Colonial Life Vs Aflac

Feb 20, 2017

  1. holdenc85
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    holdenc85 Expert

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    I am a few weeks for getting my license, and have met / talked with people from Ny Life, Symmetry Financial, Equis Financial, as well as some independent shops.

    What I gathered from both Colonial and Aflac was that it was more likely I would get in front of more people presenting supplemental insurance albeit at a lower price tag than I would trying to get appointments "at someone's kitchen table". I would also not have to spend $$ on leads as I would be cold-calling(on the phone) businesses.

    If you were a new agent, would you consider work for one of these companies selling supplemental insurance, or would you bite the bullet, spends $1000/mo on leads and sell to life insurance to individuals/families ?
     
  2. gca80
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    I can tell you that you will literally be cold calling phone & door-to-door businesses. Unless you have REALLY good business connections, it's a very tough road to hoe. Not trying to discourage you, just being brutally honest. I did it for about a year or so. I've been in the business since 1978. I would check out New York Life (for training,) or Mass Mutual does have an agent financing program. Good companies.
     
    gca80, Feb 20, 2017
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  3. walthamny
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    walthamny Guru

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    NY Life or MAssmutual do not require you to buy leads. They teach you how to build a referal business. It is hard and yes something like 95% fail.

    Now you can work at the lower end of supplemental insurance and make good part time income if you are living at home.

    if you ask 6 people to buy term life insurance at 100 a month and get rejected on 4 of them, You will still make about 50K at NY Life or MAssmutual.

    Ask 6 people to buy insurance working for Colonial and close all of them, you will still be broke. It is hard work to sell insurance to people who have very little money.

    You can also sell 25000 fixed annuity twice a month to seniors who are getting 0.5 on their CD's and make again 50K a year. You can ask 16 people a month and close only 2.

    By the way if you have the skill to close 6 for 6 at Colonial now, you will probably make close to 200K in couple years starting at NY Life or Massmutual.

    It is more important for you to find the right mentors at NY Life or Massmutual. They both have good and bad apples.
     
    Last edited: Feb 21, 2017
  4. Chazm
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    Chazm Guru

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    Haha so you don't have to spend money on leads because you'll be cold calling. Welcome to any insurance company. Cold calling is free although it's the toughest sale to get from.

    And what do you mean "lower price tag than I would trying to get appointments "at someone's kitchen table". "?

    Those companies dont have a lower price and face to face may be an easier sell anyways at their kitchen table.

    It seems like you've made your mind up already with colonial and Aflac, two horrible choices imo but good luck.
     
    Chazm, Feb 21, 2017
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  5. VolAgent
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    VolAgent Guru

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    I cannot think of a more painful insurance path than cold calling businesses for Aflac. It is so bad, Aflac had to create a do not call list for businesses.
     
    VolAgent, Feb 21, 2017
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  6. rousemark
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    rousemark Still Here!

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    Companies have a reduced composite rate for payroll deduction cases. Don't know about Colonial and AFLAC but CUL and WN offer the reduced rates if only three employees enroll.
     
  7. holdenc85
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    holdenc85 Expert

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    Thanks for the replies- I actually have not made up my mind yet, and may wind up buying leads and selling "at the kitchen table". I don't know anyone who sells at the worksite , but for someone who just moved here(Palm Beach Gardens, FL) I don't have the natural market of someone who grew up here so I have to look at everything.

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    Thanks- I will def look into Mass Mutual

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    What about going with an independent agency that sells Medicare( to get in the door) as well as life/ annuities, etc. from several carriers?
     
  8. Chazm
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    That's fine as long as they offer good training because you will be giving up commissions.

    My first office I just sat for months and cold called. You probably should too because you will waste too many leads to start. After 6 months I moved to a new office and struggled there too. About 3 months later, at my 3rd office, my trainer there was very hands-on and took me out on appts with him and showed me his way to do a Medicare presentation and it stuck. The other offices took me on rides too but they were more concerned with life and annuities. They told us you can't make real money with Medicare. Which is a complete lie.

    Find out how much they pay for med supps, mapd, final expense and which companies and come back on here
     
    Chazm, Feb 22, 2017
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  9. holdenc85
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    holdenc85 Expert

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    One independent broker suggested either cold calling(phone) the turning 65 list and/ or buying leads at $9- $13 a clip to do a medicare presentation (I think I will take your advice and cold call for a bit so as not to waste leads) as this is a good way for the agent to get in the door. This would seem like a better choice vs cold calling businesses for the AFLAC gig. What is mapd? thanks

    HC
     
  10. Chazm
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    Chazm Guru

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    Yeah I buy DM (direct mail) which probably equates to about $10-15 a lead and they are good but you have to be used to calling these people. Cold calling for a few months will get you warmed up.
    But beware, cold calling BLOWS! I would never ever do it again. Just for reference I used to track all my cold calls and it went something like out of 100 calls you'll get 10 people answered. Out of those 10 I would set an apt with one.
    That was 8 years ago and now there are more agents and it's probably tougher.

    MAPD (Medicare Advantage with Prescription Drugs)
     
    Chazm, Feb 22, 2017
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