Beginner's Guide to Insurance MLM

Discussion in 'Getting Started Selling Insurance' started by wfs, Apr 22, 2009.

  1. LuckyFace
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    LuckyFace Super Genius

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    great information to share with us. thanks
     
  2. ELZ_REP_4_IPA
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    ELZ_REP_4_IPA New Member

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    IPA is NOT an MLM! Agents do not recruit other agents! Yes managers earn on their agents policies, but shouldn't they? Doesn't that create an incentive to keep your agents, as a manager, at the top of their game?

    If you would like to argue my knowledge of this; I am a former Amway Distributor (10 years), for Ecoquest Distributor(7 years) and currently a 5Linx Distributer (first year), ALL MLM's! I am also a Licensed FL Health & Life Agent and once again, they ARE NOT AN MLM! First, find my ANY MLM that gives you there product brochures as an agent!

    Finally, a response as above only means that someone is threatened by them as compitition, and some damn good competition! :) GOOD LUCK! Things are looking up for us!

    BTW, feel free to contact me about 5linx too!:yes:
     
  3. Foreclosure
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    Foreclosure Expert

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    WFG died..so now Humphrey start another MLM called FFS aka First Financial Group.

    According to my understanding they're selling IUL. Most of the agents who tried to recruit me had no idea about IUL, but just want to recruit, and when you join, you have to buy a policy.
     
  4. wfs
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    wfs Guru

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  5. HomeService
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    HomeService Guru

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    He has his own radio show now, and he's been on the Alex Jones show before. He claims he was railroaded by the feds.
     
  6. stricknaa
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    stricknaa Guest

    NAA doesn't charge any fee to get going with them. Insurance industry from what I've experience in being licensed and producing the last 2.5 yrs IS structured as an MLM.

    The State Farm Agent I purchase my auto, home and first life policies through hired an agent. She works in the office with him. In order for her to make sales she said had to buy an old or retired agents' book of business. Cold call selling whatever lines they didn't already have. (otherwise market what she sells some other way AKA buy leads???)

    Whatever she sales, the agent that hired her gets a cut. She wouldn't tell me what % she gets. I think its safe to assume that if I let her recruit me, I wouldn't be making the % she is currently.

    Its all MLM to me. Just some may charge you to join I guess. I've seen that with long distance so I stayed away from businesses that do that. I recommend avoiding it. However, to sell you've got to have a great marketing system in place. I haven't found that anywhere since I left NAA. I've purchased leads and found that I'd do better opening the white pages.

    I worked with GBA for a bit with their telemarketed free leads. They promise you 50 every week so long as you write $2,500 off those 50. Problem was: I wasn't the only agent getting those same 50! One too many appts with the same client and another GBA agent. Not good

    Many people don't have what it takes to generate the leads they need to write the business to bring home the bacon. Sales is tough but if you can manage the high's and low's, well worth it
     
    Last edited by a moderator: Mar 12, 2012
  7. Cornelius
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    Cornelius Guru

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    The meat isn't in the fees but the meat is in the contracts. Most people when joining an organization especially if new don't read the contracts or have a clue what to look out for. It's one thing going into an organization but it's a whole different animal leaving.

    That's when Gomer Pyle usually shows up. Surprise, Surprise, Surprise..
     
  8. stricknaa
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    stricknaa Guest

    Leaving NAA is merely a written notice. You aren't locked into a contract. The carriers on the other-hand may have some issues. I know I was with Balt Life at 50%. I never wrote with them but wanted to move to another IMO so I could win the Ipad 2. Got a self-release but can't move to a higher contract PER the CARRIER NOT THE IMO

    The way I see that...I'm writing business with my new IMO....I seen nothing with the former. 50% of something- and an Ipad 2-is better than 50% of zero. PLus all production is counted toward my next trip!

    So, its in the carrier contract to greater degree. Its not rocket science to figure if you used the marketing of an INDEPENDENT MARKETING ORG and signed a contract saying...."I'm gonna sell the leads I get from you, the insurance products from your carrier(s) only, NOT my 115%+ carrier cutting you out." Problem is people get greedy and find out they can make 60% more and screw themselves, then want to complain about it on forums. They pick it all apart and whine about what they didn't have the balls to ask about or sense to read in the first place.

    Gotta read...gotta work in this industry.
     
  9. wfs
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    wfs Guru

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    I think that they used to charge a fee. I've verified and will update the original post.

    You cannot buy or sell a State Farm BOB. Seems like you got inaccurate information.

    Sorry, she can't recruit you into State Farm. Only the agent can hire you. SF is not MLM.

    That's the way all MLM insurance things justify their company structure. If each hired agent can recruit another and so on, it's MLM. If a licensed insurance agent is receiving a salary + commission, I can guarantee that it's not MLM.

    State Farm, like most insurance companies and independent agencies, uses the GA structure. Basically an agent and hired-agents or subagents. There may be a BGA or MGA in the mix, but that in no way is MLM.
     
  10. stricknaa
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    stricknaa Guest

    The MLM that I've come to know throughout my years is the kind that offers you more money to recruit than it does to sell the product. You get a cut of the enrollment fee. Checking NAA for a start fee takes less time to verify than writing half the responses. They may have in the past...but that...would...be the ...past and not an accurate statement in the present.

    REgardless of State Farms deal or structure, the majority of the agencies I've come across in the last 3 years have offered straight commission be it 50, 70, or 80 whatever. Tiered pay scales or MULTI-LEVEL and you can build your own agency hiring other agents.
     

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