Getting Appointed with Colonial Life

[Labman]

Well on the individual side you can sell, life insurance, cancer and accident to individuals. Not a lot of products but not bad either. I love their cancer product and push it hard because I believe in it.

I would agree with the rest of your comments. As a beginner I'm going to mix in major med with Colonial products. There is no need to turn down a major med sale just because I don't or want handle the product. Kills two birds with one stone when I walk into a business.

 

[Guest]

Well on the individual side you can sell, life insurance, cancer and accident to individuals. Not a lot of products but not bad either. I love their cancer product and push it hard because I believe in it.

Their cancer product is quite good. However for life there are FAR better products out there for simplified issue. (I hear they have a whole new set of life products so maybe I am talking out of ignorance, but that would not be the first time!) As for accident, there is no shortage of stand-alone products that are as good as Colonial (or AFLAC.)

My point is that Colonial is simply not 'geared' to sell to individuals. You can do it, but they don't make it "easy." And even if you do sell to the non-group/payroll-deduct market, what they pay you is not worth the effort... which is not much different than what they pay for "regular" groups.

The only way you are going to make a full-time living with Colonial is to be both an Opener and an Enroller and to get a fair split of the Coordinator as well. That is a lot of work and a fairly steep learning curve... for the few bucks they will pay you.

And you are going to work your butt off if you are in a "rich benefit" business community like CA or NY as opposed to the right-to-work states in the South where Colonial does most of its business. (I know this because I read the weekly "sales stat" newsletters they send me each Friday.)

If you are NOT in the South please don't believe all the hype and b.s. that your sales manager will tell you about closing a group a week... or even 3 a month. If it does happen often and if it does it won't happen for a year... when you have a lot of prospects in the pipe... because the sales cycle is rather long.

And even if you close them you have to get good working conditions and you have to be selling into a business where the wages are above the current inflation level. Otherwise the workers have no money for the products. You are going to work your butt off for very little reward.

Colonial (and I hear Aflac) is great about telling their sales folks that "prosperity" is just the next call away. The point is that THEY (managers and HO people) are all making a lot more money than you are... on YOUR efforts and that it is imperative that they get YOU to believe in "the story." (This is not much different from any captive or semi-captive situation.)

If you want to be successful with Colonial, forget calling on businesses and concentrate on calling on brokers. Have a good pitch on why they should open their book to your and Colonial. Offer them 50% for making a phone call and you will do OK. However, be warned that most brokers will see you as "evil" and will NOT open their book to you, worrying that you will steal it... especially if you are known in your community as doing group coverage and competing with them.

In my experience (however limited) it works well with brokers if you are a really good looking blond what a Penthouse figure. If not... well good luck with all that.

I still write Colonial, but it is a sideline to my group practice (which is becoming a sideline to my life and IFP practice.)

Colonial is a good company and they will not "screw" you. But they have 4 levels of management above you all of whom get a big piece of the generated premium. Colonial does anywhere from 3 to 7 million a week in premium. I've yet to see more than a handful of agents who make more than $75,000 a year. I've also yet to find a manager or above who makes less than $150,000 a year.

I hope this is of some value. Most people here don't think I know "jack %$$@#" so the above is worth what it cost you.

Good luck and let us know how you do.

The Creeper

 

[Labman]

Good points. It just so happens that I live in SC within 30 minutes of Colonials home office. That has it's advantages and disadvantages. My wife has worked for them for almost 20 years in the home office. In a prior life, I was the human resources person who also happened to be the plan admin for Colonial. When it comes to talking about Colonial to business owners very few agents if any can match my background. I've been the plan administrator, recieved benefits from my own claims etc. etc. I can tell potential clients my first hand experiences that other agents can't. So far, that advantage is giving me somewhat of an upper hand in getting in the door.

 

[VaDwayne]

Dont have a clue, I have been with Colonial for about 10 weeks and looking elsewhere, can't get any training here. I would love to stay, but I need money, can't wait any longer.

If you are not getting training, it is your fault. I have been in non-insurance sales for 20 successful years. The things I know, I took time to learn myself. The information is out there but you must be willing to go find it.

I am leaving my career to go to work for Colonial. Guess what, if I don't get the training I think I should be receiving, I will get it here or somewhere else but I won't let my family go hungry.

 

[MarDentity]

How does UTA stack up to Colonial?

 

[benefitspecialist]

I have the broker information you need, if you will email me at [email protected] I can get you with the person you need to talk to.

Colonial's broker agreements are VERY strong and there is some new structuring that has made it even better. I can send you some info throught email as well.

 

[VaDwayne]

The GA in my district is a good guy, he has his hands full, he has is own full time CPA firm in addition to the Colonial, his time is limited and all the agents are NOT producing or not working.My family is too important to me to sit around and wait for free time, the company I'm considering,in just 2 weeks has trained me more than Colonial has in 10 weeks, using all the NEW companies leads.I think Colonial would be great for me, BUT I'm a guy who is begging for more work, willing to work 6 days a week,7 if I can find a way..
I have had 2 businesses that I started from ground up and sold and made a lot of money, I see this going nowhere fast and I don't have time to be trained 2-4 hours per week..Time is money and I want the money and willing to spend the time to get it.Like I said,I have no hard feelings..but I gotta move.

I just had this converstation with another member of this forum on the phone a few minutes ago. I feel fortunate that I have sales experience because I can close and give presentations well.

If you are begging for work and you work for Colonial, you are not doing something right. I will call on 100 businesses by the end of this week.

I spoke to my MGA this morning and I told her that I am frustrated too but you know what, I have been online every night learning the products, looking for competitive comparisons and practicing my presentation by myself in my office. So you can do this without their help but it is going to be difficult, but you can do it.

Have you written your scripts that you are going to use we you walk through the door of a business, when you call for an appointment, or when you are in front of the Decision Maker. WRITE SCRIPTS AND PRACTICE THEM !!!! YOU CAN DO IT!!!! It is my belief that successful salespeople always use some sort of script. Never wing it.

My training manager didn't show up for my last two appointments so you know what I did, I did them myself. I could because I practice my presentation every night. YOU CAN DO IT, I PROMISE!!!! One thing you are definitely right about, they managers are too busy. Ours are worried more about getting more people than they are training the ones they have. Slow steady growth will always be better that trying to conquer the world in one day.

I have only been with Colonial 2 weeks but I have learned a bunch because I have been forced to and I will gladly share my experiences with you, just give me a call. My number is 540-241-1702. I am on the east coast.

 

[oicu812nbama]

Good prices. Worst commission in the payroll biz. Keep looking

 

[benefitspecialist]

My husband and I have been in the business for 19 years and have made a great living, however we have never made as much as we did our first year with Colonial.

You have to know how the bonuses work and consider the volume you will do.

I also know that the basic commision is low (as we write for numerous companies) but the opportunity if great.

I hear comments about the commision structure all the time and I wonder how much the folks know about the bonuses and numerous other commisions that come in based on performance.

 

[Guest]

- - - - - - - - - - - - - - - - - -

Well on the individual side you can sell, life insurance, cancer and accident to individuals. Not a lot of products but not bad either. I love their cancer product and push it hard because I believe in it.

I would agree with the rest of your comments. As a beginner I'm going to mix in major med with Colonial products. There is no need to turn down a major med sale just because I don't or want handle the product. Kills two birds with one stone when I walk into a business.

why do you love Colonial cancer insurance product? Is the commission on this product higher than on the life insurance policies? What is their commission structure anyway? And does one make the bulk of their money from bounses on selling certain products, if so what are those products? Sorry so many questions but I would like to make the best decision once I complete my licensing. All informed are welcome to reply.