Negative Views of Insurance Professionals?

[catowned]

I told my dad about my test and I wasn't expecting a pat on the back but wow he was so negative! He works in the financial industry himself. I just wanted to cry and was more surprised and shocked. It was just something I brought up in small talk. He asked what we were up to and I mentioned that I was studying for it.

 

[Franz Kafka]

Most dads are idiots. There feel better?

 

[GreenSky]

Wait a minute. I'm a dad.

Okay, I get your point.

Rick

 

[Full Throttle]

He works in the financial industry himself.

In what role?

Expect for people that have had a poor experience with a specific agent, most are uneducated about the work we do and buy into a sterotype. If you want this, go get it. This is an industry founded on good core values: protecting loved ones, protecting employees, and protecting your life's work.

 

[ksigmtsu]

A load of agents are scam artists that do not educate their client as to what they are buying and push for the highest premium possible to earn maximum commissions. People are flat out shocked when I suggest things like comboing up guaranteed UL policies with larger term policies to save them money and make sure they can insure their families needs until the children get out of the house, things like that. I had a couple yesterday that were under the assumption that their 46 dollar a month 100,000 10 year term policy was a great deal, and that they could renew it after the 10 years was up at the same price, because that's what the last agent told them. For the record the policy was 3 years old, 100,000 with my cheapest carrier was 23 dollars a month, and no, they couldn't renew it at the same price. You're in an industry where people lie, a LOT, to clients.

 

[Mark]

A lot of bad agents have already made up their mind what they are going to sell you, even before they talk with you. They will try and push something on you, without evening seeing what you need 1st.

 

[Full Throttle]

A load of agents are scam artists that do not educate their client as to what they are buying and push for the highest premium possible to earn maximum commissions.

Desperate people do desperate things. The most dangerous agents are those with bills coming due and they're short on funds. You absolutely owe it to your clients to be financially successful in this business.

You're in an industry where people lie, a LOT, to clients.

I don't think it's that bleak, most producers are "good people". Some newbies are not committed to this business and don't invest the time to learn the products and industry, so they may not be lying, but ignorant (although it can have the same damaging effect). The good news, they typically don't get in front of many people anyway.

 

[catowned]

He travels to Asia and writes about stock options.

I am very excited about becoming an agent and helping people. For a few years I've encouraged all my friends and relatives to buy the Suze Orman kit and do the advance directive, will and revocable trust. I'm so excited about the possibility of being able to learn more than what is in "Women and Money" and help people. Plus I know first hand about survival without family support. I am so excited about helping people protect their family from financial hardship. I loved reading about ways to pass on wealth without taxes too. I bet a lot of wealth gets eaten up by the government unecessarily.


I just wasn't expecting that reaction from him. I was very surprised by it too. You would have thought I said I'm going to join a gang or something.

Thanks for the reply!

 

[Mark]

Another issue is that is it very easy for just about anyone to become an insurance agents. Take your 40 hours, pass the test and then your out there pushing something you don't know much about. A lot of new agents know nothing about what they are selling and are just looking for a fast buck.

 

[LGilmore]

"He travels to Asia and writes about stock options. "

Usually people who handle securities take a dim view of an insurance agent. They are taught that way. Suze O thinks that way because was a ML rep.

Maybe some of it's deserved, but really it centers around competition for investment dollars. Most security reps encourage term purchases to maximize securities investment monies. They have been taught anything besides term is bad because it steals commissionable investment funds. These are the people whom believe, but rarely show that if you invest in the market, after a while you won't need insurance cause your investments have done so well......

Anything that competes for dollars you want, is a bad thing. That's how it is taught, in just about every office. Whole life is bashed alot of times because the person doing the bashing doesn't have the product. There's a mentality in all financial services that "if I don't sell it, you don't need it". It is how we are all taught.

Coming out of career school, an agent thinks this way, because that's what's drilled into your head. Later as you look around and communicate with fellow agents you learn and thankfully so, that there are many great companies out there for people to choose from.