JoeMichaels
New Member
- 4
I have looked into an opportunity with Florida Farm Bureau as an Agent (1099 Contractor). They require the 2-15 and 2-20 State Certifications with Florida.
I searched the forums and it seems the general consensus is that Farm Bureau is a good company for a NEW Agent as they provide great training, but that their compensation and quota requirements leave much to be desired. Seems a few suggest staying at FB to get experience but to eventually leave for an independent agency. Although the information I found on the forums seems to be pretty old, so I am wondering what the current read on them is. Are there any current agents who are willing to share their experiences?
Biggest thing that seems to be of concern is the fact that they seem to have a very strict Life Insurance Sales Quota, which averages out to about 3.75 policies per month, so rounded up to about a policy per week after the initial first 5 months. They said that you could only sell Farm Bureau Life Insurance Policies (Captive) and that if you don't meet the quota you are immediately terminated. Even if you sold the policies required but a client cancels, it would be counted against you. Is this true? and is it common?
I was told that if you wrote a policy for a Husband + Wife + 2 Children that would equal 4 policies, does this sound correct?
The first 5 months they don't hold you to it, but on the 6th month you need to have sold 18 policies. They also said to "validate" you must be cumulatively on track with 2 of the 3 categories (Policies, Premium, or Volume). I don't see how you could realistically meet the premium, so really it is policies and volume it would seem. Curious how difficult this may be?
I am also wondering how they calculate policies, do they only count once they are completed (app + underwriting + exam + payment?) or do they count at the application phase? From the sounds of it, it could take many weeks from start to finish on a life insurance policy so you may have began enough policies, but if they only count completed ones you might be in trouble even if you exceed the quotas if you still have some awaiting completion.
Also, I was told that you would be given a "Book" which will result in an income of approximately $40k/yr (I'm guessing they own the book?). I was also told that all resources (office, support staff, etc) would be provided, and that my yearly expenses shouldn't exceed $5k-$10k on average, most of it being some sort of $4k/yr insurance that is a requirement for all agents in case you make a mistake. They also require you to do at least 5 reviews per month, and to go out to every house you underwrite to "inspect" it, as well as do some follow-up inspections every month on old policies.
They said not to worry too much about P&C as they had plenty of those coming in and it would be easy, but that there was no exceptions or wiggle room on the Life Insurance quotas and that they have seen high performing agents making a lot of money, immediately let go for not meeting the quota. So it seems there are no warnings or grace periods. I hate to think that all the time and money I may put into building up leads and getting my name out there might just be completely wasted if I have a single bad month or a single clients cancels their policy. It also seems strange to me to terminate an agent after the company invests so much in training them just when the agents are getting up to speed, as it seems counter-intuitive. Is there truly a never ending stream of new agents coming in that they can operate this way?
Beyond that, I don't know much else about their commissions structure, or how any of it works. Do you get commission for P&C and Life policies as long as they have them? or do they only give you commissions the first few months or years? I also don't know much about the company itself. Just wondering how you can create a sustainable high income.
So anything you guys can share, Pros/Cons, or advice would be appreciated. I am also wondering if you can go work at another agency later or if there is a non-compete that would essentially force you into unemployment or a career-change for a set period?
Thanks so much to you all for all the awesome information on these forums, it truly has been a treasure trove of knowledge that I am still sorting through! Insurance seems like an exciting field with big rewards, so I just want to ensure I get into this industry and do it right.
I searched the forums and it seems the general consensus is that Farm Bureau is a good company for a NEW Agent as they provide great training, but that their compensation and quota requirements leave much to be desired. Seems a few suggest staying at FB to get experience but to eventually leave for an independent agency. Although the information I found on the forums seems to be pretty old, so I am wondering what the current read on them is. Are there any current agents who are willing to share their experiences?
Biggest thing that seems to be of concern is the fact that they seem to have a very strict Life Insurance Sales Quota, which averages out to about 3.75 policies per month, so rounded up to about a policy per week after the initial first 5 months. They said that you could only sell Farm Bureau Life Insurance Policies (Captive) and that if you don't meet the quota you are immediately terminated. Even if you sold the policies required but a client cancels, it would be counted against you. Is this true? and is it common?
I was told that if you wrote a policy for a Husband + Wife + 2 Children that would equal 4 policies, does this sound correct?
The first 5 months they don't hold you to it, but on the 6th month you need to have sold 18 policies. They also said to "validate" you must be cumulatively on track with 2 of the 3 categories (Policies, Premium, or Volume). I don't see how you could realistically meet the premium, so really it is policies and volume it would seem. Curious how difficult this may be?
I am also wondering how they calculate policies, do they only count once they are completed (app + underwriting + exam + payment?) or do they count at the application phase? From the sounds of it, it could take many weeks from start to finish on a life insurance policy so you may have began enough policies, but if they only count completed ones you might be in trouble even if you exceed the quotas if you still have some awaiting completion.
Also, I was told that you would be given a "Book" which will result in an income of approximately $40k/yr (I'm guessing they own the book?). I was also told that all resources (office, support staff, etc) would be provided, and that my yearly expenses shouldn't exceed $5k-$10k on average, most of it being some sort of $4k/yr insurance that is a requirement for all agents in case you make a mistake. They also require you to do at least 5 reviews per month, and to go out to every house you underwrite to "inspect" it, as well as do some follow-up inspections every month on old policies.
They said not to worry too much about P&C as they had plenty of those coming in and it would be easy, but that there was no exceptions or wiggle room on the Life Insurance quotas and that they have seen high performing agents making a lot of money, immediately let go for not meeting the quota. So it seems there are no warnings or grace periods. I hate to think that all the time and money I may put into building up leads and getting my name out there might just be completely wasted if I have a single bad month or a single clients cancels their policy. It also seems strange to me to terminate an agent after the company invests so much in training them just when the agents are getting up to speed, as it seems counter-intuitive. Is there truly a never ending stream of new agents coming in that they can operate this way?
Beyond that, I don't know much else about their commissions structure, or how any of it works. Do you get commission for P&C and Life policies as long as they have them? or do they only give you commissions the first few months or years? I also don't know much about the company itself. Just wondering how you can create a sustainable high income.
So anything you guys can share, Pros/Cons, or advice would be appreciated. I am also wondering if you can go work at another agency later or if there is a non-compete that would essentially force you into unemployment or a career-change for a set period?
Thanks so much to you all for all the awesome information on these forums, it truly has been a treasure trove of knowledge that I am still sorting through! Insurance seems like an exciting field with big rewards, so I just want to ensure I get into this industry and do it right.
