new member, new agent, starting with penn life.

[midsouthagent]

Hello all this will be my first post and I am a brand new agent and finished a meeting with a manger from penn life. Can anyone give me an outsiders opinion of penn life? He gave me the entire spill, all the different products they have... First year earnings anywhere from 50-62K, he also added just for meeting average production standards they will give me anywhere from 500-2000 per month for the first year. 50-60 leads per week to work, I can travel or I can stay local. These leads are free to the agent or I can pay 15 dollars a pop to have the appointment pre-set not mandatory though. This managers claims they are only experiencing a 4% chargeback ratio. Speaking of chargebacks Penn Life opens up an account for every agent and deposits 1000 dollars each month to take care of chargebacks.


I know I am "green" and brand new but does this sound too good to be true? Anyone have any experience with Penn Life. Second year I should make 80K, Third year 100Kplus.

 

[moonlightandmargaritas]

More realistic financial projection;

1st year maybe 30K (if you're good)
2nd 50
3rd 65

These managers will tell you anything to meet their recruiting goals.

You have less than a 1% chance of 100K in the third year. Ask them how many people have achieved that recently.

The company is immaterial.

 

[midsouthagent]

Did you ever work for Penn Life? Just curious.

 

[moonlightandmargaritas]

Did you ever work for Penn Life? Just curious.

Doesn't matter. As I told you the company is immaterial. I have seventeen years of experience in the business, including sales management positions with very large insurance companies (life/health/P&C). Have worked for myself for the last four years.

Less than 1% of folks EVER make six figures in the insurance business, never mind in the third year working with a second tier carrier.

 

[Expat]

Doesn't matter. As I told you the company is immaterial. I have seventeen years of experience in the business, including sales management positions with very large insurance companies (life/health/P&C). Have worked for myself for the last four years.

Less than 1% of folks EVER make six figures in the insurance business, never mind in the third year working with a second tier carrier.

If the insurance industy had commandments, this should be the first one.
At least 95% of "agents" don't make it throught the first few months.

 

[senior-advisor-indiana]

I worked for Penn Life a couple years ago. If they put you on that salary or "bonus" the 1st year then you will not recieve any renewals on the the business you write in that year. THe $1000 in a seperate account is your money, not extra money. YOu won't recieve renewals until you have that amount in the account. It was $500 when I worked there. I didn't recieve a renewal commission in 18 months. Chargebacks where horrible. They pay very low commissions too. The last time I talked to them they were paying $100 for Pyramid MA. You can make $330- $400 being independent.

I recieved some pretty good training there though. I do not regret working there. I am glad I left though.

 

[senior-advisor-indiana]

Oh yeah, there wasn't any one agent in my office making 100K. I think i made 15k my 1st year there. I am sure the management reaps the rewards though as they seem to be the only ones to stick around.

 

[midsouthagent]

Well, I may be new to the insurance business but my family is not. My grandfather retired from NYL after 40 years with them as agent, partner, agent again and then finally a trainer. My father retired from Reserve National Insurance company after 30 plus years of service. So, I have already scheduled interviews with NYL and RN. I understand with Reserve National if you write at least 5000 in premiums per month you have no chargebacks. Any current Reserve National agents out there?

 

[senior-advisor-indiana]

YOu should really get some education from your family on how the business works.

 

[Cenla Agent]

Penn Life is a "direct sales" organization. Meaning that the only way you make $$ with them is by recruiting agents to work under you. They have a big emphasis on working door to door.