Colonial life, is work-site supplemental insurance company, specializing in the work-site market place. If you had to chose between Aflac and Colonial, pick Colonial hands-down if nothing else due to the fact that Colonial will not hire as many agents as Aflac does.
So, if you wanna sell Insurance products to the work-site market then chose Colonial. I am not an expert in the work-site market so I can not help you that much. I would imagine that chargebacks are very common in the work-site market. I could be wrong.
Just got started with Colonial myself, unsure about your location, but the money is fine here in Arkansas..The things I see, it is a fine company compared to what I hear about Aflac and others.
Just seen you were in S. Florida..The percentages are just part of the pay, you have all kinds of bonuses..Before you get to upset, sit down with someone at the office and have them explain everything for you.
Colonial is a good, fair, and honest company. How you will do depends on your local economy and local manager.
I think commissions are too low to make a sustainable business with Colonial, but it should work as a sideline for you.
The current problem with worksite benefits is that the guy or gal who had $50 a month extra in the paycheck for accident or critical illness or medical bridge has had that eaten up by Exxon and the local supermarket in the cost of milk, bread, and beer. Your ultimate clients... the workers... are just tapped out... at least here in high-priced CA where wages have NOT kept up with living costs.
I wish you well, but I'd advise you to seek another venue if you have to support a family or even just yourself.
Basically, I think they are good. They have the work site marketing thing down to a science. Very professional.
For about two years now, I have been trying to do the Colonial thing as a sideline, when I sell one solitary worker an individual policy with another ins. company, then they tell me to hit up their employer. But I sold non-Colonial, however I tell the client if I hit up the employer then I definately would recommend Colonial, a different company who is great with worksite.
I then pass along the lead to my Colonial agent/mgr, who has said they will sell it and "cut me in" on commission. So far none of these leads has panned out correctly for some reason. Must be the fact that I am kind of getting the leads through third-hand sources somehow, meaning a worker who really isn't a decision maker. I really do not blame it on Colonial, just the fact that I am giving out some fairly weak leads.
i hear they have a low commision structure, 17.5-37.5% for sale, 15% for enrollment and 4% to coordinate...is this how it usually works?? seems like a lot of legwork for low pay
any input is appreciatted
i hear they have a low commision structure, 17.5-37.5% for sale, 15% for enrollment and 4% to coordinate...is this how it usually works?? seems like a lot of legwork for low pay
any input is appreciatted
You summed it up very well. That was my experience. Too much work and time for too little reward. You can make more money in (almost any) other area(s) than selling Colonial/Aflac worksite.
