Colonial Life???

new to insurance biz, have an offer from them, anyone have any input, seems like a lot of work for little money??
thanx for anyones help

In my opinion, you will be wasting your time. I started with them three years ago, called on 30 businesses a day, met their 90 day bonus objective, and spent more in gas than I made.

They push their mini-med product and the commissions suck on it. Easy to sell. NO MONEY!!!

If you do go there don't let them talk you into financing where they pay you so much per week to get started and it is paid back out of your commissions. You will end up in a deep whole really fast and probably working for someone else trying to pay it back. Thank God I had sense enough not to make that mistake.
 
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Colonial (or any worksite company) is fine as a sideline but trying to make a sustainable full-time living with it (say $75,000 yr.) is very difficult.

VaD is right about comp. The commissions are too low to the agent because there are so many levels of management who get a piece of the pie that you deliver.

Agents who were with Colonial or Aflac and similar carriers pre 2008 when things went to hell probably have a large book of biz, much of which is still there. They are living on renewals.

A new agent is going to have a lot of difficulty in many parts of the country where the economy is still struggling.

Your best bet is to partner with an experienced Colonial agent and take a split. They have a whole "broker" program and it will end up as being "found" money for you if you can bring any of your biz clients to the Colonial table.

I can't prove it but I've always believe that these companies employ a "churn and burn" practice where they bring in 100 guys, they know they will all fail, but they expect half will write at least one group, and those groups will eventually be house accounts owned by the district and regional managers after the agent washes out.

There are better and easier ways to make a living than in the worksite market... but if this is something you want to try, go for it. But don't say you weren't warned. :yes:
 
In my opinion, you will be wasting your time. I started with them three years ago, called on 30 businesses a day, met their 90 day bonus objective, and spent more in gas than I made.

They push their mini-med product and the commissions suck on it. Easy to sell. NO MONEY!!!

If you do go there don't let them talk you into financing where they pay you so much per week to get started and it is paid back out of your commissions. You will end up in a deep whole really fast and probably working for someone else trying to pay it back. Thank God I had sense enough not to make that mistake.

VaDwayne, Do you still work for Colonial after 3 years? Looking to start up with them. Everything they say seems like they are a good company to work for. This forum and some of the people on it say otherwise. Just wondering if you are sticking it out with them or if you have moved on.
 
I always wonder how many of these people stick it out for three or four years, when I see these older threads.
 
Colonial (or any worksite company) is fine as a sideline but trying to make a sustainable full-time living with it (say $75,000 yr.) is very difficult.

There are better and easier ways to make a living than in the worksite market... but if this is something you want to try, go for it. But don't say you weren't warned.


This pretty well nails it. Supplemental insurance is a good add-on if you're already providing other products (primarily health), but I definitely wouldn't recommend it as a go-to product.

Two things to remember: First, if an employer has a group health plan, they're far more likely to consult with their existing broker than with someone who's knocking on their door pushing one line; second, supplemental reps (especially AFLAC) are flooding most small and mid-size employers as it is. Unless you have an original angle, it's a very tough way to make a living.

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This pretty well nails it. Supplemental insurance is a good add-on if you're already providing other products (primarily health), but I definitely wouldn't recommend it as a go-to product.

Two things to remember: First, if an employer has a group health plan, they're far more likely to consult with their existing broker than with someone who's knocking on their door pushing one line; second, supplemental reps (especially AFLAC) are flooding most small and mid-size employers as it is. Unless you have an original angle, it's a very tough way to make a living.

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I disagree.. Supplemental health can be a great way to make a living. Know many agents that are doing just that. Have a friend that travels around to the small towns within an 1 - 2 hour drive of his home. He goes through speaking with small business owners.. The ones with less than 5 employees that are normally overlooked by the worksite folks. He sells cancer supplements and does no payroll billing.. Individual bankdraft only. He has a saying that he borrowed from an old mutual friend that is now retired, "one in the morning, one in the afternoon". and he pretty well averages that..10 apps per week.. around $5000.00 AP .. No PHIs, no physicals, no oral fluids, just a simple three or four question app. They either qualify or they don't. No declines. 65% 1st year commission, 14% lifetime renewals.. Persistencey almost as good as life insurance. I'll let you do the math as to whether you can make a living at it or not.
 
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