How Do You Know the Right Size MGA Insurance Agency to Choose?

If you are an insurance advisor, you know that there are several different ways to build your portfolio. However, as an insurance agent working for a major company, you are no doubt aware of the problems that also exist; challenges that make it difficult to increase your earning potential or to provide the best services to those clients. Once you have recognized these challenges, you might be questioning whether your position as an agent at one of these companies if the best fit for you.  

One of the best ways to ensure your future career goals and your clients’ needs is to become an advisor with an MGA insurance agency that is the right size and offers the best resources and compensation. An MGA insurance agency that is too big may not offer you the support you need because they are too busy to return your calls, while an MGA that is too small may not offer you the support you need because they simply don’t have the resources to. 

Working with a mid-sized and well reputed MGA insurance agency has many perks. These can include company sponsored events, team building, and training. Moving your insurance license from one insurance company or MGA to another can be quite simple, so there’s nothing to worry about. Just like with insurance rates, time is not on your side. If you are unhappy now, chances are you will be unhappy in the future. The longer you continue to build your portfolio under a particular company, the more complex it can become to switch.   

Working with an MGA that is large enough to offer all insurance products from all companies, while attending to your needs and professional development, will lead to increased success in the long run. It will mean greater success because you will be more agile, will be able to work your files faster and more efficiently, and most importantly you will be able to provide your clients with all of the insurance products offered by all companies to get them the most competitive deal. 

Because an MGA that vests your clients to you immediately means that you are able to begin building a strong portfolio that is yours right away, instead of dealing with the restrictions that come with working directly for an insurance company. This puts time back on your side because every client you develop is a building block in your empire.  

When making the difficult decision to move your license to a new company, and if you think that an MGA insurance agency is the right choice for you, there are some further things that you may want to consider:

1.       Do they employ the necessary tools to allow you to profit from continued learning and best business practices?

2.       Do they offer the types of products that you favour?

3.       Do they offer training and support?

4.       Do they offer a good compensation package?

5.       Do they offer a commitment on turnaround time for both applications and call backs?

6.       What is the culture like? Does the MGA insurance agency feel right for you?

Do your due diligence and you will quickly be able to determine the right fit for you. If you are ready to make the switch to becoming an advisor with the right MGA insurance agency, you know that that is a smart choice. Not only will you be able to encourage a stronger clientele base, but you will be able to provide the best services to keep them happy, while still beefing up your bottom line. 

To find out more about becoming an MGA insurance advisor, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

How to Increase Your Insurance Agent Salary: Why Working with a Managing General Agency Provides Far More Benefits

If you are currently working for an insurance company but have contemplated switching to work with a managing general agency, you may be thinking about what a managing general agency can offer you, especially where your income is concerned. Those who are new to the insurance business may think that working for an insurance company as an insurance advisor will guarantee them a large insurance agent salary, which is generally not the case. 

As you know managing general agencies and insurance companies alike do not typically offer insurance agents a fixed agent salary and much of an insurance agent’s income is based on commission. The more you sell, the more you make – the sky truly is the limit.

Working for a managing general agency offers one major perk, and that is that your clients are your own. Many insurance companies will provide you with a contract that will mean that you will have to be with them for many years before you will have any interest in your client base, and even after years pass, the insurance company will still retain the first right to purchase your client base if you want to change agencies or pursue other career opportunities for a period of time. The longer you work for an insurance company, the deeper the hold they will have on you, and as years pass it will be more and more difficult to move if they stop offering competitive products, training or remuneration.

With an MGA, you have the ability to provide a far better service that ensures that your clients are happy. Furthermore, by providing you with the tools that allow you to attract and retain customers quickly, your MGA can increase your profitability. Who wants a basic life insurance salary when you can be accumulating renewals with each new policy that you add to your portfolio of clients? In the insurance industry an insurance agent salary system doesn’t work because insurance agents deserve to have a piece of the pie for every policy that they put on the books and expect to be compensated for their good performance.

A good managing general agency will provide you with the tools to achieve your career goals:

·         Structured training program – by providing ongoing, consistent, and proven effective training, your managing general agency can increase your earning potential through professional development.

·         Mentoring program for newer agents - by allowing you to learn strategies from those who have had years of experience in the industry, those who know how to increase income, you can implement their trade secrets.

·         Lead generation – an established lead generation program means easy client building.

The right managing general agency should also provide resources such as a professional website with no upkeep for you but full access for yourself and your clients, access to the newest technology in the industry (and training on it), and referral sources. 

There are also huge incentive perks to working with the right managing general agency, those that accompany a commission compensation system as opposed to an insurance agent salary system. Recognition and rewards are an important part of a managing general agency’s commitment, and perks should include things like reward programs to recognize not only your own commitment to your clients but also to your managing general agency, as well as social activities to keep you abreast of changes within the agency and to help network.  Access to and funding for annual conventions are also things that a good managing general agency may provide in order to help with personal development and fostering smart business strategies. 

Leaving your career system and moving on to greener pastures is easy when you find the right managing general agency. There are so many different benefits that can come from switching to a managing general agency, including increasing your earning potential. 

For more information on how to increase your insurance agent salary and the benefits of choosing the right managing general agency, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Life Insurance in Canada – Why Going to An Ontario Insurance Broker is a Smart Idea

If you are thinking about purchasing life insurance in Canada to help protect you and your family in the future, it may seem like a cheaper idea to go right to the source, sort of like purchasing direct from the manufacturer. But life insurance is not the same as a television, and purchasing life insurance in Canada directly through the insurance company can be a bad idea. Instead, obtaining life insurance through an Ontario insurance broker is a much better idea.

First of all, going directly to the source and purchasing life insurance in Canada directly from an insurance company means that you are getting the rate from that company and no other companies. The company is interested in getting you as a client, and can tell you all about the benefits of their policies, their rates, etc., without giving you access to any other insurance company rates. Instead, by purchasing life insurance through an Ontario insurance broker, you get to know all of the perks offered by all of the different companies that brokerage works with. A good Ontario life insurance broker will have a portfolio of several different companies, thus allowing you to choose from the different plans and policies to find the life insurance plan that best suits your needs.

Going directly to an insurance company means service with their best interests in mind. As an alternative, going to an Ontario insurance broker to obtain life insurance in Canada means that you are dealing with an insurance broker who is interested in making and keeping you happy. Their goal is not to make the insurance company money by selling you life insurance in Canada, but to make sure that you will continue to get the best services and policies. You are not just a number or dollar sign.

Those Ontario insurance brokers that choose to work with an insurance brokerage have done so because they feel that they can give their clients the best rates and services only by working with an insurance brokerage, not by working directly for an insurance company. They know the benefits that can be garnered for their clients, and if you are looking for the best deal on life insurance in Canada, it pays to seek them out rather than going directly to the insurance company.

For more information about life insurance in Canada, or how an Ontario insurance broker can get you the best rates, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Insurance Advisors in Ontario Should Expect a Lead Generation System to Help Boost Sales

Whether you work for an MGA or an insurance company it is crucial that you have the tools to be successful. One of the most important things to look for in a good managing general agency is a lead generation system that will get you referrals. 

What is a lead generation system? A lead generation system is a program that will assist you in finding new clients through different means. We all know that, as an insurance broker, it is essential to continually work on growing your client base. A lead generation system is essential in this, and a good managing general agent should provide you with access to a lead generation program that can promise definite results. 

These are all techniques that a good managing general agency should employ in their lead generation arsenal. It is easy to try lead generation on your own – it does not mean though that it will be effective. These methods that have already been developed for you  mean less work for you – all with the same, or better, advantages.

How can an effective lead generation system entice clients and get you the base you need to be successful? By offering the best, most attractive services out there.  For example, offering the same bread and butter services as any other insurance company won’t get you very far with regard to appealing to people and peaking their interest. Instead, offering an exceptional, unique service,

such as a Medical Expense Reimbursement Plan (MERP), will allow you to easily garner the results you need to be successful.

A lead generation system established by an experienced managing general agent should not only provide you with the tools to find and attract clients, but also the training to make it possible for you to take advantage of those different lead generation strategies. Being able to learn from those who have taken advantage of and benefited from these same strategies in the past allows you to learn the best ways to use lead generation to grow your profits.

Working with a managing general agent with a tried and tested lead generation system means that you can take advantage of an established lead generation plan that will help you grow your client base quickly. Rather than sticking with that insurance company that keeps you dependent, switching to an MGA that provides you with the tools necessary to make your career successful gives you what you need to reach your own goals.

For more information about switching to an MGA or to discuss the benefits of an effective lead generation system, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

In a Turbulent Economy will Your Employer Provided Long Term Disability Insurance Really Protect You???

When you are working and your employee insurance plan provides long term disability insurance, you may feel protected in the case of an injury or illness that requires you to be off work for a significant period of time. However, what happens if your company is downsized and you are laid off, or if you lose your job? Although the Canadian economy does seem to be rebounding, it is still in a very precarious position. If you have long term disability insurance through your job you are protected now – but if you lose your job, you also lose your long term disability insurance. 

First of all, what is long term disability insurance and why do you need it? Well, long term disability insurance is a type of insurance plan that protects you if you are injured or suffer from an illness and need to take a significant amount of time off work. Long term disability insurance will provide you with a monthly income that you can use to pay for and support yourself and your family while you are off work. Since it is estimated that 30% of working individuals between 25 and 65 will get into an accident or contract an illness that requires long term recuperation (3 months or more), with nearly 60% of these injuries occurring on personal time, it is clear that long term disability insurance is incredibly important. 

As mentioned, if you lose your job, your employer provided long term disability insurance ends. Your job may be secure right now, but with an economy that is continually perched precariously on the edge, there is no guarantee that it will remain secure.

Are you asking yourself what will happen if you purchase this private long term disability insurance and then lose your job? That is understandable. The good news is that, if you take the time and obtain a long term disability insurance plan through an insurance broker, it is likely that you will have chosen a coverage plan that could be anywhere from  2 to 5 years or to age 65. This means that even though you are no longer working, you are covered for the length of your term. Rather than losing the long term disability insurance coverage provided by your employer, this insurance coverage does not end until the policy term ends – meaning you are protected no matter what happens with your job.

Protecting yourself and your family is critical if you want your future to be stable and secure. Relying solely on the long term disability insurance coverage provided by your employer can leave you in a lurch if you ever find yourself out of a job. Most importantly, your health could change at any time and you may be offered restrictions on your coverage when you apply or even worse, you may not qualify at all for any type of coverage.

To find out more about long term disability insurance and the benefits of obtaining a long term disability insurance policy, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

What is Mortgage Life Insurance?

When you are purchasing a home, there are many different things that need to be considered – most of which are very important.  Protecting yourself and your family is crucial for the future. One of the things that you absolutely need to think about is mortgage life insurance – but what is mortgage life insurance?

When you purchase a home, often one of the first things that you will have to think about is how to protect your mortgage. There are many different types of mortgage life insurance out there that will protect you or your loved ones in the event that someone passes away.

So, what is mortgage life insurance? Mortgage life insurance is sold by different types of companies. Many times your bank (or the insurance division of your bank) will offer you mortgage life insurance when they offer you mortgage financing or will market these products to you once you are a client.

This is sometimes referred to as mortgage life insurance, mortgage protection insurance or mortgage insurance. It is important to know that there are key differences when it comes to obtaining mortgage insurance through the lender who holds your mortgage vs. seeking out the insurance yourself, through a trusted insurance broker.

Let’s look at some of the key differences:

When will the policy be underwritten? When you obtain mortgage life insurance through a good insurance broker, the policy will be underwritten at the time that you obtain the insurance. This means that you will have to complete an in-depth medical questionnaire. This ensures that if something does happen in the future that the insurance company will have difficulty getting out of paying your claim. When you take out insurance through your mortgage lender, in most cases your policy is not underwritten until something happens. When you obtain the insurance, very little information will be asked of you, but in the future if you end up having to claim, the insurance company will ask questions then and will raise reasons to deny your claim.

Who does the policy protect? When you obtain mortgage life insurance through an insurance broker they represent you, not your mortgage lender. When you arrange your mortgage life insurance through your mortgage lender they will list themselves as the beneficiary on your policy. Your insurance broker will provide you with the option of listing your loved ones, allowing your loved ones to determine how the proceeds of your mortgage life insurance will be distributed.

How much coverage will I have? In many cases, when your mortgage lender arranges your insurance, your policy will state that the balance of your mortgage will be paid off upon death. While your monthly mortgage life insurance premiums will stay the same for the life of the mortgage, over time your mortgage balance will decrease as will the amount that will have to be paid out on a claim in the event that there is a death. For example, say you have a mortgage for $200,000 and your mortgage life insurance payment is $22 per/mo. 5 Years into your mortgage your balance is $170,000, your spouse passes away, the insurance company will pay your bank the $170,000. When you obtain mortgage life insurance through your insurance broker, the face value of the policy will remain the same for the duration of your policy term.  So, if you have a mortgage for $200,000, you arrange mortgage life insurance in the amount of your mortgage and your mortgage life insurance payment is $22 per/mo. 5 years into your mortgage your balance is $170,000, your spouse passes away, the insurance company will pay you the full $200,000.

What happens when you renew? As you know, your mortgage is likely to renew every 1 to 5 years. Every time you refinance your home, if you have obtained mortgage life insurance through your mortgage lender, you will be quoted on a new policy. This could change your rates exponentially because, as we age, insurance becomes more expensive. When your mortgage life insurance term policy is arranged through a mortgage broker it doesn’t matter if you sell, buy another property, or refinance, because your mortgage life insurance is not directly tied to your mortgage.

If you have just purchased a home or are thinking about getting insurance to protect your mortgage, mortgage life insurance arranged through a trusted insurance broker who deals with all of the life insurance companies is the way to go. Don’t get sucked into the convenience of obtaining life insurance through your mortgage lender without first knowing all about it. Instead, consider a mortgage life insurance policy that truly protects you and your family.

For more information about mortgage life insurance, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

How Much Bonus Commission is Enough? What Else is Your MGA Doing to Support You?

When you are thinking about switching to working with an MGA, calculating your bonus commission is an important consideration. Knowing what your first year commission is going to look like is crucial. However, it isn’t the only thing that is important – and there are several other things to investigate before making the decision to switch.

Most MGA’s employ a relatively standard format for calculating bonus commission. As an advisor you need to get paid, and you want to make sure that you are receiving fair compensation for all of your hard work. After all, you are the one that put all of the time and energy into finding those clients that have put their trust in your ability to provide them the best services possible.

Although the percentages of the first year’s premium paid to you is what ultimately puts money in your pocket, knowing when the bonus commission should be higher or lower can be tricky. Although your bonus commission is an important consideration, it can’t be the only one.

If the MGA that you are working with gives you the backing necessary to make your job easier, providing incentives and training to allow you to be the best at your job, a small variation in your first year commission may not make a big difference at all. Garnering a substantial number of new clients each year thanks to the support provided by a good MGA is what will make your bottom line grow.

As mentioned, although the bonus on your first year commission is an important consideration, it can’t be the only one. If you end up working with an MGA who ultimately doesn’t provide the support and resources that are necessary for you to thrive, your bonus commission really is not going to matter. If you can’t get new clients, making money will be impossible. Having the support of a good MGA means a lot more than just the bonus commission.

Working with an MGA that allows you access to a plethora of different companies will give you the chance to generate the best possible rates and plans for your clients. Since clients nowadays can easily find out different companies’ rates, it is important to be able to go through the various companies to find the best deal. Since your bonus commission is based on new clients only, being able to find the most attractive deal is essential.

Finding the right MGA can mean more money in your pocket, and not just based solely on your bonus commission. If you are working with an MGA that provides you with support and motivation that allows you to be the best that you can be, you will have the opportunity to make way more money. Using your skills as an advisor while still being able to access all of the different resources being offered by your MGA is what, in the end, makes all of the difference.

For more information about switching to an MGA or to find out about bonus commission rates, please contact Gary Mandel at Independent Financial Concepts Group at by calling 416-849-1653 or visit www.joinifcg.com