Independent insurance broker or work for a company?
I just got licensed in Florida. I am going to be working for a company that focuses on Life insurance products, particularly Mortgage credit insurance, but the mortgage company need not be the beneficiary.
The company I’ve signed up with will pay me as a 1099 employee. They basically will provide free “B” leads that I get paid 55% on, or “A” leads that I can purchase from them, and get paid75%. I was told that I would be getting paid directly by the actual insurance company not the company that i “Work” for. So basically I think that the company really does nothing but provide or sell leads and take part of the commision. Since I’m working as an independent contractor for them, isn’t there a way that I can work directly for the insurance companies and use my own leads? I know that you have to be assigned by the companies, but what are their requirements? I don’t want to be an employee of the insurance companies…just want to cut out the middle man here.
It’s really hard to get those appointments, especially if you don’t have a $250,000 book of business to roll over to them. Since you’re brand new, it would be just about impossible.
The companies ALSO check your personal financial situation before bringing you on, and would require you to carry E&O insurance for yourself and any subs you’d use.
You’re going to have to work under someone else for a few years, regardless of leads. Once you prove you can do that, and get the book built up, THEN you can start working on your own.
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