A question about captive contracts

[Cenla Agent]

I dont see how I miss read it? Why don't you explain it more...Looks to me like you are saying it should be illegal to sell their supps there? I am trying to help newguy out with a good career place and it seems to me you are dogging on them. I myself do not like career places but I think this one by far is the best one because they have multiple companies and amost of the offices are kicking butt.

Its irritating seeing people post comments with no backing leaving everyone to guess what they mean or just trying to get a rise.

Who said something without backing?

You either misread it or mistyped when you told me to get a clue that GAFRI sells supps and not MA when I clearly said they sold supps, as you acknowledge in your last post. With the smiley I included, it should have been clear that my comments were in part tongue in cheek.

What I was referring to with provider relations is that several times a week someone comes on here and mentions their efforts in having to contact providers and educate them on various PFFS plans since the providers haven't heard of them, etc. My point was that even though Humana is not the cheapest and certainly isn't the best plan out there on paper depending on location, you are not generally going to have those kinds of problems with providers never having heard of them and not knowing how the plan pays, etc.

Also, once again, is there no where on the web where you can get GAFRI career information for their senior products? The only thing I turned up was for home office, etc.

 

[senior-advisor-indiana]

http://www.ceresseniorbenefits.com/CareerOpportunities this is a website for them

 

[The New Guy]

Had to call Great American again, as I still haven't received any appointment information from them yet. It's been 10 days as of today. Spoke with a Shirley Decker this time.

 

[senior-advisor-indiana]

Well I don't know what there hold up is. Well don't go that way if they made you mad. I am pissed at my RSM right nw so they can kiss my ass!

 

[The New Guy]

Spoke with a T J Perry today. He told me he would e-mail me the information, by the end of the day.

 

[The New Guy]

OK Here is an update.

Had my three interviews with Bankers Life, that turned into a 4th interview, in which it was determined by them, that I didn't fit their mold. I knew to much, asked to many questions, and couldn't be herded like a sheep.

I have to thank this board for all the great information provided, that led to all my questions.

My next journey took me to an independant agency that is in my area. I've had two interviews, and they would like me to work for them.

Here's the problem: While looking over the paper work they want me to sign for appointments, I saw that some of the documents are numbered as 10 pages, but only three of them were in the packet. I was like where are the other pages, they stated these are the only pages you need to read and sign. I sat there and didn't fill out a thing, as two other new hires eagerly filled out their appointments sheets with them.

At the end of the meeting they asked me why I haven't filled out any of the paperwork. I said don't take this the wrong way, but I'm not going to sign a 10 page document with only 3 or 4 of the pages being there. Duh

It was at this time, I finally got to the bottom of their commission structure. At this point, they only told us about how much we could make, but never disclosed their cut.

They will provide me with a desk, phone, office expenses, and training. Which according to them will be three days in the field to start, and some reps coming in every other Friday for updates. In the fine print of their agency agreement, if I leave before 1 year, they will charge me for the above costs, but it doesn't spell out the costs.

All this can be mine for a mere 40% of my commissions.

They also told me about this new zero premimum life product coming out, all I could do was look at them and smile.

 

[angwagner1974]

Vector

Yeah what is vector, I have googled to no avail but vector don't show up!!

Vector is like a "credit" reporting agency for insurance companies. If you leave a debt that is unpaid, your company can list you on the Vector. When you try to get appointed with a new company, they will run you through Vector and if you owe, they may not appoint or they may require you to pay the debt before they will appoint. Just depends.

Some insurance companies will vector every so often and terminate you if your name shows up... even if you have represented them for years.

 

[Frank Stastny]

They will provide me with a desk, phone, office expenses, and training. Which according to them will be three days in the field to start, and some reps coming in every other Friday for updates. In the fine print of their agency agreement, if I leave before 1 year, they will charge me for the above costs, but it doesn't spell out the costs.

All this can be mine for a mere 40% of my commissions.

I think we talked about this a little the other night. The part they left out is that also if you leave I'll bet they will find a way to make sure you have a debit with them. They will then Vector you and it will almost be impossible to get appointed with anyone else.

You sound like you have the "savvy" to start independent. You already come from a strong sales background so you don't need to be trained how to sell. All you need is some product knowledge. That is very easy to come by. Med Supps are not rocket science. A couple of hours on the phone and you will know all the basics and then some.

Give me a call and we will talk.

 

[Crabcake Johnny]

If you ask all the right questions you'll never like the answers. I'm up with Frank - go indie.

 

[nate124]

New guy, I'm in Michigan as well. What company are you talking about that gave you the contract with only 3 of the 10 pages?? I've talked with a lot of different companies in the Detroit, MI area and have picked one that I'm very confident in, and will be starting there a week from Monday.

I wish I would have seen this post before... I would have told you not to waste your time with Bankers... they are a joke.

Before you respond to any of their ads, also stay away from Financial Services of America. They are also a joke of a company.

I'm curious who this company is though who tried to screw you over...

If you are still looking, I'd be happy to give you the contact info of the company I'm going to be working with. They basically give the best of both worlds of captive, and independent. They train you, give you lead sources, and actually supplement some of the lead purchasing costs, they provide you with E&O coverage, and you can get appointments with several top carriers. Anyways, let me know if you want the info and I'd be happy to give it to you.