Bankers Life and Casualty?

[midwestbroker]

Senior market has been great to me. Sales are easier, since health insurance is more of a priority to them. They no longer have the superman complex. Pricing is a huge factor like Somarco said since they are usually on a fixed income. Your best bet is to study the Medicare and You handbook they all get to know how Medicare works and what options they have.

However, here are the set backs that I have found:

Limited Enrollment in MA plans - Enrollment is from Nov15 - March 31st, after that they cannot make a change until the next enrollment period

Medicare Supplements - They are all the same from company to company, but you have to clear underwriting. There are some ways around that but it will vary from state to state. Check your state's website and it is usually burried in there somewhere.

There are some great products you can cross sell (LTC, Annuities, Final Expense, etc) but master one and then move on to the next. They seem to be more prone to give you referrals. I have gotten more referrals this year since I went senior market then the prior 3 years I was doing regular health insurance.

Best bet is to talk to an agent who is in that field in your state to get the ins and outs of it.

With regular health insurance (pre-65), there are a number of agents here who seem to have that down, most who have replied. Talk to them. I have learned a lot!

 

[LisaC]

Bankers Life and Casualty

Hello All - I am new to this forum and the insurance/finance industry. I have interviewed at Bankers Life and Casualty and want to gather as much information as possible before making a decision. I am located in Maine and have 16 plus years of experience working with seniors and their families as well as an extensive background in marketing and sales. I understand that the turnover rate for Insurance Agents is quite high - about 50%, and am wondering if there is anyone out there working for Bankers Life and if so, for how long? How is their lead system? How is the company in general? I certainly understand that the first few years can be tough, but am interested to know, if you are able to make it through them is the career as financially rewarding as people say? I see many internet sites for lead generation, as well as hiring people to make calls for you, any tips on what is good or other advice? Thanks in advance. Look forward to hearing from you.

 

[johnrocks]

After working with seniors for all those years, are you going to get into the senior mkt.; i.e. medicare supplements, final expense, long term care?

 

[CHUMPS FROM OXFORD]

Isn't Bankers Life part of Conseco???

 

[senior-advisor-indiana]

It is part of conseco. I think she should check into great american senior benefits. They have better products and decent traing. I believe you would be more rounded if you went to them instead of bankers life and casualty.

 

[Cenla Agent]

Isn't Bankers Life part of Conseco???

I believe they are.

 

[Michael Haislip]

I have interviewed at Bankers Life and Casualty and want to gather as much information as possible before making a decision.

Bankers Life and Casualty is a good old revolving door agency. Yep, throw 'em against the wall and see who sticks. As usual with those types of captive agencies, the products are overpriced and the commissions are low. Their main products are senior products: LTC, final expense, med supps.

Though each office is managed differently, I think you'd be lucky to get even 8 hours of training.

The leads they provide are sketchy at best, though this may be dependent on the office. They buy a lot of leads from their sister company, Colonial Penn, who generate them via those guaranteed issue life commercials with Alex Trebek. They also do various LTC mailers. The leads are not prescreened for health or income, so most will be a waste of time.

Bankers doesn't do online apps, so you can expect to rack up the miles on your car.

I see many internet sites for lead generation, as well as hiring people to make calls for you, any tips on what is good or other advice?

If you're generating leads like that, you might as well be independent. If your sales manager and district manager are taking half your commissions as a cut (which they are but they won't tell you that), the least they could do is provide a decent supply of leads.

Though most agents on the board would suggest a rookie agent to go captive just to learn the ropes, I've never liked that strategy. First, unless you can hook up with a quality local agency, you'll be stuck with one of these national "revolving door" companies. Second, a self-taught or mentor-taught training is better than shoddy corporate training. You ever heard that saying about knowing just enough karate to get yourself killed in a bar fight? Same concept here. When all you know is one product, say a fixed annuity, then everyone starts to look as if they need a fixed annuity.

In short, I'm not a fan of Bankers, but if you feel that it's right for you, then go ahead.

 

[LisaC]

Thanks for all of your responses, all very helpful. I was afraid that Bankers had a "revolving door". I am interested in the senior market, although willing to explore other options. I will check out Great American Senior Benefits.

 

[Cenla Agent]

It is part of conseco. I think she should check into great american senior benefits. They have better products and decent traing. I believe you would be more rounded if you went to them instead of bankers life and casualty.

Does Great American have a captive sales force?

 

[senior-advisor-indiana]

Yes I am captive with them, They bought ceres captive force.