Final expense/GA contracts, is this routine?

mswebb06 · 09-17-2008, 12:40 PM

The other day as I was in Lowe's I ran into an old friend of mine and we had some casual conversation about both of our careers.

Well I come to find out that my old friend has just started an insurance career (final expense mainly). He has contracts with four wel known companies. one of them particuarly has given him a "G.A" contract right from the start.

I thought GA contracts were awarded after proving that one has what it takes to prosper in this business. Are companies just throwing out GA contracts left and right in order reward agents for coming aboard with them?

HoosierDaddy · 09-17-2008, 01:31 PM

What company? Some new guys don't really understand things. I have talked to some guys that tell me they have GA contracts with companies that are 15 points less then my contract.

My guess some fast talking marketer said... "Hey John Doe, I can give you a GA contract at 100%, and you can recruit guys under you at 90%, 80% ect.

"GA Contract" can mean a lot of different things... Basically you can recruit below you...

P.S. I am still offering GA contracts with Royal Neighbors of America

mswebb06 · 09-17-2008, 01:48 PM

Settler's Life, my RN contract is only 90%

myinsurebiz · 09-17-2008, 03:54 PM

I can get you 110% / 8% with both Shenandoah and ForeThought if needed . . .

Easily go to 120%.

Advances depend on credit / collateral.

Tom

magagent · 09-17-2008, 04:28 PM

Collateral? I did not know that advances had anything to do with collateral, I know in somecases that some advances depend upon your credit. However I have never seen or heard of that being a factor in final expense.

Also, why should they go through you? What do you have to offer?

myinsurebiz · 09-17-2008, 04:53 PM

Originally Posted by magagent

#1 - collateral? I did not know that advances had anything to do with collateral, I know in some cases that some advances depend upon your credit. However I have never seen or heard of that being a factor in final expense.

#2 - Also, why should they go through you? What do you have to offer?

[COLOR=Blue]I sent you the info magagent - you didn't like it?

1) Yep - collateral. Anybody with sub-par credit has to enter into a promissory note with a collateral addendum in order for me to stand good for their advances.

A GA would be a fool not too! No skin off my back if they don't want to - I'll survive and thrive either way . . .

2) Why do they go through anyone? If they can get a better contract - more power to them. If not - I have the solution.

Tom
[/COLOR]

magagent · 09-17-2008, 04:59 PM

Myinsurebiz, sent you a pm