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and you cannot sell a juvie life policy unless the parents are also insured.
You are aware that is industry wide, and has to do with laws in various states? Hopefully you understand why it is generally a bad idea to have a child insured when the parents aren't?
That is, unless you are stating the parents have to have their life insurance with Farmers specifically to insure the child. That would be very strange, to ignore the parents' outside life insurance when deciding whether to insure the child.
You are aware that is industry wide, and has to do with laws in various states? Hopefully you understand why it is generally a bad idea to have a child insured when the parents aren't?
That is, unless you are stating the parents have to have their life insurance with Farmers specifically to insure the child. That would be very strange, to ignore the parents' outside life insurance when deciding whether to insure the child.
Guess I just gave you proof that I'm only in my 6th month as no I was not aware that it is industry wide. I will go back and hit the books. Thanks for correcting my post.
You're welcome. But you really need to ask yourself, why would you sell a policy on a child when its parents are not insured? If you are committed to doing the right thing, make sure the parents are insured and the child is protected financially from losing a parent.
I think somewhere in the demand to meet certain quotos, in this case life policies, I may have lost the reason I wanted to be in this industry in the first place...to be committed to doing the right thing. I found myself just looking for low hanging fruit to meet my monthly numbers and becoming frustrated with the restrictions placed on me by my company. I'm currently struggling with the same issue I've read from others on this website, should I become an independent. I don't do this for a living (I have other income that takes care of my living expenses) and I'm not interested in awards or being number 1. My real desire is to be able to find solutions for people needing insurance and helping them proctect their family and assets. Don't get me wrong, I like money as much as anyone, but it isn't my immediate driving force.
Yep, I am. The quotas during the career program are enough to drive you over the edge and out the door especially since you cannot control so much of the process once an app is submitted. Trying to meet the monthly cutoff was insane. Once past the career program you will not hear the end of it. You don't have published quota but your DM will keep on the bandwagon. They get their kudos from their bosses from life production. The company wonders why production is down yet they have done everything they can to stiffle production, they took away juvenile whole life and the fixed premium whole life so those cases will go to some other agent who will naturally want to look at a family's other business - they don't get it sometimes. When they get off the greed wagon we can start taking care of clients again. Hopefully the new gen home and new auto policies will put us back in the game, we'll see. Hang in there, the grass is not greener on the other side - look at all the Allstate agents jumping ship and independents shutting their doors. Just do what you gotta do till you get off the career program then listen when you want to - you won't have quotas to meet any longer.
Hey guys. I have a Farmers guy that over the years has sent me some cases he could not write. Wants some SIWL and Term contracts. Guess he is getting more declines than normal. Anyone know what Farmers pays a senior agent on life business? Owns his own office, probably 20 plus years with Farmers. Has their life underwriting tightened up?
Thanks,
Originally Posted by txagt39
Yep, I am. The quotas during the career program are enough to drive you over the edge and out the door especially since you cannot control so much of the process once an app is submitted. Trying to meet the monthly cutoff was insane. Once past the career program you will not hear the end of it. You don't have published quota but your DM will keep on the bandwagon. They get their kudos from their bosses from life production. The company wonders why production is down yet they have done everything they can to stiffle production, they took away juvenile whole life and the fixed premium whole life so those cases will go to some other agent who will naturally want to look at a family's other business - they don't get it sometimes. When they get off the greed wagon we can start taking care of clients again. Hopefully the new gen home and new auto policies will put us back in the game, we'll see. Hang in there, the grass is not greener on the other side - look at all the Allstate agents jumping ship and independents shutting their doors. Just do what you gotta do till you get off the career program then listen when you want to - you won't have quotas to meet any longer.
"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change." Charles Darwin
I am a 10+ year Farmers agent. Farmers agents get paid 40% first year commission on term, and as high as 50% first year commission on whole life. Independent agents get 80% on the low end, up to 150% on the high end. Farmers is in the middle of a long term strategy to raise rates to maximize revenue on home and auto. This is not a good time to start as an agent with Farmers. Anyone who is thinking about it, please have a lawyer review the appointment agreement prior to signing. It was significantly revised in May of 2009. This is called the "Careering". Captive agents are having a hard time, and I don't think the trend will reverse itself anytime soon. Back in May of 2009, Farmers' then CEO Paul Hopkins stated to the stockholders meeting that each year Farmers recruits 10,000 candidates to be agents. Out of these 10,000 about 250 actually make it into a store front. This is about a 2.5% chance. If I came to you and said I have an investment opportunity, but you stand a 98% chance of losing your money, would you still invest? By the way, I have several friends who are independent agents, who used to be Farmers agents. They love life again, and are writing business left and right. As a Farmers agent, you have about a 10% closing ratio.(Farmers own numbers, not mine) As an independent, you close about 70-80% of everything your quote.(my IA friend's numbers, not mine) Also, something very important, you DO NOT own your policies, or your agency as a Farmers agent. As an IA, you DO OWN your policies, and the companies cannot take the policies away from you. If you all would like to hear what the tenured agents think of the Farmers agency opportunity, you may go to "www dot ufaa dot com", and click on the public bulletin board to read honest opinions before you decide to put blood, sweat and tears into starting an agency. I wish someone had told me this information before I invested 10 years of my life with this company. Best of luck to you all.
Re: Anyone here with Farmers?
I will go back and hit the books. Thanks for correcting my post.
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