Penn Life Senior Solutions

Jul 3, 2008

  1. ROGCHAP57
    Offline

    ROGCHAP57 Expert

    Posts:
    35
    Likes Received:
    0
    Well I'm getting ready to make the switch from P&C to Seniors and just have a couple of questions. I'm looking at Senior Solutions, sat down and talked to my new manager for about 2 hours yesterday and really felt comfortable with the guy. Sounds like they have some pretty decent products and a person could make a pretty good living here. My question is it a good company to work for, read some of the posts on here and didn't get a great feel but alot of that sounded like a problem with the guys they worked for. Gut feeling would be go for it, and I've got a pretty big gut so that's hard not to listen to. My other question, is it common practice to be charged to contract with the companies you will be selling. There's an $80 fee to sign up to contract with all the companies and I wasn't sure if that was an everyday thing. Thanks for any help.
    Roger
     
  2. mswebb06
    Offline

    mswebb06 Super Genius

    Posts:
    180
    Likes Received:
    0
    I had a meeting with them as well back in March and this is what I got out of the meeting. I am not sure about the 80.00$ I know you do pay for appointment fees, you pay for your first set of business cards, you pay for the test to become a certified "Senior Solutions" agent which is silly.

    As far as their comp structure the only time they call and set appointments is when you are selling their MA's and think the agent gets 125.00$ off of everyone one of those, as an Indy I would imagine that is at least 300.00. Life Insurance as an agent the best you will ever get is a 50% contract with a nine month advance. They are huge on just "door knocking" So, I guess if you need leads and trainning this would be a good place to hang my hat for a few months and then move on. They also have a contract with John Hancock for LTC. You will probaly be given a list of clients that have their MA's, and try to sell them life insurance.

    It has been said many times and I will say it again the only real way to make any money with Penn Life is to become a manager and make some serious money off of your overrides.
     
  3. hjdinfl
    Offline

    hjdinfl Expert

    Posts:
    30
    Likes Received:
    0
    So you pay them $80 to do your background check and approve you? Sounds rather high! What commission rate are they paying you on life products? Most products pay 120% commissions so are they doing a 50/50 split or are they paying you 115% commissions like other companies? Are they giving you fresh leads every week or just a few and setting quotas based upon these few leads? Are they charging you for the leads while making you split your commissions with them at 60%? Are you captive or independent? Find out up front what help they are really going to keep giving you or if its a dog and pony show geared to get you to sign up. Good luck.
     
    hjdinfl, Jul 3, 2008
    #3
  4. mswebb06
    Offline

    mswebb06 Super Genius

    Posts:
    180
    Likes Received:
    0
    Penn Life is a very CAPTIVE outfit, 50%contract on life, final expense. They do not charge you for leads. ROG, what state are you in? several people on this board worked for Penn Life wait for them to chime in.
     
  5. ROGCHAP57
    Offline

    ROGCHAP57 Expert

    Posts:
    35
    Likes Received:
    0
    I live in Ohio, Wow there's alot more to this then I imagined, with P&C it's a little more cut & dry. I know starting out the money probably isn't all that great but if I can make $50,000 to 75,000 the first year that would be great, is that realistic. With Allstate I didn't come close to that so this would be great if I could do these numbers. Appreciate all the feedback look forward to hearing more.
    thanks
    Roger
     
    Last edited: Jul 3, 2008
  6. mswebb06
    Offline

    mswebb06 Super Genius

    Posts:
    180
    Likes Received:
    0
    I would imagine you could easily make your 50K selling just health insurance. That may not appeal to you I don't know.
     
  7. senior-advisor-indiana
    Offline

    senior-advisor-indiana Guru

    Posts:
    11,250
    Likes Received:
    162
    State:
    Indiana
    There is no chance that you will make 75K your 1st year there. I do not remember paying to get signed up or paying for biz cards. I was THE top producer in my office and did not break 20k my 1st year.
     
  8. theinuranceguy
    Offline

    theinuranceguy Guru

    Posts:
    936
    Likes Received:
    3
    In OH we do have a $20 appointment fee per company you get appointed with. Maybe you are getting appointed with 4 companies. But like most on this thread, from what I can see, this outfit looks like it has good training and lead support, although the commissions are not that good. I would stick around for a bit, learn the senior market, and then go indy where the commissions are 2 to 3 times as high.
     
  9. ROGCHAP57
    Offline

    ROGCHAP57 Expert

    Posts:
    35
    Likes Received:
    0
    Well in reading these posts it looks like it's a good idea to go with these guys, get trained and eventually go out on my own, which is kinda what I planned on doing, after being captive with Allstate for a year I'm ready to be on my own. The application fee is for more then one company so that puts me at ease. Hey Senior did you work for Penn Life, be curious to hear more if you did. Well thanks for all the help, I'm still gonna check this out a little more but it's starting to sound like the way to go, won't get rich right away but as long as I can get by and learn something that's what I'm looking for.
    thanks
    Roger
     
  10. mswebb06
    Offline

    mswebb06 Super Genius

    Posts:
    180
    Likes Received:
    0
    While doing that, since seniors do not like to be bothered after 4, you can sell life and health on-line while you are learning the ropes.
     
Loading...