How to Detect a "Pyramid" Scam

[Crabcake Johnny]

This isn't directed at you jeniker;

Insurance is a very oddly marketed career. It seems to be marketed almost as a get rich quick scheme.

If it's one thing our industry needs to change it's being able to get a license at the bottom of a Crack Jacks box.

I think a 3 to 6 month "school" to become an agent would change an awful lot in this business.

Anyone care to post all the things that would be solved if it took at least 3 months of insurance school to get a license?

 

[HarryRenard]

HA, HA, HA, thanks for the response Attilla. I think I've wasted enough time with this insurance industry. I've tried with two companies and I just think it's not my thing. At this point & time, I'll keep going because I can't find another job otherwise

Hey, another question, if everyone keeps saying insurance people are very wealthy, why do you see them still working in their 60s? If I could have the opportunity to retire early, I'd take it in a flash. I've worked with two guys now that have bounced from company to company for the past 20 years, it makes me wonder.

I am not sure how many people go around claiming how wealthy insurance agents are.
It is a career that you can potentially make as much money as you would like and are willing to work for.

As far as agents working into their +60's, 70's & 80's the simple answer would be that they have a nice big easy book that treats them well with little effort generating some new business and maintaining their renewals not to mention they just might love this business like many I know.
But having said that their are plenty that are still working because they have too.


Which MLM insurance co are you working for if I may ask, could it be penn life/sr solutions.
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Anyone care to post all the things that would be solved if it took at least 3 months of insurance school to get a license?

For one this forum would be A LOT thinner.

 

[jeniker72]

Could be what's your take on that particular company?
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Another question, I've read before on these boards that people are saying to learn and then go independent on your own. How exactly do you go out on your own? Do you just sign up with a bunch of different companies? Do they provide leads or you're kind of on your own? The people I work with don't think too highly of brokers.

 

[2112Greg]

If an opportunity has anything whatsoever to do with Torchmark, beware!

And like others have said, anytime a brand new agent comes on as a manager...run, Forest, run like the wind!

 

[HarryRenard]

Could be what's your take on that particular company?
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Another question, I've read before on these boards that people are saying to learn and then go independent on your own. How exactly do you go out on your own? Do you just sign up with a bunch of different companies? Do they provide leads or you're kind of on your own? The people I work with don't think too highly of brokers.

From what I know of the maryland branches they are TERRIBLE, their MApd (today's options) is not at all competitive, their med supps are the most expensive in the state, and all of the other products are just middle of the road.
Commissions are very low, renewals are very low and it takes 20 yrs to vest. I think their whole model is flawed it is very 1980's, they haven't changed at all with the times.

From what I understand in some states they are a little more competitive just not in my states ( but that still says nothing for their terrible comp plan).

Just to be clear I am not just saying this because they are a captive to semi captive shop.
I think there are plenty of good career companies where you can hang your hat and earn a paycheck, penn life/sr solutions just isnt one of them.
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[Guest]

The only way this forum would appear thinner is if agents actually worked during business hours.

For one this forum would be A LOT thinner.

 

[bassplayer]

The Office Pyramid Scheme

HAHA. I love that show. "Calling cards...are the wave of the future."

 

[Agent_007]

If an opportunity has anything whatsoever to do with Torchmark, beware!

And like others have said, anytime a brand new agent comes on as a manager...run, Forest, run like the wind!

I guess you have worked for Liberty (fill in the blank) Life Insurance?

I would remove my arms and legs and throw myself in a lake before I went back to work for them. STAY AWAY.....

The reason they dont like "brokers" is because every single time one of us "brokers" walks in behind them we replace their business.

Unit Managers is what they call them, is the start of the pyramid scheme....I like to call them comission stealers

 

[jeniker72]

HarryRenard, I tried to send you a private message but I don't have enough "posts" to send a private message.

I'm curious, what past relationship or experience do you have with Penn Life?

 

[scagnt83]

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Another question, I've read before on these boards that people are saying to learn and then go independent on your own. How exactly do you go out on your own? Do you just sign up with a bunch of different companies? Do they provide leads or you're kind of on your own? The people I work with don't think too highly of brokers.

Well first you learn the business with a high quality company. And it depends what area of the business you want to go into. You mentioned door to door sales earlier.... do you mean homes or businesses??

I would suggest talking with one of th major career life insurance companies in your area such as new york life, mass mutual, northwestern, prudential, met life, rbc, etc.
Working there should give you a good feel for the industry, and the directions open to you to follow. But most importantly they are reputable, and will give you the training/support, that you need as a new agent.
Any manager that says you dont need to know how to sell is full of sh#t!!! And this would never, ever, ever, come out of the mouth of a manager at a reputable company!



It sounds like you are not in a good place no matter what company you may be with.
Generally speaking a managers job is to recruit. An agent is to produce.
Yes the two can help each other, but in a good and ethical situation the manager will be the one doing most of the helping. Not the other way around.


There was a manager for united american who was calling up agents recruiting for a "manager" position in my area a few years back. He called me but I declined an interview with him. I know a few other people who talked to him and his set up was very much like this.
Basically as a "manager" you where expected to bring in 2 recruits a month plus 4 cases. And the overrides where crap, and just for the first year.
He was also offering a $100 cash bonus to sign appointment paperwork on the first interview!! lol what a freaking joke!