Madison Brokerage?

[fretfrek]

I am a newly licensed L&H/P&C agent in California. I called them and requested contracting info, but it doesn't answer some important questions. Anyone's working with them as their GA? Do they have good support, training, etc? Do they have up-front release? Do you own your own biz? How are advances handled, etc? They say they were Ranked as a top GA nationally in 2008 and 2009 and 2010. And they have over 40 carriers for Life Insurance, Premium Finance, Life Settlements, DI, LTC and Annuities. Are these good carriers? They also sent me their commission schedule, but I have no clue if it's competitive with other GA's/IMOs/FMOs.

Also, do you have to assign your commish? In their commish schedule, they just list the first year commish, but don't list the subsequent renewal commission percentages for the 2nd, 3rd year and beyond. Does anyone know of the specific percentages for the renewals, etc?

I just need a couple of contract that I am happy with!!!
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Help from anyone???

 

[medsuptage]

These are all questions that can be answered by two things:

A. asking who ever's trying to recruit you

B. reading your contract.


You might be giving up some things some of the more seasoned
agents get to enjoy if you're brand new. For instance, if you don't know what you're doing and you want someone to hold your hand and teach you everything. You probably won't get a Vested Contract (where you own the business).

You will probably assign commission to the agency, and get below street commissions in exchange for Training and hand holding. Which usually, isn't a bad thing, most people start out captive.


Basically you can't ask for the world and have nothing to give in return.

 

[fretfrek]

Thanks medsuptage,

I've read the contract and nowhere does it answer my questions. It just asks general questions about my experience, background, personal info, etc. However, I talked to the rep and she answered some of my questions. I do get to own the biz, I wont be assigning the comish, and as far as comish goes, for example, with Banner Life Term 20 product, their commish is 105% and They don't provide with any training.