Newly Licensed, Just Realized I Signed Up With an MLM

Jun 18, 2019

  1. Rigel
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    Rigel New Member

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    Howdy!

    I just signed up to this forum. I have tried to get into Insurance before- however I was not hired either time. Finally I got a chance! I got licensed, have been looking forward to starting.. then I noticed the facebook groups and group chats. This company (whom I have yet to sell for) is almost like an MLM cult, and indeed on this forum I don't see it talked about highly (Family First Life). Now I have read through this forum, and just wanted some advice.

    As a newly licensed agent, what should I do? Should I keep the course and try it out with their expensive leads and... well it truly is an MLM trying to hire people "downline" and with your own "upline". Should I try to get hired elsewhere? I am in the San Antonio-New Braunfels area, they hired me at 80% commission. Are there better agencies that would be recommended in this area?

    Thank you to anyone who spent the time reading this. I forgot to mention I do have a history in sales, though am young at just 25. Any and all advice is appreciated.

    Again, thank you!
     
    Rigel, Jun 18, 2019
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'm going to give you some more bad news. It's not 80% commission. That's an internal contract designation for the payout for the various contracts you have... but it's not 80%. But it's obviously called these things to be deceptive to get new people to THINK they have an 80% commission.

    This was uploaded to the forum's FB group by Kevin Cowan. This part is just a screenshot of a portion of what he's got. (I don't have the full file.)

    [​IMG]

    If you'd like to join the forum's FB discussion group, the link is here: Life Insurance Agent Discussion
     
    DHK, Jun 18, 2019
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  3. Rigel
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    Rigel New Member

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    Ah... so that promise of renewal money is probably also less than advertised as well. Wonderful...
     
    Rigel, Jun 18, 2019
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  4. StarterAgentKG
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    StarterAgentKG Expert

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    I am no expert, and that contract situation sounds messed up if I am reading the table like I think I should be... but isn’t every company an MLM in some way. I mean aren’t you in your IMOs or MGAs “downline” if you are an independent agent.
     
  5. Baseball7
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    Baseball7 Guru

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    What type of insurance were you looking at?
     
  6. Newby
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    Newby Guru

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    Happens every day. Don’t feel bad. And very easy to fix. The good news is that FFL doesn’t offer the more competitive companies so just sell those for 6-months and if you want to add more of the others back in after 6- months you will be able to.

    Everyone makes mistakes. This one does no permanent damage.

    To some companies in Texas that you can still sell and how their rates compare just use this quoter and set it on your state and around age 65 and pull up a sample quote. Final Expense Quotes
     
    Newby, Jun 19, 2019
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  7. Rigel
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    Rigel New Member

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    I will admit I’m new. Just the way people are talking and pushing to recruit not sell... it sounds like an MLM my mother would be suckered into.


    Mainly Health and Life. Well only those. I don’t know to much about them... I passed the test with a 90 but I’m book smart street dumb at this point.

    Thank you! Omaha, AIG and Americo are their big ones as I understand it. If your recommendation is to stay and then leave later I will follow it!


    Thank you all!
     
    Rigel, Jun 21, 2019
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  8. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    DHK, Jun 21, 2019
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  9. shonceman
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    shonceman Guru

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    I don’t think he’s saying to stay at all. He’s saying if you leave them you won’t be able sell for any of the companies you’re contracted with through them for 6 months. So, you just write for other companies until the 6 months has passed. Since FFL doesn’t offer many of the better companies, it shouldn’t be a problem to find another IMO to work with. Get up and get on outta there, right now!
     
  10. somarco
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    somarco GA Medicare Expert

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    Health insurance, under 65 major medical, is an easy way to get poor slowly.

    Ancillary lines (cancer, hospital indemnity, dental . . .) can eventually turn into a gravy train if you have an "in" with large employers who don't have PRD coverage. Otherwise you will be old and gray before hitting the mother lode.

    The 65+ market (Medicare) can be lucrative if you know how to work that segment and have enough $$$ to pay the bills for 3 to 5 years. A bit sooner if you have enough to pay bills AND $$$ left over for lead gen.

    Straight life insurance can be a tough sale unless you can find a system like @JRoot has. Requires up front $$$ and a willingness to work the system but there are guys making good $$$ in 6 months or so.

    FE is a way to make fast bucks but has many challenges.

    No one ever said this was easy.
     
    somarco, Jun 21, 2019
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