Transfer to new IMO/FMO/MA

[TexasLifeAgent]

Yeah, With FE you are more at the mercy of the IMOs. Some very good ones out there. and some very bad ones out there. Do your due diligence.

Yes thanks. I learned that (the good and also the bad reputation part) after I already started contracting. Kinda late on that, my fault, because I was a newbie to the industry and trusted and I didn't know what I didn't know (yet). So I am learning from the Old Posts here as well. I really wish I found this forum FIRST before I started in the Industry so I could have done my due diligence as to how many other IMOs I can compare and possibly apply to as well down the road. So I will just do the best I can with what I've got for now. =)

 

[JoKat]

I will do FE. I judge the needs of the client by the cover of their book. Their age, their appearance, where I see them at. Things like that. but upon talking to them I can quickly find out their needs and the pain at their pump. A little joke there. But yea, I have no problem doing FE. It is just another life policy. So yes again I know who I am and they all want me. Just know that and ask what if questions to the person pitching their recruiting. If they can not answer the questions then run.

 

[TexasLifeAgent]

Which products and what is it you like about them?

I like the ease of use of their (AIG's) Application Process. It was really quick and easy. BOTH via telesales and face to face applications. Products are AIG FE GIWL (Guaranteed Issue) and SIWL (Simplified Issue). A client asked me about the AIG Term and so when I asked AIG about that, they said the IMO determines the products. The client wanted the GIWL anyway but just asked about the Term because she said she will give the referrals to her relatives since I explained the difference between the Whole Life and Term Life and they appreciated the explanation.

You mentioned you have different writing #s for AIG, under different IMOs? That's awesome! Care to share the IMO name for AIG Term?

 

[JoKat]

I like the ease of use of their (AIG's) Application Process. It was really quick and easy. BOTH via telesales and face to face applications. Products are AIG FE GIWL (Guaranteed Issue) and SIWL (Simplified Issue). A client asked me about the AIG Term and so when I asked AIG about that, they said the IMO determines the products. The client wanted the GIWL anyway but just asked about the Term because she said she will give the referrals to her relatives since I explained the difference between the Whole Life and Term Life and they appreciated the explanation.

You mentioned you have different writing #s for AIG, under different IMOs? That's awesome! Care to share the IMO name for AIG Term?

I like AIG they are a very strong provider. I never did understand completely the workings of a WL it seams that the DB and the CV eventfully balance out no CV and paid up Policy. Correct me if I am wrong please. It there is to much conversation on that I will start another post for WL questions. Just looking for a simple and short explanation.

 

[TexasLifeAgent]

I will do FE. I judge the needs of the client but the cover of their book. Their age, their appearance, where I see them at. Things like that. but upon talking to them I can quickly find out their needs and the pain at their pump. A little joke there. But yea, I have no problem doing FE. It is just another life policy. So yes again I know who I am and they all want me. Just know that and ask what if questions to the person pitching their recruiting. If they can not answer the questions then run.

I am also doing Final Expense and kinda building on that for me too. Good luck on your new IMO search. I appreciate you posting this topic because it's helpful for us to know these things that are here at the Insurance-Forums. =)

 

[WinoBlues]

I like the ease of use of their (AIG's) Application Process. It was really quick and easy. BOTH via telesales and face to face applications. Products are AIG FE GIWL (Guaranteed Issue) and SIWL (Simplified Issue). A client asked me about the AIG Term and so when I asked AIG about that, they said the IMO determines the products. The client wanted the GIWL anyway but just asked about the Term because she said she will give the referrals to her relatives since I explained the difference between the Whole Life and Term Life and they appreciated the explanation.

You mentioned you have different writing #s for AIG, under different IMOs? That's awesome! Care to share the IMO name for AIG Term?

Again, FE contracting is a little weird compared to traditional.

AiG - my guess is it is different marketing groups between traditional Life and FE and GI.

If you are happy with your GI guy keep them. They are probably not great resources for traditional and Traditional are not going to be great resources for SI.

My contracts for AIG? No, I don't owe them the referral and have just been to lazy to move them.

My suggestion is find a traditional agency, for that business, that will help you with underwriting and if needed case design and Start there for a while.

 

[TexasLifeAgent]

I like AIG they are a very strong provider. I never did understand completely the workings of a WL it seams that the DB and the CV eventfully balance out no CV and paid up Policy. Correct me if I am wrong please. It there is to much conversation on that I will start another post for WL questions. Just looking for a simple and short explanation.

Yes AIG is a strong carrier. I was quite surprised that my other client, despite me comparing different quotes and cheaper ones PREFERRED to go with AIG because of the "brand recognition".

With AIG, I thoroughly explain to the clients that it is a "Graded Death Benefit" - In case of death WITHIN the two year waiting period, the policy will pay the premiums paid + 10%.

BUT if the death occurs because of an Accident, their beneficiaries get 100% of the Face Amount.

After 2 years, in case of death, their beneficiary will receive 100% of the Face Amount.

AIG also has the "limited pay" feature, so if someone for example is 65 years old, they will only pay the premiums up to a certain age, lets say up to 82 years old, and then they will have the Life Insurance coverage up to Age 121.

As far as the Cash Value of the policy, it (the Cash or Loan Value) builds up after about 2 years and then continues to increase as more premiums are paid yearly for the life of the policy. On an AIG Policy, you can see it specifies the Policy Schedule with the "Table of Guaranteed Values" as well. =)

 

[TexasLifeAgent]

Again, FE contracting is a little weird compared to traditional.

AiG - my guess is it is different marketing groups between traditional Life and FE and GI.

If you are happy with your GI guy keep them. They are probably not great resources for traditional and Traditional are not going to be great resources for SI.

My contracts for AIG? No, I don't owe them the referral and have just been to lazy to move them.

My suggestion is find a traditional agency, for that business, that will help you with underwriting and if needed case design and Start there for a while.

Thanks for that suggestion. I have been just doing a lot of phone calls with the Carriers if I need help or clarification too, but I think so that I can focus, I'll work on the Final Expense part of the industry for a while. My resources for my learning is the Training that are put out by the Carriers. And just my sheer tenacity about not giving up. =)

There's a lot of people here sharing their information and experiences that we can learn from. =) So thank you to everyone! =)

 

[JoKat]

Thanks for that suggestion. I have been just doing a lot of phone calls with the Carriers if I need help or clarification too, but I think so that I can focus, I'll work on the Final Expense part of the industry for a while. My resources for my learning is the Training that are put out by the Carriers. And just my sheer tenacity about not giving up. =)

There's a lot of people here sharing their information and experiences that we can learn from. =) So thank you to everyone! =)

Good. I have always been afraid that the FE market is saturated with agents. Quick sales to the needy, the same as Med policies. The law says you have to have coverage so it is like auto insurance to me. But to each their own. I like to strategize and create ways to give the client more bang for their buck.