Liberty National

[2112Greg]

You'll learn soon enough that AM Best and the like generally are a very poor indicator of real world performance. Fitch's is really the only one that's worth the paper the ratings are printed on. AM Best is almost, but not entirely, meaningless...

Amway has been around for what, 70-something years. Would you like to sell Amway? Just because a company has been around a long time doesn't mean that it's good. It just means that they've been around for a long time.

Torchmark, specifically UA, has high ratings because the company has a good bit of cash...this means two things (among others)...the policies are overpriced and the company has a poor track record of paying claims. Putting your clients at risk with a company such as this does no one any favors...except for the branch manager of the office you'll work at for a few months and discover that what you're hearing here is the result of a lot of different people's actual experience.

I remember once that I was presenting some key man coverage for a restaurant owner. I ran the quotes and it was so completely out of the ballpark that I didn't even bother to show it to him. Absolutely ridiculous amount of money. In fact, all the life policies I ran across or sold were ridiculously priced.

Funny, whenever these threads about TMK/UA come up, people like myself and others speak up about what their experiences have been. I can recall not a single instance where the person seeking the advice came back and told us we were wrong. Maybe you'll be the first...!

Not trying to discourage you from anything, but if you have a choice between NYLIC and TMK, you'd seriously be foolish to choose TMK. The two don't even play in the same ballpark...

 

[dabatman]

You'll learn soon enough that AM Best and the like generally are a very poor indicator of real world performance. Fitch's is really the only one that's worth the paper the ratings are printed on. AM Best is almost, but not entirely, meaningless...

Gotcha. I feel a little better since they have an A+ Rating with Fitch.

Amway has been around for what, 70-something years. Would you like to sell Amway? Just because a company has been around a long time doesn't mean that it's good. It just means that they've been around for a long time.

Yes... I have sold Amway for like 5 years and seriously thinking about joining again once I get back on my feet. Amway is a good company and I may be wrong but isn't it the bad companies that usually don't last??? I may be wrong but I'm just going out on a limb here.

Torchmark, specifically UA, has high ratings because the company has a good bit of cash...this means two things (among others)...the policies are overpriced and the company has a poor track record of paying claims. Putting your clients at risk with a company such as this does no one any favors...except for the branch manager of the office you'll work at for a few months and discover that what you're hearing here is the result of a lot of different people's actual experience.

Or... maybe, just maybe, the company has made sound investments over the years. Which is a good thing when considering insurance companies. They didn't invest in Real Estate like a lot of outfits did once the sub prime market hit. I must say that you are the first person I've heard say that they have a poor track record of paying claims. I've actually read in a couple places on this forum that they were actually good at that. I seriously don't think helping a family or individual out by providing them with a policy that will help them in time of need (done the right way and not pushing stuff on them that they don't need) would be considered putting a client at risk. Like anything else there will be competition. Some will be cheaper and some will more expensive. When it comes down to it people usually buy because they believe and trust or have a connection with the agent that's selling them. I work hard at building relationships and do feel that I bring some advantage to the table other than just offering the lowest cost.

I remember once that I was presenting some key man coverage for a restaurant owner. I ran the quotes and it was so completely out of the ballpark that I didn't even bother to show it to him. Absolutely ridiculous amount of money. In fact, all the life policies I ran across or sold were ridiculously priced.

This may be the case so I might have to get creative or find someone else that I can help altogether.

Funny, whenever these threads about TMK/UA come up, people like myself and others speak up about what their experiences have been. I can recall not a single instance where the person seeking the advice came back and told us we were wrong. Maybe you'll be the first...!

I can believe that. There are some out there that are afraid of the unknown and when some people share their experiences those people internalize those as if it would be their experience. I'm not that guy. I've sold a lot of things in my day and I know that everyone wants the big check but few are willing to actually do the work required to obtain the big check. Everyone's different. I'm confident in my ability to relate to people and as long as there's a need for insurance, as long as I'm offering it, I feel that there's someone that I'll be able to help out.

Not trying to discourage you from anything, but if you have a choice between NYLIC and TMK, you'd seriously be foolish to choose TMK. The two don't even play in the same ballpark...

Point taken... but since I was not born with silver spoon in my mouth... I may have to drive the Ford for a while until I can afford to step up to the Lincoln.

BTW... It's kind of funny how everyone politely states at the end of their post that they aren't trying to discourage me but in all actuality they are. It's OK though. It's human nature. I understand that you guys are just giving your opinions but they truly are like back sides. Thank you guys for all of your help and insight. I'm gearing up to start my first day of training tomorrow. Maybe I can be one of those guys with some good things to share about my experience with this company.

 

[2112Greg]

Well then, good luck...

 

[dabatman]

Thanks again!

 

[2112Greg]

Honestly, it sounded like your mind was made up even before you started asking all these questions.

The main reason why I speak out strongly against UA/TMK is because of the lousy position that these plans put clients. Not so much referring to their life, but really their health...seriously bad plans that are overpriced. The only thing is they will take just about anyone assuming they have a pulse.

 

[dabatman]

Honestly, it sounded like your mind was made up even before you started asking all these questions.

The main reason why I speak out strongly against UA/TMK is because of the lousy position that these plans put clients. Not so much referring to their life, but really their health...seriously bad plans that are overpriced. The only thing is they will take just about anyone assuming they have a pulse.

I hear you and to be honest my mind wasn't made up. I actually didn't decide to press forward with LibNat until earlier today when I got past the horror stories out there and remembered that everyone is different... read the facts about the company... realized that I'm a truly unique individual that has done things in the past that other said I'd never do... and got over my initial fear of going into the unknown. I do believe that this, like anything else in life, will be what I put into it.

I haven't learned about their products yet but do believe in doing the right thing for the people that I serve. Maybe I'll only push their Life products... IDK yet. I do know this will be a learning experience either way. I just want to leave it profitable if I decide to leave and not worse off than I am now.

BTW... in regards to contract... if I were to sign with LibNat and found that I didn't like what was going on there.. would I have to wait before I could contract with another captive? Is this stuff detailed in the contract? Is walking away from a captive agency like walking away from a salaried position when you leave a company or do they make you wait XXX amount of time before you can work with another company?

 

[David C]

Batman,

Don't go into your new job with negative thoughts.

Learn the products, you'll find plenty of people you can help.

Don't come on here anymore asking for the bad side of your company. Come here and ask about the industry, how to serve people, how to prospect, but don't ask people to tell you what's wrong with LNL.

My favorite companies have shortcomings also, they all do.

I would like to send you a pamphlet called "The Trusted Advisor", it's by LIMRA. If you don't know about LIMRA Google them. I'll send you my copy, no charge.

If you would like to have it send an email with your mailing address to [email protected].

 

[dabatman]

Thanks for the advice David. eMail has been sent!