New Company Won't Sign Without Resigning from Other Carriers?

[candace _in_jersey]

Hi All-
I'm not sure about this. I received an offer to contract with a company for Final Expense ,they offer to send you out on appts free of charge.
I went out the other day with an agent and noticed the appts are in very poor areas but the agent did sign the client and made some money.
Prior to this I have been mostly working the field as a Benefits Counselor (non commission) for a company dealing with large corporate clients. The job is seasonal so I wanted to branch out into final expense and signed with 2 companies previously to this latest offer. I have not really done anything with them as I have been very busy but I had planned on
doing some marketing on my own soon.

I was just informed that in order to be contracted with the new company , I have to submit cancellation letters to the other two. Is this normal?. I understand they don't want me selling other products while on their appts but most agents I know are contracted with several companies. At this point I don't have alot of marketing dollars to spare,so the chance to have free preset appts is very appealing. On the other hand ,aren't I burning my bridges behind
me? . Should I run?
Thanks for any imput

 

[PA Bill]

Sounds as if you would be a "captive agent." This is not unusual.

 

[candace _in_jersey]

Sounds as if you would be a "captive agent." This is not unusual.

Yes I know but normally isn't signing a non compete enough?. The areas we were in were a red flag to me,the agent was complaining that she had alot of charge backs so I'm just wondering if it's worth it. Thanks for the imput.

 

[pcbinsurance]

You speak of "appts free of charge"......but nothing is ever truly "free" in this business. What kind of commission level do you have in exchange for those "free" leads?

 

[John Galt]

Yes I know but normally isn't signing a non compete enough?. The areas we were in were a red flag to me,the agent was complaining that she had alot of charge backs so I'm just wondering if it's worth it. Thanks for the imput.

You may have answered your own question, these may help too, full of great info:
Agent Audio Interviews

 

[candace _in_jersey]

very good commission,70 if it's not graded,otherwise 50. So not bad but if it's business that doesn't stay,what good is that?..just more chargebacks

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Thank you, I think I did too. I will check it out!

 

[John Galt]

very good commission,70 if it's not graded,otherwise 50. So not bad but if it's business that doesn't stay,what good is that?..just more chargebacks

Those are not very good commission levels, even with "free leads". Not the worst ive seen but there are better out there.

 

[pcbinsurance]

Those are some expensive free leads!

 

[John Galt]

Those are some expensive free leads!

At least 25 to 35 points too expensive lol

 

[sirherbie]

There's got to be an imo willing to give 105% with pre set dm appts and lease a car and pay for the gas for a rock star agent?Oh provide a secretary to scrub,submit and follow up on all new business. The secretary also does all phone in service work.Theres got to be a 145-150% nmo out there willing to do that.