Just Passed Exam Now Looking for an MGA

[VolAgent]

I don't mind lowering the commission. I've always had the "do what's best for the client" mentality. So if I can get them a better offer by lowering my rate that means I could also generate MORE sales and better referrals from happy clients which in essence will increase my commission pay.

What do you think about ASUREA?

What do you think about structuring the 1st year premium in the closing of the Purchase contract? I think this would be a great way to build a great relationship with some of the carriers if the chargeback rate is nil (or at least very close to nil, for those who do not pay the premium through the closing).

Newagent70

I don't know that carriers would be all that happy with you turning a high lapse product into a low lapse product.

Good luck with rolling the life premium into escrow. But something tells me that many carriers will have a problem with that on many levels.

 

[newagent70]

Good point Vol, I guess I was looking at the aspect of a client NOT lapsing where in many cases carriers sometimes bank on them lapsing. This is why I love this site, I am able to bounce questions off everyone before trying to put something in action only to have it blow up later.

Thanks again!

Newagent70
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I would personally say that for what you're looking for you need a good contract with Assurity, possibly Genworth (if you don't mind lowering your commissions to get your clients that can be underwritten a much better rate) if you want to do some medically underwritten, but you need to talk with the carriers specifically to see if they are ok with premium financing, since in essence it appears that is what you're trying to do.

You'd need medically underwritten if any mortgages are going to be in excess of 300k.

I received your message, I could not reply due to my number of posts. Please keep me posted on what you find out.

Newagent70

 

[Larry Tew]

A few points. First, no need to call me Mister Tew, though I appreciate the sign of respect. Secondly, the idea of financing the 1st year premium at closing is going to be a problem on many levels. I assume it's legal, but the bigger problem is that you are going to need to be introduced to the home buyer at a critical time. If the prospect is brought to you by the mortgage broker, the mortgage broker most likely was introduced to the prospect by a real estate agent. The mortgage person is beholden to the realtor, and the realtor cares about two things... LIST a house or SELL a house.

Realtors are one-deminsional types who are 100% TRANSACTIONAL in nature. This means that the only time a realtor even PRETENDS to be RELATIONAL (versus transactional) is when they think it will get them a prospect. But it doesn't flow the other way. If a realtor catches even a whiff of the mortgage person bringing in an insurance guy, you can be sure of a cataclismic event.

Now obviously, if there is no realtor involved, there's no problem.

 

[houcoogster]

You said: "I don't mind lowering the commission. I've always had the "do what's best for the client" mentality. So if I can get them a better offer by lowering my rate that means I could also generate MORE sales and better referrals from happy clients which in essence will increase my commission pay."

Wow, you haven't earned a dime yet and you want to reduce your pay? So if I accept an even lower rate of comm than you I can steal your clients? After all it is in their "best interests" right.

 

[newagent70]

You said: "I don't mind lowering the commission. I've always had the "do what's best for the client" mentality. So if I can get them a better offer by lowering my rate that means I could also generate MORE sales and better referrals from happy clients which in essence will increase my commission pay."

Wow, you haven't earned a dime yet and you want to reduce your pay? So if I accept an even lower rate of comm than you I can steal your clients? After all it is in their "best interests" right.

I think you missed my point altogether. As a new agent I am not out to pad my pockets by doing a disservice to my clients, further if I can offer them something more competitive in the beginning that WILL go a long way versus someone who's looking out for the big score and on to the next payday. I value relationships, bottom line.

I'm not looking for a get rich quick scheme, I truly love helping others and if I can do what I do well and make a living in the process, what's the problem????

Newagent70

 

[houcoogster]

There is a big difference in get rich quick schemes, taking advantage of people and writing for the lowest commission paying product.

If you can't stay in business how many people can you help?

 

[newagent70]

There is a big difference in get rich quick schemes, taking advantage of people and writing for the lowest commission paying product.

If you can't stay in business how many people can you help?

I never said that ALL my business would be for the "lowest" commission, I'm not naive. I said if it's in the clients best interest (i.e. writing a med policy vs. non med) then I would offer what's best. Keep in mind, not all clients would want to take a chance on the med policy so they would be paying a higher premium instead. Again, it's about relationships. I don't think having this philosophy would put me in the poor house. If you do right by people you will be just fine, in this case, I will.

Newagent70


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[HomeService]

There is at least one thread floating around here talking about assurea. I think you should get some training with an outfit first. Look into the hartford maybe. If you are in TX, they are recruiting. They seemed real good, I interviewed with them, but I dunno, maybe you wish to strike out on your own off the bat.

 

[newagent70]

There is at least one thread floating around here talking about assurea. I think you should get some training with an outfit first. Look into the hartford maybe. If you are in TX, they are recruiting. They seemed real good, I interviewed with them, but I dunno, maybe you wish to strike out on your own off the bat.

My biggest concern with going captive is my client base. I have a referral base lined up but if I start with a company vs independent I will more than likely loose those clients once I am ready to venture out on my own.

I am seriously leaning toward independent since my only focus right now is mortgage protection insurance. Even though I just passed the licensing test I am somewhat familiar with it, one of the larger banks I used to work for sold it.

There is only one way to tackle this and thats by the horns and going for it!! One of my very first clients is someone I know and who knows I'm venturing into this new line of business so that helps too.

We shall see. I will keep everyone posted. I literally just passed the test so right now I'm working on my E&O, AML, and other due diligence.

Thanks for all of the input.

Newagent70

 

[HomeService]

My biggest concern with going captive is my client base. I have a referral base lined up but if I start with a company vs independent I will more than likely loose those clients once I am ready to venture out on my own.

I am seriously leaning toward independent since my only focus right now is mortgage protection insurance. Even though I just passed the licensing test I am somewhat familiar with it, one of the larger banks I used to work for sold it.

There is only one way to tackle this and thats by the horns and going for it!! One of my very first clients is someone I know and who knows I'm venturing into this new line of business so that helps too.

We shall see. I will keep everyone posted. I literally just passed the test so right now I'm working on my E&O, AML, and other due diligence.

Thanks for all of the input.

Newagent70

Well, assurea may be the way to go, then. Where are you in TX? There seems to be a bunch of mortgage protection agents around here- I'm in Austin.