To Securus or Not to Securus? That is the Question.

[risingstarlife]

The local IMO is offering me 100% with renewals of 4-5% for years 2-10 (whole life products only).

I can create my own mail campaign ($340 per 1,000 mailings with an estimated .5-1.5% response rate) and he offers ways to reach outside of the 1-1.5% of the people who usually fill out forms.

Are you referring to monumental 100% contract ?

 

[Rearden]

That's pretty good -- can you get bumps to your commission after putting X dollars of business on the books?

That's stuff I'd negotiate up front... IN WRITING.

Make sure you're vested and the carrier pays you, though.

What carriers will you be with through this local IMO?

 

[GAInsuranceGal]

That's pretty good -- can you get bumps to your commission after putting X dollars of business on the books?

That's stuff I'd negotiate up front... IN WRITING.

Make sure you're vested and the carrier pays you, though.

What carriers will you be with through this local IMO?

Thanks Reardon. I did not think about bumping up my commission in the future.

The carrier pays me directly.

Vested? I'm not sure what you are referring to. Please elaborate. Vested can mean different things and not sure how it applies in the insurance arena.

Thanks again for your help.

 

[Rearden]

Which carrier(s) will you contract with under this outfit?

Does the manager actively produce? What kind of numbers is he and his people putting up?

 

[JustinSane]

Which carrier is he offering you 100% with? That seems VERY low (for most FE carriers), especially if you are buying your own leads! 110-120% is more in-line with most FE carriers.

If the IMO is supplying leads, that would be different. But why should they make more money, when you are the one investing time and money, not them??

 

[BenS]

The local IMO is offering me 100% with renewals of 4-5% for years 2-10 (whole life products only).

I can create my own mail campaign ($340 per 1,000 mailings with an estimated .5-1.5% response rate) and he offers ways to reach outside of the 1-1.5% of the people who usually fill out forms.

If that is indeed true, I would go with the local IMO in a heartbeat. (Assuming the fact that since they are local, they will be giving you training)

 

[TwiLight]

Look at OP State Flag NEW YORK.

All bets are off for a decent commission. 100% is not gonna happen in NY.

 

[JustinSane]

Good catch Twilight....Can't believe my yankee butt missed that.

 

[GAInsuranceGal]

Are you referring to monumental 100% contract?

No. An outside lead company.

That's pretty good -- can you get bumps to your commission after putting X dollars of business on the books?

Yes. Increments of 5%

Make sure you're vested and the carrier pays you, though.

Carriers will pay me and I will be vested. (Based on contract with UHL.)

What carriers will you be with through this local IMO?

UHL and American Amicable are the 2 main ones. (I was told that 90% of my business can be insured with these two.) He also has 5 other carriers.

Which carrier is he offering you 100% with? That seems VERY low (for most FE carriers), especially if you are buying your own leads! 110-120% is more in-line with most FE carriers.

I found out that 85-100% is for term products (UHL and American Amicable). Whole life products (FE) are 110-120% (UHL). Accidental is 100%.

Look at OP State Flag NEW YORK.
All bets are off for a decent commission. 100% is not gonna happen in NY.

New York is where I was born. I live in Georgia and have been here since 1991.

 

[GAInsuranceGal]

Sorry for the delay in responding. For some reason my earlier response did not post, so here it is again.

That's pretty good -- can you get bumps to your commission after putting X dollars of business on the books?

I do get bumps (5% increments) in my commission.

Make sure you're vested and the carrier pays you, though.

I will be vested with UHL, but not sure with American Amicable.

What carriers will you be with through this local IMO?

I am going to start with UHL and American Amicable. He said that about 90% of my business will be through these two. However, he has about 5 more. One is Foresters, but because NAA probably will not give me a release, I will have to wait 6 months-1 year.

Which carrier is he offering you 100% with? That seems VERY low (for most FE carriers), especially if you are buying your own leads! 110-120% is more in-line with most FE carriers.

I found out that I will be making 110-120% with UHL and 80-100% with American Amicable.

Look at OP State Flag NEW YORK.
All bets are off for a decent commission. 100% is not gonna happen in NY.

The IMO and I are in Georgia. I am originally from New York, but live here in Georgia since 1991.