Just insurance

or Register to post new content in the forum

12 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 14, 2009 11:17 am

For you insurance guys... Is it possible to just transact fixed annuity and indexed annuity business without having to use a b/d? Can you go through a IMO group by yourself?



I have a friend who has his insurance lic and securities lic, but doesn't want to do securities, instead focus on fixed annuities and indexed annuities..

Aug 14, 2009 2:34 pm

Yes.

Aug 14, 2009 2:37 pm

How do you go about doing that. I haven't found a new b/d yet, but I could still do some business with fixed annuities/indexed annuities to pay the bills?

Aug 14, 2009 4:04 pm

If he doesn't want to do securities, he should get rid of the broker/dealer.  Having a B/D makes the insurance business much more difficult because they still have control over what you do even if it is an outside business.

Aug 14, 2009 4:35 pm

So Anon... how do you process business... if you don't mind me asking? Do you go through an IMO?

Aug 14, 2009 8:29 pm

I'm securities licensed so I do have a broker/dealer.   Fortunately, I don't have to put my insurance business through them.  Sometimes I deal directly with the insurance company and sometimes I use an insurance brokerage.  

Aug 14, 2009 10:58 pm
anonymous:

If he doesn't want to do securities, he should get rid of the broker/dealer.  Having a B/D makes the insurance business much more difficult because they still have control over what you do even if it is an outside business.



You can get an independent "brokerage" contract with a company like Mass Mutual or Metlife and do nothing but fixed products (life, indexed and fixed annuities, LTC, disability).  There is no b/d involved and if you are on an independent contract, you get higher payouts usually than the career agents who actually work in the office.  If you want to do it, just contact any general agent of the insurance company you would like to sell and tell them what you want to do.  They would be more than happy to oblige. 

You might also be able to get a contract with an insurance marketing org like Crump where you would have access to many different carriers for fixed products.  You would have to contact them directly to be sure.  Their website is www.crumplifeinsurance.com.&nbsp;

Aug 15, 2009 11:29 am
BioFreeze:

The best thing I ever did was to get rid of my b/d and only sell index annuities. 


 
In fact, if someone wants to sell index annuities they really need to get rid of their b/d.  Too many b/ds either won't let their reps sell them or make them jump through too many hoops.
 
I can't sell them and I think that it's total b.s. that I can't.  They are like any other product.  They are fine when appropriately sold and they suck when they aren't.
Aug 16, 2009 12:46 pm
army13A:
anonymous:

If he doesn't want to do securities, he should get rid of the broker/dealer.  Having a B/D makes the insurance business much more difficult because they still have control over what you do even if it is an outside business.



You can get an independent "brokerage" contract with a company like Mass Mutual or Metlife and do nothing but fixed products (life, indexed and fixed annuities, LTC, disability).  There is no b/d involved and if you are on an independent contract, you get higher payouts usually than the career agents who actually work in the office.  If you want to do it, just contact any general agent of the insurance company you would like to sell and tell them what you want to do.  They would be more than happy to oblige. 

You might also be able to get a contract with an insurance marketing org like Crump where you would have access to many different carriers for fixed products.  You would have to contact them directly to be sure.  Their website is www.crumplifeinsurance.com.&nbsp;



I do know that some brokerage contracts with insurers like the ones you mention above require a minimum amount of business be sent through in order to get renewals on the products you've sold.  Now if you're only selling fixed annuities there are no renewals anyway, Some index will trail though.  Insurance companies will also let you buy into their E&O as an independent broker if you want.

Aug 17, 2009 2:54 pm

there is a company called national brokerage I am actually in the process of contracting with them, They represent 40 insurance companys and there is no minimums.

Aug 24, 2009 12:23 pm

I work for one of the top IMO's.  Send a PM to me.  I can have someone call you and answer allof your questions.  BTW - we work with thousands of agensts that only do life, fixed and indexed annuity buisiness.

Aug 26, 2009 9:26 am

no... they are basically a whole life insurance policy...

You are better off buying tax free municipal bonds, treasury bills, or other fixed income instruments..

The only thing annuities do.. is make the insurance company selling them a TON of money

online trading comparison