Can I Leave My IMO?

[John1620]

Hi, thank you for taking the time to read my question. I foolishly rushed into a contract with NAA before I knew anything at all about the industry. Since then I have gotten my license in NY for Life Insurance, but have read all the bad press on NAA and am trying to decide if I should (and can) hit the brakes and try to go in a different direction.

In addition to the MLM accusations I've read about with NAA, I also have generally felt a complete lack of investment and support from my upline and anyone at the company. I was really hoping for more mentorship and training, but it seems like that won't be happening with them at all. And the 55% commission seems bad, and I'm not looking to recruit a bunch of people to increase that. I just want to sell.

I've been reading other posts on here and looking at the language of my NAA contract to try to get a better understanding on what my options are. It sounds like I may just be stuck here and cannot work for another IMO selling any Life Insurance for 12 months after termination if I quit. Does that sound accurate, or am I misunderstanding? Would I be ok to quit and immediately work for another IMO that contracts with different carriers? One other detail (not sure if it impacts things at all) is that I never actually went thru with completing the contracting with each carrier on the NAA website. Does that make a difference on what I can do?

Any help clarifying what options (if any) I have would be greatly appreciated. If there is important info I'm leaving out to better explain my situation, please ask and I will try to provide. Thank you again.

 

[Newby]

Yes you can reach out to each carrier you have been appointed with and term your appointment with them. Contract with different carriers and start selling the same day.

Six months after terming the old carriers you can recontract them elsewhere at the higher (normal) commission levels.

 

[John1620]

Thank you so much for the reply! 2 Questions:

1. Am I appointed with every contractor that NAA uses and that I have the opportunity to be contracted with? I am probably missing the difference between being appointed and contracted. Technically I believe I have not gone through the "contracting" and "appointing" process with any carriers. I have no writing #s, etc. So do I need to terminate with them and can't recontract with them elsewhere immediately?

2. Where does the 6 month number come from? I'm only seeing 12 month language on my contract.

Thank you again!

 

[Tahoe Ray]

Thank you so much for the reply! 2 Questions:

1. Am I appointed with every contractor that NAA uses and that I have the opportunity to be contracted with? I am probably missing the difference between being appointed and contracted. Technically I believe I have not gone through the "contracting" and "appointing" process with any carriers. I have no writing #s, etc. So do I need to terminate with them and can't recontract with them elsewhere immediately?

2. Where does the 6 month number come from? I'm only seeing 12 month language on my contract.

Thank you again!

If' you're not appointed with any carriers just call up other BGAs/IMOs and get appointed through their organization.

Contracting/appointing is used interchangeably when it comes to carriers. I can't speak to whatever contract you have with NAA but from the carrier perspective (and other agencies), you're good to write.

 

[Newby]

Thank you so much for the reply! 2 Questions:

1. Am I appointed with every contractor that NAA uses and that I have the opportunity to be contracted with? I am probably missing the difference between being appointed and contracted. Technically I believe I have not gone through the "contracting" and "appointing" process with any carriers. I have no writing #s, etc. So do I need to terminate with them and can't recontract with them elsewhere immediately?

2. Where does the 6 month number come from? I'm only seeing 12 month language on my contract.

Thank you again!

Sounds like you have no problem at all. If you are in New York, look up Todd King here on the forum. He can help you and will treat you fair.

 

[Todd King]

Thank you so much for the reply! 2 Questions:

1. Am I appointed with every contractor that NAA uses and that I have the opportunity to be contracted with? I am probably missing the difference between being appointed and contracted. Technically I believe I have not gone through the "contracting" and "appointing" process with any carriers. I have no writing #s, etc. So do I need to terminate with them and can't recontract with them elsewhere immediately?

2. Where does the 6 month number come from? I'm only seeing 12 month language on my contract.

Thank you again!

Most of the companies won't honor their 12 month commitment. Some have in the past. I remember Foresters used to honor that. Not sure if they still do or not. I don't think so.

 

[Tahoe Ray]

Most of the companies won't honor their 12 month commitment. Some have in the past. I remember Foresters used to honor that. Not sure if they still do or not. I don't think so.

He's not even appointed with anyone so why would that matter? Will Foresters honor the NAA contract even though he's not appointed with Foresters?

 

[Todd King]

He's not even appointed with anyone so why would that matter? Will Foresters honor the NAA contract even though he's not appointed with Foresters?

I was just expanding on what he was talking about with the 12 month wait in their contract. That's all.

 

[John1620]

Thank you all very much for the insights and recommendations.

Are you saying NAA would likely not pursue me if I were to violate what I'm understanding as a 12 month non-compete and get contracted with other carriers thru another IMO?

And I assume the carriers won't know/care because I'm not appointed with them thru NAA?

 

[Newby]

Thank you all very much for the insights and recommendations.

Are you saying NAA would likely not pursue me if I were to violate what I'm understanding as a 12 month non-compete and get contracted with other carriers thru another IMO?

And I assume the carriers won't know/care because I'm not appointed with them thru NAA?

It’s never been a problem that I’m aware of.