accept the debt on the release. Like if Joe Schmoo builder agent is 3-layers down from Matt (or even 1-layer down for that matter) I'm going to require that Matt or Brad sign. There can be a lot of potential money lost through debts and I need to know that someone stable and going to still be in the business six months from now is responsible for it

Guys moving around are huge debt risks. There are sometimes guys moving for right reasons but way toooften they are moving because they realize they are failing out and the chargebacks are catching up with them. When agents want to move some companies away but leave some behind they are usually wanting to leave the ones behind that have debt and they don't plan to pay it back.

There are definitely a lot of bad IMOs and recruiters in this biz but there are a huge number of bad agents too. Both sides need to know what to look for.

When we transfer an agent in from another agency we rarely will sign a release accepting his current companies. Usually they just sold Trans, Americo, AmAm, RNA, etc. anyway. And they are usually (not always) coming from a shady agency that is going to try to flip their business on them and cause them chargebacks. We just set them up with all new companies and have them cancel the old ones. In six months if they want any of the old ones again we can set them right back with those. But no point on accepting debt responsibility on companies that aren't necessary when there are so many great companies to sell these days.

 

[stephanieteague]

I recently cancelled a contract with The Assurance Group. I don't plan on moving my business with them & it is good business will stay on the books. They can have it too. What do you mean by IMO's usually flip business and cause charge backs? I am still learning how the IMO game is played, I blame myself not them. In my opinion I think I deserve the carrier bonuses and production points. They are not a good fit for me but I respect my former team and completely understand why they signed. Reading this forum has been so helpful. Thanks guys.

 

[Newby]

I recently cancelled a contract with The Assurance Group. I don't plan on moving my business with them & it is good business will stay on the books. They can have it too. What do you mean by IMO's usually flip business and cause charge backs? I am still learning how the IMO game is played, I blame myself not them. In my opinion I think I deserve the carrier bonuses and production points. They are not a good fit for me but I respect my former team and completely understand why they signed. Reading this forum has been so helpful. Thanks guys.

If you respect them you probably weren't with a bad group. You can tell when you are with a bad group. You see churning of the business, not filling out replacement forms, and everyone recruiting and all different kind of commission levels depending on where you got in the food chain.

Those type agencies just constantly recruit new blood, resell them old leads, burn them out usually broker than they came in and when they leave the managers (meaning anyone who has lasted over 6-months) go out and "save" the agents customers from his crummy old type life insurance and sell them the new and improved type.

If none of that sounds familiar, you weren't with one of those.

 

[stephanieteague]

Thank you for the quick response!! My mind is at ease, they are all now captured, my little book of biz is not even on their radar so thank you so much!

 

[bboman23]

Thank you for the quick response!! My mind is at ease, they are all now captured, my little book of biz is not even on their radar so thank you so much!

The Assurance Group (TAG) usually makes you assign commissions. If you were getting paid by TAG and not the carrier, then that means they OWN your book of business already. If you were getting paid by the carrier directly, then you should be ok.

 

[WinoBlues]

In general how long does it take an agent to get a release from an IMO?

I can only remember asking for a couple. One from Crump and another one or two from a guy I have had contracts with for 20 plus years. Seems like it was a day or two to a week.

 

[Todd King]

Not positive but it seems that with MoO it is the same number but you pick the upline to choose when submitting the app.

On "real life insurance" AIG I have several numbers.

I think I have two Gerber numbers.

This is true about MoO, but for the "real" life products, not the Living Promise (FE). The LP product has it's own contracting.

I know you can dual contract with AIG on just about every product they have, but since the GI product is separate (stand alone contract just like MoO), I'm thinking this is why they told me no.

Gerber has always told us that when a new contract is sent in and then a new piece of business sets that contract in motion, all others are null at that point.

Look, I'm not saying I'm completely right on all of this. I just go by what we are told and I have not tried to buck it. There is no doubt that I've been told wrong many times by different companies and this could be the case as well.

 

[WinoBlues]

This is true about MoO, but for the "real" life products, not the Living Promise (FE). The LP product has it's own contracting.

I know you can dual contract with AIG on just about every product they have, but since the GI product is separate (stand alone contract just like MoO), I'm thinking this is why they told me no.

Gerber has always told us that when a new contract is sent in and then a new piece of business sets that contract in motion, all others are null at that point.

Look, I'm not saying I'm completely right on all of this. I just go by what we are told and I have not tried to buck it. There is no doubt that I've been told wrong many times by different companies and this could be the case as well.

Thanks, That all makes sense.

 

[rousemark]

In general how long does it take an agent to get a release from an IMO?

I can only remember asking for a couple. One from Crump and another one or two from a guy I have had contracts with for 20 plus years. Seems like it was a day or two to a week.

I don't remember ever asking an upline to release me to go to someone else. I do remember just quitting sending in business to a company and placing it with another company because of my upline... But I can only remember doing the twice.

 

[WinoBlues]

I don't remember ever asking an upline to release me to go to someone else. I do remember just quitting sending in business to a company and placing it with another company because of my upline... But I can only remember doing the twice.

Yeah, Seems like it happens more than we realize.

Sure seems that the recruiters jump to new girlfriends a lot also. I wonder how those releases go.