Does Your Commission Come from the Company, or IMO?

shooter

Guru
100+ Post Club
This week I became interested in a small life company.
I talked to their marketing people and was referred to a
IMO that is their bell cow so to speak.

Big problem for me is that the IMO( whom I will not name)
only does business when you sign a contract with them.
So you are paid by the IMO and not the company.
They offer numerous companies but all the commission
comes to them and they write a check to you. ( So they can pay you more commission)

Me, I won't do it. I want my check to come directly from
the company.
Also, since I am on this subject. One of the large IMO has a similar type of program.
You receive your street commissions from the company
and the IMO pays you once a month on the amount over street.

Am I old and set in my ways, or does this lend to possible
abuse by the IMO?

Shooter
 
I would never assign commissions regardless of what I was "promised". I became an independent agent for a reason.

I have been in this business way to long to pursue any kind of "offer" where 100% of my money doesn't come directly from the insurance company.

I know agents may find this hard to believe but there are people in this industry who sometimes fail to follow through on statements they have made. Is that a nice way to put it?

Yes, I am "holding back". :D
 
Will the company contract directly with you? Is there anything the IMO brings to the table that would make it worthwile for you?
 
My IMO actually addresses your question on his website, and I like what he says. Basically, if it's YOUR money, then why to THEY need to ever touch it??

In my opinion, you should run like hell. That's just not right.

So what carrier is this for anyways???
 
You receive your street commissions from the company
and the IMO pays you once a month on the amount over street.

Am I old and set in my ways, or does this lend to possible
abuse by the IMO?

Shooter[/QUOTE]

This happens a lot. Most agents only get street, so if you are getting a monthly bonus over that, it sounds like a decent deal. As for assigning commissions, NEVER do it.
 
Will the company contract directly with you? Is there anything the IMO brings to the table that would make it worthwile for you?

I haven't talked to the company since my conversation with the
IMO.
To be honest I am put off by all of it.
The IMO doesn't bring anything to the table.
Just that this way they can pay me more money.

I have several direct to the company contracts and will just keep writing with them.
This company just had a niche product that I thought might work well in my over all marketing plain.
They rate only smokers as tobacco users.
So that left dippers, cigars, and chewers available for nonsmoking rates on all their products.

Thanks for reinforcing my gut feelings on this.
Shooter
 
I haven't talked to the company since my conversation with the
IMO.
To be honest I am put off by all of it.
The IMO doesn't bring anything to the table.
Just that this way they can pay me more money.

I have several direct to the company contracts and will just keep writing with them.
This company just had a niche product that I thought might work well in my over all marketing plain.
They rate only smokers as tobacco users.
So that left dippers, cigars, and chewers available for nonsmoking rates on all their products.

Thanks for reinforcing my gut feelings on this.
Shooter

You can get that same feature from Americo and you don't need any weird contracting with them.
 
You can get that same feature from Americo and you don't need any weird contracting with them.

I am not 100% about Americo but I don't think
they write business in Alabama.

I wanted this company for low face amount term
and SPWL.
They would do SPWL down to 5 thousand face down
to age 0.

Shooter
 
I am not 100% about Americo but I don't think
they write business in Alabama.

I wanted this company for low face amount term
and SPWL.
They would do SPWL down to 5 thousand face down
to age 0.

Shooter

If you're not already talking about American Amicable (minimum premium is 5K), then you might want to call me for a contract. They have a great SPWL and their ROP Term is not so bad either.
 
Last edited:
I am not 100% about Americo but I don't think
they write business in Alabama.

I wanted this company for low face amount term
and SPWL.
They would do SPWL down to 5 thousand face down
to age 0.

Shooter

If settlers is available they do that and give smokeless tobacco users non smoker rates. No term though.
 
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