Higher Limits for Newbie?/Introduction

NewDay

New Member
4
I have been reading posts on this forum for a couple of months. I want to thank all of you for sharing your time and knowledge. I have learned a lot. I just joined and I am looking forward to learning more and sharing anything that I think would be helpful.

I need some help in finding E & O coverage. So far, the policies that I have found do not have broad enough coverage. I want a minimum of 1 M/2 M with an additional 1M for defense costs. I have no insurance sales experience.

A little about me:
1) I am in the planning stage of my insurance sales career. I will be focusing on final expense insurance and maybe, Medicare supplements.

2) My insurance experience has been in auto accident claims management (about 25 years) for one of the larger P & C carriers. I retired early several months ago. Since I want to be independent, working with my former employer is not an option.

3) One broker (Agents Insurance Services, Inc.,) indicated that she may be able to find a policy for me, but I would need at minimum, letters of intent from the carriers that will appoint me when I have E&O coverage.

4) At this point, I have not finalized who I want to contract with. I was leaning towards Ritter Insurance Marketing, but they told me that "job shadowing" an experienced agent was not an option. However, they did offer to help me find an upline that might take me on. Also, they have online resources that I can use to educate myself. I am undecided whether to apply for contracts through Ritter or another organization.

5) I have life/health licenses in Illinois (resident) and Maryland. My application is pending in Pennsylvania. Potential FE carriers: Monumental, United Home Life, RNA and Foresters. Do you think that it would be difficult to get letters of intent from these carriers (through Ritter or another upline)?

I would appreciate your advice regarding E&O coverage (or anything else that you wish to share). It would be great if I had several E&O sources. Big thanks! :)
 
If you're looking to focus on Med Supps and FE, just buy the least expensive E&O you can find. The only reason you'll need it is because some companies require it for the contracting. It's not like you'll ever use it.
 
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Thanks very much for responding, but I really want the extra coverage. Although the risk is lower for the types of insurance that I will sell, from experience (auto claim litigation), I know that just one claim can ruin you financially. I rather pay more premium for "peace of mind."

Thanks again.
 
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