I own an independent p/c insurance agency. I want to offer fixed annuities to my clients.
Any suggestions on good annuity providers I can contact for contracting? My state is Arizona.
I do not want to sell through some other agent or broker. I'd like to sell directly from the annuity company, if possible.
Any ideas....thanks in advance!
Midland National is a good company. You have a direct contract and they have some very good products. I can set you up with them if you would like.
I have been on the Life/ Health side for about nine years or so now and just hired a guy on the P&C side to run my book of business. I just recently got my P&C license so that I may be able to receive the comp. Give me a call I would like to chat
------------------------------------ Direct 1-866.417.9580 X 109 mail@ngfgllc.com
Last edited by insuranceexec : 12-23-2008 at 10:41 AM.
I can't really recommend any particular annuity provider to you because it depends on the types of annuities you are looking to offer.
If you are looking for Fixed Annuities then you may want to contact NAFA (National Association For Fixed Annuities) and see if they can refer you to someone.
Make sure you check out the provider and verify the needs of your clients to make sure you have a good fit.
Aviva has some good stuff that just came out. It was developed with the new/possible SEC rules in mind. You can try to go direct with them, don't know if they do or not. If you can't, or if you can only get street level with them then let me know, I can get you above street level. I know you say you don't want to go through an FMO/Broker, but sometimes you actually can get the better deal that way. Call me at your convenience if you want.
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Todd R. King
800-590-7207
540-400-6275
888-748-3978 Fax
[COLOR=red]Do the right thing because it's simply the right thing to do.[/COLOR]
I spoke of Midland National because he stated that he wanted a direct contract, and did not want to sell through another agency or broker. With out documented proof of past production it is near impossible, unless your uncle runs the company, to get a direct contract with most all companies.
With that being said I think you would be doing your clients a diservice by only selling companies that you can go direct through.
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Originally Posted by TRK3031962
Aviva has some good stuff that just came out. It was developed with the new/possible SEC rules in mind. You can try to go direct with them, don't know if they do or not. If you can't, or if you can only get street level with them then let me know, I can get you above street level. I know you say you don't want to go through an FMO/Broker, but sometimes you actually can get the better deal that way. Call me at your convenience if you want.
What kind of above street comps can I get from you on the Income Select Bonus with Aviva?
Last edited by insuranceexec : 12-23-2008 at 12:48 PM.
Reason: Posts merged
You also get a deposit in the favor bank if you let another agent refer you, since they will get an override on your commissions.
Besides exec, and myself, there are several agents on this board who would be happy to recommend you.
If you want to offer FIA's, then you will prob. want to get contraceted with an FMO.
Might as well pick someone local, if you can. But be sure pay a visit and meet their "case experts." Find out how long they've been doing it and ask them to tell you about a challenging case the did.
I recently dropped an FMO after I inquired about a SPIA and my rep, without hesitation, blurted that Allianz is ALWAYS the best. -- yeah, for his commission.
What kind of above street comps can I get from you on the Income Select Bonus with Aviva?
I can get you 8.5%. It's only .5% above street, but that could still equal big money based on production. Here's another thing though, my philosophy is this...if I move up, so do you. I'm not interested in making big overwrites, I'm interested in making alot of small overwrites...the Wal-Mart philosophy ya know?
I can get you 8.5%. It's only .5% above street, but that could still equal big money based on production. Here's another thing though, my philosophy is this...if I move up, so do you. I'm not interested in making big overwrites, I'm interested in making alot of small overwrites...the Wal-Mart philosophy ya know?
Todd,
I sent you a pm. In trying to help me; maybe I can help you.
Midland National is a good company. You have a direct contract and they have some very good products. I can set you up with them if you would like.
I have been on the Life/ Health side for about nine years or so now and just hired a guy on the P&C side to run my book of business. I just recently got my P&C license so that I may be able to receive the comp. Give me a call I would like to chat
Hi William,
Is there an advantage to one or both of us to have you "set me up" with them?? I have no problem going thru someone if it helps you. But would it still be a direct contract?
I took note of one comment (someone made) that it's hard to get direct annuity contracts. The same is on the P/C side so understand that issue.
I checked Midland's website and do not see any fixed annuity rates mentioned anywhere. Was curious why? Or is that only available to contracted agents.
If another agent refers you, they will get an override (1%) on your business. You will still be direct.
Midland National is owned by Sammons and is a sister company of North American. Aside from name, the products are identical. The benefit you get from going direct is an extra 1/2% commission. The drag is there are very long wait times when you call in.
Before you give away the override, I suggest you review the annuities forum and figure out who you want to befriend and get advice from in this arena.
Last edited by padthaiforlunch : 12-24-2008 at 12:12 AM.
If another agent refers you, they will get an override (1%) on your business. You will still be direct.
Midland National is owned by Sammons and is a sister company of North American. Aside from name, the products are identical. The benefit you get from going direct is an extra 1/2% commission. The drag is there are very long wait times when you call in.
Before you give away the override, I suggest you review the annuities forum and figure out who you want to befriend and get advice from in this arena.
Very well said there Pad.
"Phoenix": Midland is a good company, but there are many good companies. Midland is notorious for being very slow to get things issued and agent services are horrible. I would also suggest that you look around the annuity forum and get some other ideas on there. I do own an IMO and would love the opportunity to earn your business; the key work there is "earn." With that being said look around if you would like to chat pm me, or give me a call. Happy Hunting and good luck.
The benefit you get from going direct is an extra 1/2% commission. The drag is there are very long wait times when you call in.
That's the TRUTH. However, they know about the problem and are trying to fix it. If you have a long wait (on hold) time, contact
Lori Bochner - asst. VP Marketing
515-273-0839
AND her boss:
Cindy Reed - Chief Marketing Officer
515-273-5677
They WANT to know about problems and you are doing them a favor. Tell them I recommended that you call. These women have clout in the company and can get you to the right person in a hurry. They do for me, anyway.
Midland is a great company who tries to run "too lean." It's taking a while but they are getting it together.
If you want to go direct with a company who really KNOWS how to do it right (i.e. not use the BGA distribution model) check out Ohio National. These folks in Cincinnati are more responsive than the GA with an office a hundred yards from my house! ON is not that strong a player in annuities but they have terrific rates and UW on term, UL, and WL. I often get "preferred" with them when West Coast would only give me "standard." That's a huge savings for clients doing big-dollar policies.
Jackson National is another direct company that you can use.
I know a contact at Jackson National. There are a direct only company, so there are only an exclusive few FMO's that can offer there contract out. However, you are always appointed with Jackson National direct.
It is still a good idea to check with a few FMO's to get further details. There are some really good carriers out there, and there are FMO's that will give you a good sub-wholesaler contract.
Not only will Aviva not deal directly with agents, they are actually in the process of scrubbing 3,000 agents and are dropping a good number of FMOs that are not producing over $50 million in premiums.
Apparently Aviva wants all business to go through an FMO/IMO to review and clean up applications. Something like 80% of their apps last year had some problem or another that needed fixing.
I personally think the problems with apps are pretty much Aviva's own making because of the confusion over whether you are dealing with American Investors, AmerUS or Aviva. The apps vary from company to company, even though it is all Aviva. The products vary slightly also, even though the brochures are hard to tell apart. It is all confusing, a pain in the rear-end, and Aviva's fault.
I have had no problems with Midland or North American. I write mostly North American through my FMO who gives me a bonus to make up for the 1/2pct difference in commissions. My FMO does the signature guarantees and cleans up my apps before they go in, as well as some other support type stuff...
Go through me for the referral and I will make you my beneficiary on my riding lawnmower if I die. If its legal I will send you half the referral back when they pay it out at the end of the year...
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Chuck
If you think your boss is stupid, remember: you wouldn't have a job if he was any smarter.”
Not only will Aviva not deal directly with agents, they are actually in the process of scrubbing 3,000 agents and are dropping a good number of FMOs that are not producing over $50 million in premiums.
Apparently Aviva wants all business to go through an FMO/IMO to review and clean up applications. Something like 80% of their apps last year had some problem or another that needed fixing.
I personally think the problems with apps are pretty much Aviva's own making because of the confusion over whether you are dealing with American Investors, AmerUS or Aviva. The apps vary from company to company, even though it is all Aviva. The products vary slightly also, even though the brochures are hard to tell apart. It is all confusing, a pain in the rear-end, and Aviva's fault.
Absolutely spot on. I was able to keep my contracts with Aviva; but they have dropped a good many of other FMO's. With that being said if you know of anybody that is needing to be placed with an Aviva Contract send them my way. I might even be able to buy you lunch............LOL. or maybe a lead.....
There are several other companies who have stepped up to the plate to compete with Aviva on the income side; (American Equity, and Forethought) to name a couple. American Equity just got their A rating back so there may be some skepticism with them. Forethought in my opinion does not have a big enough book of annuity business to truly compete for the long term.
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Originally Posted by patch36
I have had no problems with Midland or North American. I write mostly North American through my FMO who gives me a bonus to make up for the 1/2pct difference in commissions. My FMO does the signature guarantees and cleans up my apps before they go in, as well as some other support type stuff...
Go through me for the referral and I will make you my beneficiary on my riding lawnmower if I die. If its legal I will send you half the referral back when they pay it out at the end of the year...
I am sure you already know the answer to this; but YES, it is legal providing that both are dully licensed.
Last edited by insuranceexec : 01-21-2009 at 03:50 PM.
Reason: Posts merged
Midland is a very good company. I don't know where the slow policy issue comment comes from. They are very fast and responsive. All products are not great, but some favorites are MNL Leader, 4 yr surrender with high index caps and 4% commission. MNL Select is good, their guaranteed interest rate products are good. 6 yr 5% guaranteed with a 4% commission. FMO's and IMO's normally don't have anything good to say about them because they can't offer it. Just like FMO's bad mouthing the Annnexus BPA product when they can't offer it.
I am sure you already know the answer to this; but YES, it is legal providing that both are dully licensed.
Yes, I was being a smart ass. I have nothing to offer in the way of support other than my willingness to earn the referral bonus, so I thought a bribe/kickback/gratuity might help my case against stellar competition.
As I said, I have no problems with service from Midland or their mirror company North American Life. North American is my preferred provider because of FMO support and bonus that makes up the difference in commissions on some of the products. The FMO support with signature guarantees and transfers is a big plus for me, so I use the NACOLAH side of the company.
Midland is a very good company. I don't know where the slow policy issue comment comes from. They are very fast and responsive. All products are not great, but some favorites are MNL Leader, 4 yr surrender with high index caps and 4% commission. MNL Select is good, their guaranteed interest rate products are good. 6 yr 5% guaranteed with a 4% commission. FMO's and IMO's normally don't have anything good to say about them because they can't offer it. Just like FMO's bad mouthing the Annnexus BPA product when they can't offer it.
In good conscience, I cannot place a client in a six year product that has the same rate as the five year product -- even if it means giving up 1% in commission.
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