Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit probs)

[Jocely]

I recently got a life and health license. I would like to be an independant agent, however I am not getting appointments. Americo and American Amicable have turned me down. I was a real estate investor and I got up in very bad investments which led to horrible credit, foreclosures etc. on my credit report. Does anyone know of a way to become appointed with a good company in lue of my circumstances. I am not in a position to be choosey. I would like to sell MA, Mortage Protection and/or Final Expense insurance. Thank you in advance for your responses. They are greatly appreciated.

 

[insuranceexec]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

What part of the country are located? I ask because you may be able to find an individual who is local that can set you up on a LOA contract, Licensed only agent. With this contract you can go out and sell but the comp is paid direct to your up-line. They in tune pay you as they are paid. The problem here is that you have to trust the person you are doing business with as they can take your comp and not pay you. I have several agents with your exact same situation, and this is what I have done for them. PM me if you would like.

 

[Josh]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

I recently got a life and health license. I would like to be an independant agent, however I am not getting appointments. Americo and American Amicable have turned me down. I was a real estate investor and I got up in very bad investments which led to horrible credit, foreclosures etc. on my credit report. Does anyone know of a way to become appointed with a good company in lue of my circumstances. I am not in a position to be choosey. I would like to sell MA, Mortage Protection and/or Final Expense insurance. Thank you in advance for your responses. They are greatly appreciated.

With most Medicare Advantage products they wont mind bad credit as long as you tell them. Many new agents get hurt because they sign up with a GA/FMO that wont give them a release if they want to walk down the street to another organization. Read some of the posts people have put up about that issue, it's really important. Make sure you go with an FMO that can offer you a bunch of different carriers and will give you a fair commission. Since your credit is bad they might not advance you, but they should pay you. You may even be able to find a GA that will advance you if you need it.

Let me know if you want more information or need help finding a GA or FMO.

 

[somarco]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

Unless you want agent financing it shouldn't be a problem.

 

[Russ]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

I recently got a life and health license. I would like to be an independant agent, however I am not getting appointments. Americo and American Amicable have turned me down. I was a real estate investor and I got up in very bad investments which led to horrible credit, foreclosures etc. on my credit report. Does anyone know of a way to become appointed with a good company in lue of my circumstances. I am not in a position to be choosey. I would like to sell MA, Mortage Protection and/or Final Expense insurance. Thank you in advance for your responses. They are greatly appreciated.

I got turned down with Americo years ago for the same problem, bad credit. I haven't been turned down w/a company since then. Companies that have accepted me since include Coventry, Lafayette Life, Sterling Investors, Community Care, to name a few.

 

[Joe Moore]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

If the home offices deny advances but will approve the agent, we can usually talk them into 50% advance with a maximum $500/policy on life policies. Of course this helps our exposure also as the uplines are responsible for whatever amount is advanced.

But someone just coming into the business usually needs some living money.

I've been in your situation back in 1985, I was 38 years old. Real Estate got me also. I had the philosophy to borrow the maximum, and never used my money for anything except personal and fun items. Everything I touched turned golden until interest rates went from 7% to 21%, and me $1 million in real estate debt. Couldn't rent it, couldn't sell it, couldn't give it away for the dollars owing on it.

We lost an IGA Supermarket, closed our real estate business, let about $1.5 million in real estate go to foreclosure, lost our home, 4200 square feet we had given $160,000 for in 1979, and moved into a 400 square foot basement in my aunt's home with 3 boys, ages 17, 14 and 9.

I had been able to go into my bank and tell them I needed $100,000--and got it with no questions asked. Suddenly, I could not borrow enough money for the next meal.

To this day, I think this was the best thing that could have happened to our family. My wife had to get a job. The boys all had to go to work (carrying papers, mowing grass, and any other odd jobs they could find). They all learned and profited to this day from this setback. All 3 sons are very successful in business, and much more fiscally conservative than I was at their age. This taught us all if you can't control it, you do not need it especially if you have to borrow money to get it.

If any of you have talked to my youngest son, Greg Moore, in our office I believe you will agree he has turned out fine and has a good head on his shoulders.

Pick yourself up, dust yourself off, realize you are not invincible, realize all you ideas will not work, keep your head high and you will be back stronger and much wiser than before.

Good Luck, you will survive.

 

[HomeService]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

You are being turned down because you are literally applying for financing. Advances. If you were to go "as earned", you would likely not be turned down as often.

 

[Mark]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

I think Americo requires a credit score of 550 or higher.

I would think that most other companies will take you. They may or not advance your comissions. Most will take you as-earn only.

Sometime, after writing a couple of apps on as-earn, and you show the company that you are writing good business, some companies will start raising your advancing.

Companies care more about do you own another insurance company money, then a credit card bill.

 

[jjjtrio]

Re: Help! I Am a New Agent and I Am Getting Turned Down for Appointments (credit prob

Write a letter explaining your situation just like your post. Most will take you and some with only as earned.