Information About Farm Bureau

[Midwest.Agent]

Hello everyone,
Sorry in advance for the long post. I am brand new to the forum and I have spent a considerable amount of time reading on this site and other about the insurance industry. I have been in my current profession for five years, it is salaried with good benefits but long term earning potential is limited and we are a non for profit that is paid by tax dollars and with the current economy I am worried about long term security. In my career I do many educational programs to the community about a variety of agricultural topics, these are only about helping people I do no selling of products. Through my years of services I have built strong relationships with lots of people and became very well respected in the community.

Two weeks ago I was approached by a area manager for Farm Bureau Financial Services, he asked if I would be willing to consider a career in the insurance business. I told him I would be willing to meet with him and talk about the possibility. We had our first meeting and we talked about many things and I do like what I hear, even though it is a little intimidating to go from a set salary to 100% commission. As far as the training and business side of FB they seem like an excellent company. Also I looked up there complaints to policies ration on the state insurance commissioner site and they have one of the best ratings, which I was very happy to see because if I am going to provide insurance, it must be a great product for people that I serve.

So my question is does anyone have information or willing to share any knowledge good/bad about FB. Also immediately at the end of the meeting the manager set up another meeting with me. Does anyone know some questions that I need to ask for sure.

I like to be extremely well educated in decisions so I would welcome all information that could be of help. Thanks in advance, have a great day.

 

[Mark]

I hear a lot of good things about them.

 

[xrac]

I think it is a good opportunity and I would pursue it if I have any interest in pursuing insurance at all.

 

[Philly]

My friend worked for them for 4 years and just recently left them. They changed there training allowance recently.
PM if you would like more info?

 

[xrac]

My friend worked for them for 4 years and just recently left them. They changed there training allowance recently. PM if you would like more info?

My information is based upon what I have known about FB from the past but please be advised that Allstate and State Farm both use to be great opportunities but I would not touch either of them today.

 

[VolAgent]

Be leary of any P&C position that REQUIRES you sell life insurance. Life insurance is great and you should sell it. That said, most P&C agents seem to have a harder time with it. Combined with the requirements that many P&C companies set, and most agents come up short. That could mean reduced commissions, less CO-OP money, and/or termination of contract.

 

[Midwest.Agent]

Thank you all very much for your input. I have spent time the past two days talking with current less experienced agents (under 5 years). Honestly in my area there are not very many new agents, which concerned me so I asked a few of them how come there are not many newer agents and the three I talked to said it was because they have not hired very many new agents not because they have not made it. The new agents all seemed very positive and honest. The first two years are challenging but if you work hard the company helps you and from year two on it gets better. For my area a first year FB agent averages 42,000, I know that is before expenses since you are a independent contractor. but year three agents average 75,000. I don't know the more advice the better, thank you.

 

[magagent]

Personally, I would be more concerned about who will be my mentor and trainning me. Do I trust them? Will the area manager be trainning you and do you trust them?

Farm Bureau has a great reputation and people know who Farm Bureau is.

Thank you all very much for

your input. I have spent time the past two days talking with current less experienced agents (under 5 years). Honestly in my area there are not very many new agents, which concerned me so I asked a few of them how come there are not many newer agents and the three I talked to said it was because they have not hired very many new agents not because they have not made it. The new agents all seemed very positive and honest. The first two years are challenging but if you work hard the company helps you and from year two on it gets better. For my area a first year FB agent averages 42,000, I know that is before expenses since you are a independent contractor. but year three agents average 75,000. I don't know the more advice the better, thank you.

 

[Midwest.Agent]

Great point magagent