Beware of Companies that Base Themselves on Medicare

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Bankers000

New Member
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Midwest
Before committing to work for Bankers Life please interview 3 of their newest agents and 3 who have left in the past year. You need to know you are signing up for
 
Last edited:
Bankers000 said:
I am a veteran of the insurance business for 15 years, I thought that placing my future with Bankers Life was the best move of my career. I am learning now, since resigning after years of seeing the lies, abuse, misuse of agents and their personal assets, bigotry and other things that I should let others know to do their due diligence very very well. Most of the people who post on here sound angry, I have waited over a year to post my thoughts so that I would not speak in anger.

FACT: They do have a great training program, but the trainers are over worked and get a large percentage of the new agents commission so...at least in our office the FA took advantage of the new agents on large cases by giving them a small payout rather than the accepted norm.

FACT: the interview process is meant to "sell" you on the opportunity and forget about your personal and family needs.

FACT: Bankers has no "skin" in the game with new hires, no employee relationship so you have no rights, no benefits, you pay a monthly fee to them for the "office fee"

FACT: the commissions are some of the lowest in the business but they have a "bonus" that is almost impossible for a new agent to hit unless you write lots of annuity business.

FACT: In the past 5 years annuity commissions have gone down almost 50% and DO NOT have any residuals, other companies have that

FACT: As an agent you have no control over your career, you can be terminated for ANY reason even if you did nothing wrong, it is in your contract so have a lawyer look it over with you before signing...your boss has a vested interest in helping you have a good first 4 years and then terminating your contract because all of the terminated agents residuals go to the BSM (boss)

FACT: the pension is not what it seems. I came on board and the pension was talked about as a "big deal". However, I could never get anything in writing about it, 9 months after I left the company and after requesting information about my pension it said that I had to be there 20 YEARS in order to qualify for any sort of benefit. Now I know why that information was so hard to come by.

FACT: If you are a Series 6/63 or 7 and come on board to be an FA your book of business might not be your property anymore. Check closely, you do not want to become an FA to get a large reduction in payout % AND lose your client book.

FACT: the Unit Field Trainer role is their way of getting you to do the manager's job for free. 60-80 hour work weeks, tons of stress and you give away 30-50% of your commission because you run mostly joint appointments and you split the commission even though you set the appointments most likely. And when the agents who you split the business with leave the company you DO NOT get the trails that they were getting, yeppppp they go to the top

Just ask about 3-5 former agents of any company before making that just It is your future...good luck...
Click to expand...


And it took you 15 years to figure this out?:twitchy:

P.S. If you had a bad experience with Bankers, why would you want them in your username?
 
Sad thing is your facts are true with most companies out there. If you go into this business thinking others are here for your benefit, you will find quickly that you were mistaken. Others are here to benefit off of you and your business. Not true? Just wait till you have a bad month, you find out pretty quickly what the score is.

Sure there are some nice helpful people out there, but they aren't as abundant as you might think.
 
He didn't say he was with Bankers 15 years.

But if you can't figure out what Bankers is after 1-year, you have blinders on.
 
Bankers000 said:
Before committing to work for Bankers Life please interview 3 of their newest agents and 3 who have left in the past year. You need to know you are signing up for
Click to expand...

I know someone that worked for Bankers for 15 years, and got fired from them about a year ago. Were in Ocala FL branch by any chance?
 
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