Can a Life Insurance Agent work with two different IMOs?

[TexasLifeAgent]

Hi, I just have this question ...

Can a Life Insurance Agent work with two different IMOs?

Thank you in advance! =)

 

[WinoBlues]

Hi, I just have this question ...

Can a Life Insurance Agent work with two different IMOs?

Thank you in advance! =)

Absolutely.
More than two.
One reason to may be one is strong with one type of insurance say FE. While another is very strong with Non Med Term to $million dollars. Or Medsups.

Assuming your question is because you are new. If I was advising a new agent I may suggest they find one that fits their style, or what the think their style is. Go all in with them for a while. Learn from them. Then branch out as you need or want to.

Learn to walk first.

 

[TexasLifeAgent]

Absolutely.
More than two.
One reason to may be one is strong with one type of insurance say FE. While another is very strong with Non Med Term to $million dollars. Or Medsups.

Assuming your question is because you are new. If I was advising a new agent I may suggest they find one that fits their style, or what the think their style is. Go all in with them for a while. Learn from them. Then branch out as you need or want to.

Learn to walk first.

Thank you for your response @WinoBlues . Yes, I wanted to focus more on FE for now, and wanted to see if other IMOs might have insurance carriers that might offer the same type or amount of coverage for lower monthly premiums, to make it more affordable for the senior market with limited incomes.

Learn to walk first.

My first two months I was crawling, because I was on my own (that was why I WISHED I found this forum FIRST, because I learned everything the hard way ... ... then when I was able to help my first family with Life Insurance coverage, that was IT!

I love helping families this way!

From reading some posts in this forum, there are other agents that share they replace policies with Carriers that I am contracted with, so I also want to see how much of a price difference it is with the other carriers. I want to be able to offer policies that would be more affordable for the Seniors too, and at the same time be able to still provide service to those who have already bought their policies through me in my current IMO (because I have also learned that sometimes leaving an IMO would mean also not being able to access the clients that I have now).

I appreciate your candor. Thank you! =)

 

[WinoBlues]

Thank you for your response @WinoBlues . Yes, I wanted to focus more on FE for now, and wanted to see if other IMOs might have insurance carriers that might offer the same type or amount of coverage for lower monthly premiums, to make it more affordable for the senior market with limited incomes.



My first two months I was crawling, because I was on my own (that was why I WISHED I found this forum FIRST, because I learned everything the hard way ... ... then when I was able to help my first family with Life Insurance coverage, that was IT!

I love helping families this way!

From reading some posts in this forum, there are other agents that share they replace policies with Carriers that I am contracted with, so I also want to see how much of a price difference it is with the other carriers. I want to be able to offer policies that would be more affordable for the Seniors too, and at the same time be able to still provide service to those who have already bought their policies through me in my current IMO (because I have also learned that sometimes leaving an IMO would mean also not being able to access the clients that I have now).

I appreciate your candor. Thank you! =)

A lot to un pack in the above.

Price - there are thousands of agents selling every company from the cheapest to the higher priced.
Agents will say they do this because of X. They said differently 5 years ago and will justify a change in 5 years.
Replacement- easy to do. Mostly for the betterment of the agents than the client. But, can always be justified. Those agents replace their own books just as readily.
I am rarely, like almost never, replaced. I rarely am the cheapest. I also may replace one of my own policies. But rarely.

Find an imo that fits you. They all have most of the companies. There are absolutely zero must have companies. There are agents making money selling every company admitted in your state.
Learn your trade.
Decide if you are going to be a salesman or an agent primarily.

This is a great career.

All IMohsoHO

I am not an FE Agent

 

[Newby]

Hi, I just have this question ...

Can a Life Insurance Agent work with two different IMOs?

Thank you in advance! =)

Sounds like FexContracting might be one you are looking for. We have always specialized with the more competitively priced FE companies. We are the top distribution channel in the country for KSKJ Life (working on opening up Texas for our agents later this year), as well as the #1 IMO for Trinity Life/ Family Benefit Life (very strong product in Texas). We also offer Lifeshield, Standard Life and Casuality and have a unique version of SNL Security National Life designed for brokers to put MORE commission and MORE lead bonus in your pocket.

If you are just looking for additional products you can pick any of these up in our broker division or if you are looking to move all your FE business to one highly competitive IMO you can join up and participate with our training and set cost direct mail lead program.

Also brand new internet lead program available to brokers with two or more contracts with us (and writing business) you get a discounted rate of $6 each (40 lead minimum order).

Give us a call! The number is on the FexContracting.com website.

 

[scagnt83]

I dont do FE, but FEX would be a good choice to look at as a new agent.

Also, with some carriers, you can even have 2 contracts for the same carrier through different IMOs. Muutal of Omaha is one that allows that. The reason for that would be if you had a MedSup contract through one IMO that specializes in med sups, and then a life contract through another IMO that specializes in life.

 

[TexasLifeAgent]

A lot to un pack in the above.
Price - there are thousands of agents selling every company from the cheapest to the higher priced.
Agents will say they do this because of X. They said differently 5 years ago and will justify a change in 5 years.

I do my best to do my best for my clients, as if they are my own family members. So I really do dig in and ask them questions (health and finances) so that they can afford to keep and will KEEP the policy until the inevitable comes. I had some clients tell me that other agents are ALSO contacting them, but they said they will "stick it out" with me, because I always say that the best person to help them regarding their Life Insurance Policy is the person who used their own License and contract with the specific carrier, to help them submit their application.

Replacement- easy to do. Mostly for the betterment of the agents than the client. But, can always be justified. Those agents replace their own books just as readily.
I am rarely, like almost never, replaced. I rarely am the cheapest. I also may replace one of my own policies. But rarely.

I do not see myself doing ANY replacements as well, because that is NOT always the best for the client. For one, it "restarts" their 2 year contestability period, and also, their premiums would have been lower, too. What might be beneficial is to ADD an additional smaller policy, if ever they need a little bit more.

Personally, I would not want "chargebacks" on the part of the agent who issued them the older policy. Kinda like "do not do unto others what we do not want done to us". Number one, we do our best to our clients, and number two, we treat our fellow agents as professionals and also with kindness. =)

Find an imo that fits you. They all have most of the companies. There are absolutely zero must have companies. There are agents making money selling every company admitted in your state.

Thanks for this. I am going to be calling and learning more about other IMOs too.

Learn your trade.

Check. And going to continue to learn. (Learning is a life-long process).

Decide if you are going to be a salesman or an agent primarily.

Agent. Help families. We do what we love, the money will follow.

This is a great career.
All IMohsoHO
I am not an FE Agent

Amen! And thank you for your insights! God bless you!

And happy helping families for all of us here.

 

[TexasLifeAgent]

Sounds like FexContracting might be one you are looking for. We have always specialized with the more competitively priced FE companies. We are the top distribution channel in the country for KSKJ Life (working on opening up Texas for our agents later this year), as well as the #1 IMO for Trinity Life/ Family Benefit Life (very strong product in Texas). We also offer Lifeshield, Standard Life and Casuality and have a unique version of SNL Security National Life designed for brokers to put MORE commission and MORE lead bonus in your pocket.

Thank you @Newby . I will take a look at your website. =)

If you are just looking for additional products you can pick any of these up in our broker division or if you are looking to move all your FE business to one highly competitive IMO you can join up and participate with our training and set cost direct mail lead program.

Maybe for now, just additional products. I have "read" from other agents leaving the IMO that they have to sign that they "would not contact their own clients", which is something I didn't know when I started.

Also brand new internet lead program available to brokers with two or more contracts with us (and writing business) you get a discounted rate of $6 each (40 lead minimum order).

Give us a call! The number is on the FexContracting.com website.

I have several hundreds of leads that I will continue to be working on (as I still have a full time job). I created my own system to track my activities and so I can "quantify" the quality of the leads I purchased. I am new to the insurance industry, but I am not new to technology. So there are ways that we can all ascertain the "true quality" of the leads we purchase. I only purchase "local leads" that I can easily drive to. (I've purchased some, and when I decided to drive by or doorknock, found them to be "abandoned homes"! LOL! I did want to make sure I "resolved every lead I purchased", I can easily get back to the IMO with evidence that the lead sold to me was bogus, and for those, they can easily issue refunds. (The IMO did refund some, because I gave them a list, so that they can screen their "Lead Vendors" too, as it reflects badly on the IMO when or IF they STILL sell those types of leads). I was able to sell some, so of course, not all of the leads were unreachable. For some reason, those that I was able to reach, were just all "so angry" saying "they didn't fill those forms out."

As Insurance Professionals, we have our licenses to protect. But I think the loophole is when "lead vendors dupe new agents". I know for a fact (backed by evidence) that I got duped in some of the batches of leads I purchased, so that was why I am also starting to look at generating my own leads (I am not new to online marketing, too, I'm aware that it takes an entirely different amount of technical skillset to get that going).

I'm glad you have your Lead Program as well. I'll be looking at your website. Thank you for commenting and for your advise as well! =)

 

[TexasLifeAgent]

I dont do FE, but FEX would be a good choice to look at as a new agent.

Also, with some carriers, you can even have 2 contracts for the same carrier through different IMOs. Muutal of Omaha is one that allows that. The reason for that would be if you had a MedSup contract through one IMO that specializes in med sups, and then a life contract through another IMO that specializes in life.

Thank you @scagnt83 . That is good to know about Mutual of Omaha =)

 

[WinoBlues]

@TexasLifeAgent

Keep an open mind. You eill do many things you think you won't. Such as replacing. Not always a bad thing.
Being a salesman is not a negative and a lot easier than being an old school agent. There is a happy place in the middle somewhere. Find yours. At the end of the day you need to earn. And earn well to stay in this business. Being in the business is the only way to be here when your clients need you. Yen / Yang thing.

Look for someone that you mesh with. That is almost as important as some 'super trainer's' secret sauce. A good modivator and sounding board can help a new agent get over those slumps.

Kinda depends on what works for you.

Good luck