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Franklin Said:

if someone becomes a life insurance broker how does he obtain quotes for clients?

We Answered:

If you have been in the Insurance field for any length of time you should already know this, but I might be able to clear away any remaining "fog" you might have.

First, if you are a captive agent, you have to terminate your contract with the company you work for. If you are an independent agent, you have to terminate agreements you have with any and all GA's, or MGA's you are entered into.

You then approach every insurance company whom you want to market their product line and sign their GA (General Agency) agreement, or MGA (Master General Agency) agreement. An MGA usually has GA's who recruit indie's, (independent agents) to sell for them. MGA's provide guidance, knowledge, and experience to GA's, who do the same for their sales force.

To answer your origianl question, you wil be provided software, (updated via internet) that you can download to your laptop to give "instant" illustrations.

Where are you in this matrix?
Good luck to you.

Samuel Said:

Can I switch my life insurance broker?

We Answered:

lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.

Harold Said:

question for LIFE INSURANCE BROKERS or salespeople!!!!?

We Answered:

There is not always a "better or worse" scenario. Each has its place.

Term is great for those without the present financial ability to secure permanent insurance, or who have a need for additional insurance for only a relatively few years, e.g, to cover children in the home, etc., till they leave. Term is relatively cheap.

Permanent insurance of any kind continues for the life of the client. There are other types beside whole life, which I personally don't like, since cash value accumulation within it is usually minimal since it's tied to the general accounts of the company.
There are other permanent types of insurance in which cash value accumulation is much better and perhaps to be preferred,

However, your question is specific and I will answer it so.

Term life will allow the family that uses it to take the additional money that isn't spent on the Whole Life policy and put it away into something that will grow better for them, including mutual funds. They will, however, be liable for capital gains taxes on the growth in those funds, but usually they will outpace whatever the Whole Life policy has as cash value in its general funds (normally those pay about 2-4%). Over time, mutual funds have apparently averaged about 8 -12%.

Even with that, whole life can still have some advantages over term. Let's say someone has ONLY two choices. Whole life or term. I'd suggest that they seriously consider the whole life. Why? Because term runs out and the premiums to renew can skyrocket. Also, things happen in life and there is a real possibility that you may not be able to get another term policy because your health, for example, has deteriorated between the time you first got your term policy and the time it ended. Assume you were diagnosed with cancer in year 9 or your 10 year term policy. No carrier will pick you up in year 11 when you want to renew. However, with whole life you'd be covered even if you had the same scenario in year 9. Your family could still be taken care of if you died in say year 12.

Just so you know, though, there are other forms of permanent insurance in which the money is NOT placed into the general accounts of the insurance company, but is placed instead into sub-accounts that also average about 8-12% and money taken as loans from these policies and taken under the appropriate ways are usually not subject to taxes.

This is by no means a solicitation for anyone to contact me about this, I'm simply answering your question in as full a manner as I can in this short space.

Patricia Said:

Do life insurance agents/brokers work against you?

We Answered:

From what you've described, they are both "whole life" type policies. These carry a "cash value" and pay out "dividends" that go toward paying the premium. As you noted, you never really get that cash value back. Swapping one whole life insurance policy for another is rather pointless. Whole life in general is not the best type of insurance - it's a hybrid of insurance and investment, so it not optimal for either. As you noted - the agent's main motivation is commission. First year commissions are insanely high, so it pays for him to pump new policies even if he already gets ongoing commissions from an existing policy.

You need to consider two things:
Is this agent the best for you? Insurance agents are a dime a dozen, you can probably find one who will be a bit more geared toward your needs.
Do you really want whole life? The point of life insurance is to leave money behind when you die. Using whole life, you build up a "cash value" over time - but at a cost of high premiums. Go for a good Term Life policy - it's plain life insurance without all that other goobly-**** added in. As a pure insurance product, it is much more efficient at providing a death payout AND costing much less in premiums.

Janet Said:

I am a Life insurance broker, what is the best way to obtain qualified leads?

We Answered:

A great place to look for leads is the Maternity ward at the hospital. Couples who weren't thinking about life insurance before, start thinking about it when they have children. Also the birth announcements in the paper. Family men are the most likely to purchase life insurance. stay away from term policies and concentrate on annuities and cash back policies. Think new families.

Terrence Said:

Where do I find a life insurance broker?

We Answered:

ah, you're really looking for spam links.

You find a LOCAL broker, with a REAL office, at www.iiaba.net . . . and put in your zip code.

Life insurance cannot be purchased SOLELY online.