First post here, but have been reading posts for a while trying to fugure out which companies to represent. I was a "veteran" agent with Bankers Life (4+ years), and have just recently resigned. I left because I could no longer stomach what they were training their agents to do. I've been there through everything I have read about from others posts on this site. The switching of seniors from their perfectly fine Plan F supplements to Plan N with Colonial Penn to save a couple bucks, to enticing them to 1035 their paid up life policies into single premium ULs (which they do not offer).
I wouldn't do the desperate moves they are trying to do recently, so had my territory/client list opened up to all of my co-workers. Many of whom I "thought" were friends.
The VERY sad thing is what they are doing to the seniors in my state. The issue of 1035ing paid up policies into a UL with a 15yr no lapse guarantee product is wrong. The way it is presented to prospects is wrong, as they are told they will have a lifetime paid up policy with a little higher death benefit. 15 years from now, the clients that are still around will be complaining like hell. But, the clients sign the illustration, w/o being told exactly what it means and they're stuck.
Since being with BLC, I mainly focused on annuities, as I saw clients getting good returns when part rates/caps were high. For the last 1.5yrs or so, they have continued to lower participation/cap rates until they finally pulled the majority of their product line. All they have left, is annuities I wouldn't sell my worst enemy.
As for their Univeral Life product line, the best you can get is a 15yr NLG, thats it.
FE/Whole Life is higher priced than competitors for same product.
LTC is about double what Genworth or MoO is for same benefits. And both Genworht and MoO have better ratings and premium stability than BLC.
STC/Short Term Care- I know the carriers are limited in this product, BUT, Standard Life has an excellent Recovery Care II (Short Term Care) product that is better priced than BLC.
I have contracted with a GA who represents most of the top rated companies now, and have compared what I COULD have done to begin with. To sum up that feeling, "I feel bad/mislead". I thought I was doing the best I could, but really, I was only doing the best I could with what I had to offer.
My BSM currently has 3 active lawsuits pending (for $1M+), and my USM just got found guilty of not doing replacement forms.
When I jumped ship, there were only about 8 "productive" agents ($50k APC's+) in our office. In the last week, 3 other "productive" agents bailed as well. Guess we'll see if the others can see the sinking ship.
I won the "rookie of the year", "building the practice winner", and many other awards/trips, only to finally figure out I was on the wrong team. I feel so much better now that when I present an illustration to a client, I truely am doing the best I can do, as we run it through 30+ "A" rated companies.
I only posted this to advise of MY experience at the office I was with. I'm not saying ALL BLC offices are ran this way, but my office was.
BLC was a good start to my career in insurance, but other than that, I can't wait to compete in two years with them because it will be like showing up to my favorite fishing hole with a backpack full of dynamite.
JK, I like to compete, but they aren't even in the field...
I wouldn't do the desperate moves they are trying to do recently, so had my territory/client list opened up to all of my co-workers. Many of whom I "thought" were friends.
The VERY sad thing is what they are doing to the seniors in my state. The issue of 1035ing paid up policies into a UL with a 15yr no lapse guarantee product is wrong. The way it is presented to prospects is wrong, as they are told they will have a lifetime paid up policy with a little higher death benefit. 15 years from now, the clients that are still around will be complaining like hell. But, the clients sign the illustration, w/o being told exactly what it means and they're stuck.
Since being with BLC, I mainly focused on annuities, as I saw clients getting good returns when part rates/caps were high. For the last 1.5yrs or so, they have continued to lower participation/cap rates until they finally pulled the majority of their product line. All they have left, is annuities I wouldn't sell my worst enemy.
As for their Univeral Life product line, the best you can get is a 15yr NLG, thats it.
FE/Whole Life is higher priced than competitors for same product.
LTC is about double what Genworth or MoO is for same benefits. And both Genworht and MoO have better ratings and premium stability than BLC.
STC/Short Term Care- I know the carriers are limited in this product, BUT, Standard Life has an excellent Recovery Care II (Short Term Care) product that is better priced than BLC.
I have contracted with a GA who represents most of the top rated companies now, and have compared what I COULD have done to begin with. To sum up that feeling, "I feel bad/mislead". I thought I was doing the best I could, but really, I was only doing the best I could with what I had to offer.
My BSM currently has 3 active lawsuits pending (for $1M+), and my USM just got found guilty of not doing replacement forms.
When I jumped ship, there were only about 8 "productive" agents ($50k APC's+) in our office. In the last week, 3 other "productive" agents bailed as well. Guess we'll see if the others can see the sinking ship.
I won the "rookie of the year", "building the practice winner", and many other awards/trips, only to finally figure out I was on the wrong team. I feel so much better now that when I present an illustration to a client, I truely am doing the best I can do, as we run it through 30+ "A" rated companies.
I only posted this to advise of MY experience at the office I was with. I'm not saying ALL BLC offices are ran this way, but my office was.
BLC was a good start to my career in insurance, but other than that, I can't wait to compete in two years with them because it will be like showing up to my favorite fishing hole with a backpack full of dynamite.
JK, I like to compete, but they aren't even in the field...
