What Traditional Life Carriers Do Not Require E&O?
- Thread starter wave828
- Start date
- 14,809
I'm sorry this isn't the answer you're looking for and don't mean to be smug but dealing with sub-agents who can't afford $45 a month for E&O is not the agents you want to work with.
In fact, you should require that they have E&O.
In fact, you should require that they have E&O.
- 10,311
No reputable companies that I know of.
And why exactly can the agents not afford a $500/year E&O policy????
Especially considering the litigiousness of todays society... sounds like an extremely stupid idea to me.
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To back up my statement about that being a HORRIBLE idea....
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Honestly, its very scary that you would encourage subagents NOT to have E&O!
How long have you been in the business?????????
Last edited:
- 14,809
This is yet another example of a failed "if they can fog a mirror" approach to recruiting agents which puts a focus on quantity instead of quality.
Agreed, if you cannot produce enough or afford outright a $45/month E&O plan then you should probably go find another business to be in.
If you work from home as a sub-agent and your only fixed overhead is license renewal and E&O you should be able to pay for it.
If you work from home as a sub-agent and your only fixed overhead is license renewal and E&O you should be able to pay for it.
- 14,809
From personal experience of running a small agency, it's not that these agents don't have $45 per month. It's that they want to stick their toe in the water and make sure they can make money before they spend a dime. They come in with a "prove it to me" attitude on making money.
Run away.
Run away.
G
Guest
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- 16,873
I would NOT allow even an FE subagent without e & o.
Just yesterday I replaced a policy an agent sold last month where he failed to do a replacement form. The lady had her old policy 6 years. He helped her find out her cash value and request surender forms. He sold her a new policy but check d "no" to replacement.
If she dies in the first two years and the policy is contested, he will definitely be sued and he will lose. In Kentucky there would be no contestability allowed if he would have just filled out the replacement forms.
I see a lot of *** mistakes by agents and most of them FE agents. They are nuts for trying to avoid the small cost of E&O.
Just yesterday I replaced a policy an agent sold last month where he failed to do a replacement form. The lady had her old policy 6 years. He helped her find out her cash value and request surender forms. He sold her a new policy but check d "no" to replacement.
If she dies in the first two years and the policy is contested, he will definitely be sued and he will lose. In Kentucky there would be no contestability allowed if he would have just filled out the replacement forms.
I see a lot of *** mistakes by agents and most of them FE agents. They are nuts for trying to avoid the small cost of E&O.
- 15,041
I think they assume most people will have it already. Does anyone use Jackson as their primary carrier? I always thought of Jackson as a life agent's annuity company. With their FIAs and VAs, most people already have a relationship with a company that forces them to carry E&O.
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