Bankers Life and Casualty?

[rcm20]

Hello,

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.

Thank you.

 

[midwestbroker]

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.

 

[rcm20]

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?

Thanks.

 

[midwestbroker]

What are you wanting to focus on?

Life?
Health?
Senior Market?

 

[rcm20]

True, good point! Most likely health and senior.

 

[somarco]

Most likely health and senior

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.

 

[STIBROKER]

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.

thats not right......I got clients all the way up to 64......just had a 50 male issue last week.....

 

[sman]

Most likely health and senior

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.

 

[Crabcake Johnny]

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.
.

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.

 

[STIBROKER]

If you're buying internet leads then yes, you'll deal with a slew of under 30 and broke leads.

BS....

https://www.leadsclearance.com/leads/leads_ht.asp