Researching becoming Independent Life and Health Agent

insuranceexec · 12-09-2008, 09:59 AM

[quote=Markingriffin;118933][quote=insuranceexec;117955]

The company will not allow for that contract to go to a new agent. That is true, the additional comp is paid in the form of a bonus on each contract issued.

If you are so intrested in trying to defame me in public, why then were you sending me private messages last night telling me that you thought my information was well received.

I want to see this PM where I said to you that your info was well recieved or that I bragged about you. When talking about defaming you. I did say something to you about your spelling. I was not trying to attack you, but to make you aware that you will be judge on spelling on this forum and to use the spell checker.

THe only PM I ever sent to you said this.

"I'm not trying to attack you. If you don't spam on here from the start you will get further on here.

You have to learn how this forum works. Give advise and help agents before you promote yourself.

I'm trying to save you some time. I bet it won't be long before the forum mods go back and change your post or delete them or ban you for spamming.

If you will listen to my advise, you will go further."

What part of what I said, makes you think I think your info is well recieved. I wrote this after you 1st 4 post were spam and you not reading the rules of the forum. I sent it in a pm, not to make you look bad or to attack you.

SO the small print is that you really don't give the 140% contract to new agents like you said, and that you really pay this bonus out of your pocket. What % does the company pay and what % comes out of your pocket.

I'm not going to defame you. I think anyone can just judge you on your post and your knowledge. I also wish you the best in your 2nd year of law school. If I was in law school, I would not be in the insurance business.

I would like to see your website. Also, do you offer a toll free phone number for the agents on the forum to call you? Do you have more contact info?

I am also worried anytime that an mga/agent/imo pays another agent from their pocket. I'm very confused about this 140% contract with West Coast. How much of it comes from your pocket and how much comes from West Coast?

If anying you questions is defaming you, then I'm sorry that you took it that way. IF you are talking about the spelling thing. I'm sorry. I only wanted you to be judged by your post and your knowledge.

1. It was not a pm, it was on another post; and I apologize for thinking that it was. My mistake!

2. You also state that you are wanting me to be judged on my knowledge and for me to use spell-check; have you looked at your post? I will not even bother pointing out all of your spelling and grammatical errors, because I too am not perfect. I would suggest not judging others, unless you too are perfect!

3. As long as the agent receives the 140% comp level; who cares where it comes from!

4. Why would you not be in the insurance business? I am trying to educate myself so that I may provide a valuable service to my agents and my clients. How many times, as the insurance agent, do you run into a client who is needing some type of trust drawn up, or an ILIT. Is it not we who say that we want to provide a one-stop-shop for our clients. That is what I have in place, NO it is not easy, but nothing in life worth having is easy.

5. I am currently in the process of having my WEBSITE put together and should be up and running by the end of the year. I would be more than happy to send you a link to it once it is up and running. No I do not provide a toll-free number. What more contact info are you looking for?

6. Worried? How about you stick to your business, and I will stick to mine. My operation is clearly different than yours. Why is it that we as a whole try to discredit somebody for doing something different? My very humble answer would be:

"Only a person who is not secure in themselves and their way of thinking, is THREATENED, or worried, by a person who thinks differently." ME 12/09/2008

I say these things in hopes that it will help establish an active, healthy dialogue between the two of us. I will stand up for my point of view, as should you. Discrediting a person for not thinking the same way, or for not doing things the way you do them is CHILDISH! Lets rise above the childish measures set forth and be adults; Agree?

GreenSky · 12-09-2008, 10:28 AM

William:

I have several questions.

1) Is the entire 140% (using your example) paid by your agency or just the additional amount over street level?

2) If an agent moves on and requires a release, will you grant one?

3) Who owns the business?

4) Is there a production miniumum?

5) Is the override paid based upon a contract or a whim?

If all you are doing is bonusing the difference without any downside, then good for you. I don't know how you could do this for any and all agents but that's your business, not mine.

Rick

insuranceexec · 12-09-2008, 04:38 PM

Originally Posted by GreenSky

William:

I have several questions.

1) Is the entire 140% (using your example) paid by your agency or just the additional amount over street level?

2) If an agent moves on and requires a release, will you grant one?

3) Who owns the business?

4) Is there a production miniumum?

5) Is the override paid based upon a contract or a whim?

If all you are doing is bonusing the difference without any downside, then good for you. I don't know how you could do this for any and all agents but that's your business, not mine.

Rick

Good Questions I will answer them one at a time.

1. The additional is paid in-house as a bonus.

2. I will always grant a release; though I have never had an agent do that. This business is hard enough as it is, why have someone you don't "mesh" with working with you.

3. You own your block of business.

4. No production minimum. However at that level I can not afford to give support. If an agent is needing support we would have to re-negotiate terms.

5. Per Contract, on a weekly, bi-weekly, or monthly basis. What ever is the most convenient for the agent. One thing is that I am not advanced with ANY carrier over there comp level. Example: An agent writes a $1,000.00 premium life case. That agent is at a 125% comp grid, therefore, they would be advanced based on their comp grid. The additional would be paid out as earned in the form of an IN-HOUSE bonus monthly.

That is a very good question there Rick. The way I operate, again and to be clear, with an agent or agency that requires NO support, is that I pay them everything and I operate on 5% on life and .25bps on all annuities. If I have zero overhead meaning I do not provide the agent an office, leads, back office support or anything. Than it is only fair that the agent get everything except what I mentioned previously. The agent is making money and we are making money. This is why I make a great deal of IMO, FMO, or any other combination of letters mad. I can pay this to everybody and anybody because I deal with volume. I process on average of about 7-10 Million a month in annuity production and about 200K a month in life premium. I thank you for your question and again if I can be of any help please contact me. Happy Hunting and have a great day.

hlink20 · 01-30-2009, 01:57 PM

Originally Posted by harveyj5

I have begun researching on becoming an independent agent. I have my Life/health and Annuity license and would like to get advice on what to look for in companies and what to consider. I am located in ohio. Any help would be nice.

Will your focus be individual or group sales?

moonlightandmargaritas · 01-30-2009, 02:01 PM

Originally Posted by harveyj5

I am located in ohio. Any help would be nice.

Consider relocating to a better climate?