I'm obviously a new to this forum, and also new to the insurance industry, as I'm trying to decide what company I want to work for. I can definitely tell you it's not NAA! Bankers Life looked pretty solid. If you have any first hand knowledge please let me know the positives and negatives about the company and/or any companies you would suggest I take a look at. I live in Michigan.
They seem to have the turn and burn system down. Get you in, give you a bunch of junk leads, maybe you sell a few policies, then you get burnt out, leave, and the next person takes you place for the same.
Or, if you are selling enough to make ends meet, then you realize what you are selling, and if you have any dignity, you will run.
Thanks for the advice! It seems as though you don't know what's going on with a lot of these companies until you get involved. Who would you suggest for someone just starting out in insurance?
These are 2 very diverse markets, requiring different approaches, products & carriers.
With seniors you are dealing with (mostly) retired folks on a "fixed income". (I really hate that term, especially since most people, even during their working life, are on a fixed income). They will not have a lot of money to work with, or at least that is what they will tell you. Your offerings will consist of Medicare plans, small life policies and maybe some rollover into annuities or other conservative investment. It takes a lot of patience to work this crowd.
Health is a younger crowd (who also may not have much money) and involves competing with the crap that is readily available to the "web savy" crowd. You will need to represent several carriers and expect to rotate your favorite carrier every year and sometimes more than once during the year. In addition to having a competitive product, you need to understand underwriting and how it impacts the final offer. Quoted rates & terms mean nothing if you have not done your homework and cannot anticipate what will happen to the application once an underwriter reviews it.
Scott (sman) is one of the few people I know who can effectively move from one market to the next without losing a beat. Most of us find it is all we can do to specialize in one market and be on top of the game.
These are 2 very diverse markets, requiring different approaches, products & carriers.
With seniors you are dealing with (mostly) retired folks on a "fixed income". (I really hate that term, especially since most people, even during their working life, are on a fixed income). They will not have a lot of money to work with, or at least that is what they will tell you. Your offerings will consist of Medicare plans, small life policies and maybe some rollover into annuities or other conservative investment. It takes a lot of patience to work this crowd.
Health is a younger crowd (who also may not have much money) and involves competing with the crap that is readily available to the "web savy" crowd. You will need to represent several carriers and expect to rotate your favorite carrier every year and sometimes more than once during the year. In addition to having a competitive product, you need to understand underwriting and how it impacts the final offer. Quoted rates & terms mean nothing if you have not done your homework and cannot anticipate what will happen to the application once an underwriter reviews it.
Scott (sman) is one of the few people I know who can effectively move from one market to the next without losing a beat. Most of us find it is all we can do to specialize in one market and be on top of the game.
Thank you for the kind words Bob. However, I have really narrowed my focus. I wouldn't say I move from one market to another effectively. I tend to get focused on one thing at a time and then cross sell. I "try" to focus on health to get me in the door and then work on the investments and life insurance. But as I said, sometimes I can only do one thing at a time. Like right now, my main focus is the senior market with the Prescription Drug open enrollment. It has been CRAZY. I've been working 10-12 hours everyday and even making some phone calls the last two Saturdays which is something I never do. But we have such a short window, you have to strike while the irons hot. And it is extremely hot right now.
Health is a younger crowd (who also may not have much money) and involves competing with the crap that is readily available to the "web savy" crowd. You will need to represent several carriers and expect to rotate your favorite carrier every year and sometimes more than once during the year. In addition to having a competitive product, you need to understand underwriting and how it impacts the final offer. Quoted rates & terms mean nothing if you have not done your homework and cannot anticipate what will happen to the application once an underwriter reviews it.
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True and false. True that you need a phemonimal understanding of underwriting and you'll have to play musical chairs with your clients. Also true that health insurance companies are "flavors of the year" as they adjust their rates and underwriting.
But false that health is a younger crowd without a lot of money. This depends on who you're targeting. If you're buying internet leads then yes, you'll deal with a slew of under 30 and broke leads. But I only focus on small business owners - average age is late 40's and all have money. 90% of the clients I work with fall between 42 and 58.
Senior market has been great to me. Sales are easier, since health insurance is more of a priority to them. They no longer have the superman complex. Pricing is a huge factor like Somarco said since they are usually on a fixed income. Your best bet is to study the Medicare and You handbook they all get to know how Medicare works and what options they have.
However, here are the set backs that I have found:
Limited Enrollment in MA plans - Enrollment is from Nov15 - March 31st, after that they cannot make a change until the next enrollment period
Medicare Supplements - They are all the same from company to company, but you have to clear underwriting. There are some ways around that but it will vary from state to state. Check your state's website and it is usually burried in there somewhere.
There are some great products you can cross sell (LTC, Annuities, Final Expense, etc) but master one and then move on to the next. They seem to be more prone to give you referrals. I have gotten more referrals this year since I went senior market then the prior 3 years I was doing regular health insurance.
Best bet is to talk to an agent who is in that field in your state to get the ins and outs of it.
With regular health insurance (pre-65), there are a number of agents here who seem to have that down, most who have replied. Talk to them. I have learned a lot!
Hello All - I am new to this forum and the insurance/finance industry. I have interviewed at Bankers Life and Casualty and want to gather as much information as possible before making a decision. I am located in Maine and have 16 plus years of experience working with seniors and their families as well as an extensive background in marketing and sales. I understand that the turnover rate for Insurance Agents is quite high - about 50%, and am wondering if there is anyone out there working for Bankers Life and if so, for how long? How is their lead system? How is the company in general? I certainly understand that the first few years can be tough, but am interested to know, if you are able to make it through them is the career as financially rewarding as people say? I see many internet sites for lead generation, as well as hiring people to make calls for you, any tips on what is good or other advice? Thanks in advance. Look forward to hearing from you.
It is part of conseco. I think she should check into great american senior benefits. They have better products and decent traing. I believe you would be more rounded if you went to them instead of bankers life and casualty.
I have interviewed at Bankers Life and Casualty and want to gather as much information as possible before making a decision.
Bankers Life and Casualty is a good old revolving door agency. Yep, throw 'em against the wall and see who sticks. As usual with those types of captive agencies, the products are overpriced and the commissions are low. Their main products are senior products: LTC, final expense, med supps.
Though each office is managed differently, I think you'd be lucky to get even 8 hours of training.
The leads they provide are sketchy at best, though this may be dependent on the office. They buy a lot of leads from their sister company, Colonial Penn, who generate them via those guaranteed issue life commercials with Alex Trebek. They also do various LTC mailers. The leads are not prescreened for health or income, so most will be a waste of time.
Bankers doesn't do online apps, so you can expect to rack up the miles on your car.
I see many internet sites for lead generation, as well as hiring people to make calls for you, any tips on what is good or other advice?
If you're generating leads like that, you might as well be independent. If your sales manager and district manager are taking half your commissions as a cut (which they are but they won't tell you that), the least they could do is provide a decent supply of leads.
Though most agents on the board would suggest a rookie agent to go captive just to learn the ropes, I've never liked that strategy. First, unless you can hook up with a quality local agency, you'll be stuck with one of these national "revolving door" companies. Second, a self-taught or mentor-taught training is better than shoddy corporate training. You ever heard that saying about knowing just enough karate to get yourself killed in a bar fight? Same concept here. When all you know is one product, say a fixed annuity, then everyone starts to look as if they need a fixed annuity.
In short, I'm not a fan of Bankers, but if you feel that it's right for you, then go ahead.
Thanks for all of your responses, all very helpful. I was afraid that Bankers had a "revolving door". I am interested in the senior market, although willing to explore other options. I will check out Great American Senior Benefits.
It is part of conseco. I think she should check into great american senior benefits. They have better products and decent traing. I believe you would be more rounded if you went to them instead of bankers life and casualty.
Bankers Life and Casualty?
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