In the world of Life Insurance there are two types of Agents.
Captive Life Insurance Agent: A Captive Life Insurance Agent is married by contract to only one Life Insurance Company. If they place business anywhere else they risk losing their agency, which by contract belongs to the company.
Many Property Casualty Companies write through their own Captive Agents. In my many years in the Insurance Business, both as a Captive and Independent Agent, its tough to train someone to be good at both auto and home insurance AND Life Insurance. Its either one or the other.
Many Captive companies have Life Insurance quotas to force Property Casualty Agents to produce Life Insurance. Oftentimes the agents sell the products grudgingly. It is virtually impossible to succeed as a Life Insurance only agent with a Property Casualty Agency.
Limited Selection: One other major disadvantage a Captive Agent has is that he or she has a very limited product portfolio. Unlike a Broker, like Michael Pelo, who can select from multiple top tier Life Insurance Companies (Like Northwestern Mutual). Captive agents can’s guarantee the best products or the best value because they only represent one company.
Life Insurance Agent Factories and Captive Agents:
There have been many Life Insurance Factories that have emerged over the years, both in Network Marketing and elsewhere. I used to administer a profile test on Life Insurance Agents called the LIMRA.
To score well on the LIMRA you needed to have capital to invest, a great network of people to talk to and a very positive perception of the Life Insurance Industry.
Unfortunately, to get a Life Insurance License with a Factory system, all you really need is a warm body and a willingness to buy a policy on you and your family. In the best case scenario, your up-line sponsor will work your warm market contacts until they dry up. Then they kick the factory agent to the curb.
Orphan Policies: besides being captive, the factory agent leaves the company and you become an “Orphan” policyholder. Assigned to multiple agents who come and go. The problem is your needs change and you should be reviewing those changes or you could get caught under-insured, over-insured, or with a policy that is obsolete and overpriced.
Independent Agents are just a Much Better Choice!
Independent Life Insurance Brokers, like Michael Pelo, are just a much better choice for Consumers!
They can gather hundreds of quotes from multiple companies and get you the best value!
The LIMRA tells us that only 17% of the BEST Life Insurance Agents will survive the first year. Mike is long past that danger point. This tells you he is getting multiple referrals from his existing clients and that he will be there when you and your family need him most.
Mike represents you and your money, not his employer or a contract that forces him to do business with just one company!
Mike is a Professional and Expert that keeps up with Industry changes and has the freedom to make sure your policy is with the right company, regardless of the economic environment.
I was with a company that almost went bankrupt do to some very bad investment decisions. At that point, I was fully vested in that ONE company and I had to hope they survived!
I am a big believer in Specialists that are Experts in their field with multiple companies behind them. This guarantees that my recommendations are solid.
Contact Mike at 801-225-8000.
He is licensed in all 50 States!
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