Transamerica Term Policies

scotte · 10-29-2009, 07:33 PM

Does Transamerica allow their commissions to be advanced? Do any IMO's advance Transamerica commissions?

From what I understand some life companies don't ever allow advances.

What about Prudential or Banner?

Jeff · 10-30-2009, 01:28 PM

Transamerica & Banner do advance.
I haven't used Prudential but would think they probably do.

ims01 · 11-01-2009, 03:11 PM

Transamerica Family Markets does permit advancing. Banner and Pru now advance also. I dont know about Transamerica TIIG is that is the one you are asking about.

steveadlman · 11-01-2009, 06:35 PM

Originally Posted by scotte

Does Transamerica allow their commissions to be advanced? Do any IMO's advance Transamerica commissions?

From what I understand some life companies don't ever allow advances.

What about Prudential or Banner?

I represent Transamerica and they advance on all of their life products.

scotte · 11-02-2009, 02:07 PM

The IMO I am looking at going with says those 3 companies mentioned earlier only pay as earned. Some of the other companies the IMO uses do advance. Maybe the IMO doesn't want those companies advanced for some reason.

Jeff · 11-02-2009, 02:16 PM

Originally Posted by scotte

The IMO I am looking at going with says those 3 companies mentioned earlier only pay as earned. Some of the other companies the IMO uses do advance. Maybe the IMO doesn't want those companies advanced for some reason.

If they aren't being up front about this are they someone you really want to work with?

atlantainsguy · 11-02-2009, 02:44 PM

IMO is a "rubber word" that actually means a group of FMOs and MGAs who band together for high-level contracts. You have to be a paying "member/shareholder" to be part of a true IMO. The FMO you are dealing with either does not want to advance you for some credit or vector reason, or they just don't want to take the chance on chargebacks. Also, perhaps the home office will not advance the FMO for some reason, which is generally the fact that they already have a large debit balance. I would look elsewhere for a wholesaler who will advance, if you need that. My personal preference is to always go as earned, however.

Atlantainsguy

scotte · 11-02-2009, 05:39 PM

Makes sense. The recruiting rep might be wrong too. They are fairly well known.

ims01 · 11-05-2009, 08:13 AM

IMO, FMO, MGA, etc. are all names used by different carriers for different production levels. IMO does not indicate an agency is part of a consortium. For instance, American General will give the title IMO when an agency hits several 100,000 in production.

If an agency is not advanced, it would have no impact on whether or not an agent could be advanced. Actually, many carriers do not advance agencies on their override.

If you are being told, prior to contracting, that those carriers do not advance, then that is an agency level decision. Some agencies may not offer advances to new agents due to the roll-up policy of a carrier. A new agent could write some business that lapses quickly. If they do not have enough as-earned coming to pay the debt, they may stop writing that carrier. Then the debt would roll up the hierarchy.

Understand that the agency is guaranteeing your debt (advance) to the carrier. Many may want a little production on the books from an agent before they assume that risk.

Atlantainsguy has a point about as-earned. Personally, as soon as I had expenses covered, I moved some of my contracts to as-earned. That gave me a good blend of up-front money and steady cashflow.

pomfin · 11-05-2009, 04:42 PM

Originally Posted by scotte

Does Transamerica allow their commissions to be advanced? Do any IMO's advance Transamerica commissions?

From what I understand some life companies don't ever allow advances.

What about Prudential or Banner?

It really depends on the imo you are working with. But I believe most of them do offer 9 month advance. I do give my agents advance, even helpped an agent who has credit problem to get advanced for Transamerica. Of course, I took the risk of paying the charge back if the agent failed to pay.

bluemarlin08 · 11-10-2009, 12:21 PM

Pomfin and Ed,
Looking to verify if Pru and Trans (not the family division) advance commission.

pomfin · 11-11-2009, 07:11 AM

Originally Posted by bluemarlin08

Pomfin and Ed,
Looking to verify if Pru and Trans (not the family division) advance commission.

As Ed mentioned, it is you IMO's decision on advance. Check with your IMO or find another IMO who is willing to advance you if your current IMO does not.

bluemarlin08 · 11-11-2009, 07:18 AM

My IMO told me Trans and Pru don't advance, I get advanced on Banner, WC, AIG, LN, LB, Genworth. My IMO is part of the Lifemark Group. They tell me that is what the companies tell them, no advances.