by johnnypop » Tue Oct 28, 2008 06:38 pm
Can anyone tell me what they think of Banker's Life? My wife works for them as an appontment setter and they want me to come in and sell for them. I have been in the insurance industry off and on for the last 16 years and have heard of them but have never dealt with them. Opinions?
Posted: Wed Oct 29, 2008 05:14 am Post Subject: Bankers Life and Casualty Company, Chicago, Illinois
Bankers Life and Casualty Company has its headquarter situated in Chicago, Illinois and was initially know as White Cross. However, this company isn't listed in the AM Bests rating chart and may also be facing problem in complying with the Illinois Insurance Department. I'd request you to do a bit of research before accepting their proposal.
~Jeremy
Posted: Wed Oct 29, 2008 05:27 am Post Subject:
Hey, according to the Bankers Life's website they offer a great earning potential to the agents. According to them a new agent can expect to earn around $1, 00,000 to $1,70.000 in their first year. But I support Jeremy's view that you should check up with their reputation with the rating agencies as well as with the department of insurance. I have seen this to work always “watch before you leap” .
Good Luck!!
Posted: Wed Oct 29, 2008 02:45 pm Post Subject: Bankers
I went on a interview with Bankers 2 years ago and they promise alot but don't come through. There was no way to make that kind of money right out of the gate. You had to spend a year building up your cliental before making money. That was the case with sales. Also I didn't want to be captive and work for a boss who makes all the money while I do all the work. I hope it is different now and Good Luck.
Posted: Wed Oct 29, 2008 05:49 pm Post Subject:
Thank you for the responses. I will check with the Illinois Insurance Dept. No rating from AM Best? That scares me too. I am uncomfortable with being captive also. They have appointment setters, as my wife is one, so that may help get me going faster, but I am not sure the commissions may be worth the effort. With the economy the way it is, many seniors might not be able to afford the products Bankers sells.
Thanks everyone.
Posted: Thu Oct 30, 2008 01:30 am Post Subject:
Hey John,
I can tell you that in the 15 years I've investigated life insurance fraud, I've never had a case against Bankers. I spoke at a number of seminars in the last 2 years and met a number of Bankers agents. AM Best rated or not, I have nothing bad to say about that company.
Posted: Thu Oct 30, 2008 04:53 am Post Subject:
InsInvestigator's words are worth taking into account. I too haven't heard anything too bad about the Bankers as well, but in few instances the agents in particular have complained against the company for breaching the terms and condition of their contract.
Again, john, you're right that in the present market scenario the seniors may not be able to afford the product sold by the company, especially when, many have got their retirement saving diluted.
Posted: Thu Oct 30, 2008 08:07 pm Post Subject:
I did go in and meet with Banker's and they sound pretty good. I am keeping my options open with them. I did some searches and I haven't found anything bad so far. Working in the senior market does scare me a little only because most of my business has been with clients around 45-55 years old.
Posted: Thu Oct 30, 2008 09:15 pm Post Subject:
Here In Mississippi Bankers isn't competetive. Their Med sups are too expensive, Final Expense is tooo high, The long term care is ok, Allianz is better (should tell you something).
They work the senior market mostly, If you go independent you should be able to find an IMO willing to train you how to sell the more competetive products.
Or pm me, Ill help all I can
Scott
Posted: Fri Oct 31, 2008 07:00 pm Post Subject:
Thank you Scott for the info. Another thing about Banker's I didn't mention was that it seemed like their commission structure was kind of low. 60% first year premium. I think that is a little low, but I guess they can justifiy it because they were going to give me leads and set appontments. They also pay 5% on fixed annuity premium which again I thought was low.
BTW Scott, what part of MS are you in? Before I moved to Las Vegas, I lived in Biloxi (Ocean Springs) MS
Posted: Fri Oct 31, 2008 08:41 pm Post Subject:
I live in the other end of mississippi, Tupelo region
Scott
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