Life and Health Agent Joining P&C Agency

[jmarkk1]

I’m currently being offered a position as the life and health insurance agent at a P&C agency where I’ll be focusing on group benefits, Medicare, life and LTC. I have a book of business that’s enough to live off of and work, but I would definitely like to grow the business.
They are still wanting to figure out details but they are thinking that they want me to be an employee and then share commissions. I’m thinking that a simple 50/50 split would be reasonable on all their business contacts that I convert and then I’d keep 100% of what I bring in from outside agency.
I’m not real excited about being asked to be an employee mainly because I enjoy the flexibility of being self-employed.

Thoughts?

 

[Markthebroker]

I’m not real excited about being asked to be an employee mainly because I enjoy the flexibility of being self-employed.

Thoughts?

I'm an independent commercial p&c agent, so I can't comment on the split, but it sounds like your real issue is about them wanting you to be an employee, but you want to stay indi for flexibility. I hear that, I have been indi for the last 8 years with much freedom. The agency I'm in wanted me to go employee about a year ago, but I setup an LLC instead.

So, you have two options as I see it, and someone else may comment with another that I have missed, or could go into more detail.

1- Work with them but stay indi. Work out some sort of agreement where you can do that, but it may involve you setting up a corporation or LLC, like I did.

2- Go employee but have documentation detailing a level of freedom for you. Someone else on here can comment, but I do believe that can still lean on you in the future for production. If freedom is really important to you like it sounds like (and like it is to me) then go with option 1.