Discussion in 'Getting Started Selling Insurance' started by IndyAgentIDTMY, Feb 10, 2009.
So how many clones does Bankers, UA, etc... have? The worst still has to be NAA-- what a joke.
Apparently, their financial investor is threatening to pull the plug if they do not become profitable. However, they've not bothered to do any type of marketing plan and support for sales but are spending mega bucks at the top levels (high end offices, hiring 23 Vice Presidents, etc).
So now they are closing branch offices without any warning, letting all staff go.
I am told it is a terrible commission, no guarantee when you get paid, they want your book and former agents, they recruit like crazy, the leads are old and resold....it's all bad.
Only one month must have been bad? What is the deal over there? They gave me the song and dance interview after interview for 8 mos until I looked up the CMO of the company. Financial Fraud case in MA? Glad I didn't take my whole team over there!
"Considering he was in charge of Conseco; which filed for debt consolidation bankruptcy..."
Ahhh, the information in your post is inaccurate. If you are going to give information, it should be accurate.
Conseco NEVER filed for "debt consolidation bankruptcy". Back in the '90's, Conseco (Now Conseco Holding Company) purchased Green Tree Financial. Their plan was to enter the mortgage market, and renamed Green Tree to Conseco Financial.
While Consco did their due diligence, Green Tree's financial statement was a combination of Blue Sky and downright fraud: they failed to report millions of dollars of non-performing loans. I think they had the same auditors as Enron...
They filed for bankruptcy (which didn't last very long), and upon exiting bankruptcy they sold Conseco Financial which ended their ill advised foray into the mortgage market. The business was purchased by several companies--can't list them all by name.
In any case, Conseco did not file for bankruptcy: Conseco Financial did.
As to Futurity First, you do not want to join this company or even speak to them. They will lie to you, never bonus you as they claim. They are based on the East Coast, but are outsourced everywhere.
Their payout s the lowest in the insurance industry. Save yourself the time and energy. Insurance Agent, BEWARE!
Isn't this the company that purchased BHC Marketing and the Dressander group a month or so ago??
I do not work for them. They have approached me several times over the past 6 months.
A gentleman named Michael Kalen called to speak to me at length. He is their CEO as of 1/1/2010. He has been in the Insurance Industry for 25 years. He came to FF from The Hartford. You can google his name and find a lot of information about him...none of it negative that I saw.
Since I am one of the top salespeople in the organization I am in, they offered me an increased commission. Commissions range from 59 to 74% on life (not great but hardly the lowest in the industry); 4.5% on annuities (pretty small there); LTC is 40-42.5%; and Critical Illness/Cancer is 58.5% (that's more than I get paid currently!).
They have a darn good bonus program: you get paid an additional bonus on your paid commissions, ranging from 20% on $30,000 in commissions, to 50% for $150,000 and above. By comparision, I earn a $5000 bonus if I earn $150,000 from my current company. $75,000 is a lot more than $5000
If you figure the bonus in, you are doing pretty well.
I am not saying they are good or bad...again I have never worked there. You can find people complaining about every insurance company under the sun. Funny how in a lot of those companies, they have agents who have been there for 5, 10, 20 years or more. Wonder why they aren't complaining. In any case, they are hardly paying the lowest commissions in the industry.
You can go to work for American Income Life where they'll tell you that you earn 50% commission. What they fail to tell you is that only life pays 50%, and the more you sell, the LOWER you commission goes! (other products are 25%), and you only get a portion of your "retained earnings" down the road.
If your persistancy drops below "company standard" (was 68% when I was there), they cut your commission by HALF for 3 months, and you earn NO BONUSES during this time. I missed my persistancy by .2%, and they dropped the hammer. Not once did the back office ever inform me that a policy had dropped off so I could attempt to save it.
Your direct manager does not want YOU to get promoted because they lose the percentage they are earning on you. If you leave, your manager takes all the business you orphaned, so they want you to charge hard for a year, then start to give you crap leads so you get discouraged and quit. I got a ton of referrals there, so I rarely used their leads.
So if you want to work for the lowest commission in the industry, give your local AIL office a call, baby!
Low commissions, bonus programs that you jump through hoops for...yep, sounds like Torchmark to me. LNL and UA are the exact same way.
I left a captive agency after 12 years to Join Futurity. They are a young organization that had a few growing pains early on, but have really established themselves as an attractive option for both independants and captives. Great leadership was put in place giving the company more of a streamlined focus.
They now offer multiple contract options that can be used to improve almost any agent or agency.
I am impressed and I don't say that lightly.
Very satisfied in Wisconsin...
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Where in Michigan do you live?
Separate names with a comma.