Does Your Commission Come from the Company, or IMO?

[jason93]

I'm referencing the life arena Frank... Each company has a highest maximum allowable direct to the agent, overide goes to MGA/BGA/IMO and they pay what they want above that to the agent.

Yes there are.

If an agent deserves a higher percent of commission I will give it to them and all of it comes directly from the insurance company. Anyone who tells you different is blowing smoke at least in the Med Supp market.

I tell the companies the percent of commission I want them to pay to the agent. They don't send the above street portion to me to pay the agent. I would never operate that way.

I want no part of the agent's commission. The agent earned it by busting his ass and it should all go directly to him/her.

 

[dahonored1]

is there a brokerage firm that has decent pay that anyone can recommend me? I'm currently affiliated with Crump through my captive agency but I am going independent. I was wondering if there's anything that pays more.

 

[WinoBlues]

is there a brokerage firm that has decent pay that anyone can recommend me? I'm currently affiliated with Crump through my captive agency but I am going independent. I was wondering if there's anything that pays more.

Many, if not most, are going to pay more than Crump.. Few will have the hugh under one roof resources Crump has.

List your main focus and what your needs are and someone may have a recommendation for you.

 

[dahonored1]

Many, if not most, are going to pay more than Crump.. Few will have the hugh under one roof resources Crump has.

List your main focus and what your needs are and someone may have a recommendation for you.

My main focus is trying to just give my clients life insurance that's not a rip off. I have compared a few companies, and found that Prudential offers affordable UL policies and riders to most people, so it has to include Pru as an available carrier. Most of my cases are from NY, but I don't think it has any impact on the broker choices right? I've heard from a lot of friends in the business that Crump pays less and also take longer in the underwriting the policies, but they don't have any direction for me as to which alternative broker I can try and get in contact with.

 

[WinoBlues]

My main focus is trying to just give my clients life insurance that's not a rip off. I have compared a few companies, and found that Prudential offers affordable UL policies and riders to most people, so it has to include Pru as an available carrier. Most of my cases are from NY, but I don't think it has any impact on the broker choices right? I've heard from a lot of friends in the business that Crump pays less and also take longer in the underwriting the policies, but they don't have any direction for me as to which alternative broker I can try and get in contact with.

For NY I would reach out to Ray (TahoeRay).

Crump does underwrite they case manage. I can do it better than they can in half the time. Just about everyone will offer Pru.

 

[omahainsurance]

Ya American Amicable has some great stuff, high commission, and your commission would go straight to you.

Occasionally you will find carriers that WON"T contract with agents directly they only want to contract with IMO/FMO. That can be OK, IF you have a release signed by the IMO saying you can leave anytime, AND IF they pay you Street or higher.

I'm fine using IMO's even if they only pay me street. I like the ability to call them and have them run quotes for me on the fly or talk to a client for me occasionally, or be my personal assistant and fill out contracts for me and send me quotes, allowing me to focus on getting more clients.

Do your research on your IMO though. Make sure they pay a fair commission and they will release you anytime.

Finally an IMO might not want to work with you if you don't sign a contract with them and THAT IS OK too. They normally pay you street and get a little something extra, because they have hundreds of agents and produce policies in bulk. Your commission is usually the same and they do a bunch of extra work for you. They might not want to do a bunch of work for you and then you place the business directly with the carrier because then they get 0$.

 

[dahonored1]

For NY I would reach out to Ray (TahoeRay).

Crump does underwrite they case manage. I can do it better than they can in half the time. Just about everyone will offer Pru.

Thanks for that. I will shoot him a PM.

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Ya American Amicable has some great stuff, high commission, and your commission would go straight to you.

Occasionally you will find carriers that WON"T contract with agents directly they only want to contract with IMO/FMO. That can be OK, IF you have a release signed by the IMO saying you can leave anytime, AND IF they pay you Street or higher.

I'm fine using IMO's even if they only pay me street. I like the ability to call them and have them run quotes for me on the fly or talk to a client for me occasionally, or be my personal assistant and fill out contracts for me and send me quotes, allowing me to focus on getting more clients.

Do your research on your IMO though. Make sure they pay a fair commission and they will release you anytime.

Finally an IMO might not want to work with you if you don't sign a contract with them and THAT IS OK too. They normally pay you street and get a little something extra, because they have hundreds of agents and produce policies in bulk. Your commission is usually the same and they do a bunch of extra work for you. They might not want to do a bunch of work for you and then you place the business directly with the carrier because then they get 0$.

So does that mean I can't use them along with others at the same time? I always thought that it was allowable for me to contract with a few and generally figure out which one suits my agency, and slowly shift all my business towards the one that best suits me. I could be wrong, after all, I'm new to the independent world.

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By the way, do you think there's another carrier that might be a better suit other than Pru for people in their early 50s with perfect health? It seems to me that they're rates are pretty good. Any other companies that might be able to compete?

 

[Jack B]

Thanks for that. I will shoot him a PM. ---------- So does that mean I can't use them along with others at the same time? I always thought that it was allowable for me to contract with a few and generally figure out which one suits my agency, and slowly shift all my business towards the one that best suits me. I could be wrong, after all, I'm new to the independent world. ---------- By the way, do you think there's another carrier that might be a better suit other than Pru for people in their early 50s with perfect health? It seems to me that they're rates are pretty good. Any other companies that might be able to compete?

GUL from mass mutual, check them out.

 

[Tahoe Ray]

For NY I would reach out to Ray (TahoeRay).

Crump does underwrite they case manage. I can do it better than they can in half the time. Just about everyone will offer Pru.

Thanks Lee.

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GUL from mass mutual, check them out.

Mass is one of the more expensive GUL policies in NY for healthy people in their 50s unless you're under 100k face.

 

[WinoBlues]

Ya American Amicable has some great stuff, high commission, and your commission would go straight to you................... .

I do not know the NY market. However, I would hope there would be other options from better people than American Amicable. IMHO