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Where's your cape Choo Choo?
Where's your cape Choo Choo?
It would be a conflict of interest in many situations.Or would this be considered a conflict of interest and not possible?
Would never want to sneak around doing anything...no one has time for that kind of stress. I specifically asked if it is usually considered a conflict of interest and not a possibility. The carrier I am referring to is Liberty Mutual. I am just gathering information at this point in the event I actually need to make a decision.
most of the reps I know at Liberty are more of call center type workers & W2 with benfits/salary & new commissions & almost zero renewals. I know the agents do have the ability to get appointed with maybe a dozen carriers like Progressive, Bristol West, Safeco & a few others.(I dont know if they get paid on those sales of other carrier products or what the split might be) That is substantially different than most of the other captives like Farmers, Allstate, State Farm & Farm Bureau that tend to be full on business owners with 1099 only & having their own office location, expenses, etc.
Very certain, Liberty's contract prohibits being appointed with other carriers other than the few they have in house on an approved list. They, like most captives, pull your state license annually to see if you are appointed with other carriers. One of the reasons they do this is that being an employee or even self employed captive, their name is on the sign out front, your business cards, etc & they will be held responsible even when you screw up with another carrier they didnt know about. The public sees you as Liberty Mutual, not Progressive behind the scenes.
Some captives in the Life world & PC even have a bigger portfolio of carriers their agents can access. One such one in Michigan has 2 IMOs that agents can access literally a hundred other life & annuity carriers when needed, 3-4 health carriers. They have 30-50 PC carriers that can be accessed for various risks the captive company doesnt offer or want at the time. that is a unique hybrid where the captive owns an independent agency & the captive agents can write business via those carriers as a solicitor under the independent agency owned by the captive carrier. some of the more senior profitable agents are even permitted to sign up with a cluster for even more access to additional carriers that might be more standard carriers
I don't know about Liberty.
I do know that most life insurance companies allow you to be appointed with just about every other company you want... as long as you meet your production requirements of your primary / captive company. MassMutual and Guardian come primarily to mind. New York Life also will after 3 years. (For the first 3 years, NYL has "right of first refusal" before you place a case elsewhere.)
In addition, these companies may have their own stance about indexed life and indexed annuity products. MassMutual will let you sell indexed annuities, but only if you're a registered rep (Series 6 & 63) and only from their approved selections. I don't believe Guardian has that limitation? New York Life, as far as I know, won't allow it under ANY circumstances.
So yes, it can be done, but you will still have to meet a given minimum production with your primary company.
Will do!