Time to get my feet wet

[The New Guy]

Posted many times on the old board, but this is my first post on the new board. I received my license in December, and I'm ready to take the plunge. Understanding that I intend to be indpendent, I realize that I should spend some time in the field working for another company first. Have been looking at Banker's Life, or Union Bankers, any feedback about these companies? Rip off report has only one complaint on Banker's Life, and none on Union Bankers. Looking for 3 to 6 months of experience. Also, how do renewals work, I read about them all the time on here, but can't recall anybody ever giving a percentage or dollar amount on them. A $4000.00 policy at 20% pays $800.00 commission, but what is the typical renewal amount on that transaction for the second year, and beyond. Are renewals paid as earned, or in advance. Just trying to put a budget in place. Thanks to this Forum, and the great people on here, I am looking forward to getting started.

 

[Frank Stastny]

Posted many times on the old board, but this is my first post on the new board. I received my license in December, and I'm ready to take the plunge. Understanding that I intend to be indpendent, I realize that I should spend some time in the field working for another company first. Have been looking at Banker's Life, or Union Bankers, any feedback about these companies? Rip off report has only one complaint on Banker's Life, and none on Union Bankers. Looking for 3 to 6 months of experience. Also, how do renewals work, I read about them all the time on here, but can't recall anybody ever giving a percentage or dollar amount on them. A $4000.00 policy at 20% pays $800.00 commission, but what is the typical renewal amount on that transaction for the second year, and beyond. Are renewals paid as earned, or in advance. Just trying to put a budget in place. Thanks to this Forum, and the great people on here, I am looking forward to getting started.

You are going to find that everything you asked about regarding commissions is going to vary from company to company. It is really difficult to answer that question. I would recommend that you ask those same questions of each of the companies you are considering licensing with.

You will find that most companies will advance your commissions anywhere from nine to twelve months.

It sounds like you are considering going into the Senior market. Is that correct? I didn't notice if you mentioned what state you live in. It would be helpful if we knew that.

In Missouri, Bankers does not have a good reputation with my clients who had them for their Medicare Supplement policies. My clients tell me that they are very high pressure and will frequently send two agents on an appointment to "double team" the prospect. Also that they use scare tactics to convince the prospect they need Plan F.

I have no personal experience with them, I'm just passing along what my clients have told me.

Again, in Missouri, Continental Life in Brentwood, TN has been consistently the best company for me to put my clients with for about the past six years. I am an independent and represent other companies but each year Continental remains at the top of my list of companies I am most comfortable recommending.

They have very competitive rates, their increases are few and very reasonable. When they had their last increase Plan D went up only 9% while Plan F went up 25%. I only sell Plan D.

 

[senior-advisor-indiana]

Banker Life is not competitive in IN either. Niether is Union bankers. Well BAnkers life might have a J plan that competitve but thats it. They sell alot of home health care and long term care also. Half ass coverage!

Commissions in IN are usually around 20% level for 6-8 years. 6 is the most common, and that is for medicare supplements. MA's are pretty standard everywhere with 325 first year and 110 2nd-5yrs. well that is with pyramid. Final expense (whole Life) is usally around 90-110% first yr and 5-10% renewal years. If you are captive you will only get a little more than half of that for commissions.

 

[CHUMPS FROM OXFORD]

Uh...Isn't Banker's Life a wholly-owned subsidiary of the dreaded Conseco?

I might be wrong about this. I'm too lazy to Google.

 

[The New Guy]

Some background information

I live in Michigan

Been self employed since 1987 Mall based Retail Stores & Wholesale

Just closed and sold everything

Don't need income right away

Get along well with people of all income, age and educational backgrounds

Just looking for some experience, 3 to 6 months before going Independent

Looking at the senior market as my parents are reaching that point

Also Business owners, as I know many of them

I know many of the companies everybody doesn't like from this board

Looking for a company or two in Michigan somebody would recommend

 

[johnrocks]

I am in Louisiana but I like United World(mutual of Omaha),Lincoln Heritage and Sterling Investor"s

 

[senior-advisor-indiana]

Michigan has the highest commission doesnt it? I agree with john except for lincoln heritage... not good in indiana

 

[Frank Stastny]

John,

I know why you like Sterling, you got $1,000 for writing ten apps with them. I limited the number of apps I wrote to only ten though.

After less than two years they had a pretty substantial premium increase. I knew that was coming. Every new company that comes here does the same.

United Teachers was "dirt cheap" for about two years and then went out of sight. I anticipate World doing the same.

I don't like having to write the same clients over and over again. It takes a lot of time and none of it is "new" money. That is pretty much why I put them with Contintel every chance I get.

 

[senior-advisor-indiana]

Why do you think continental life has lower increases Frank?

 

[johnrocks]

I guess it must be a Missouri thing but I can take any Continental of Brentwood and turn them into a United client in about 5 minutes. I was once appointed with cont. here