Mutual of Omaha Vs American General

[bassplayer]

Hey guys. I've really been learning alot from you so far and had a question for you. I interviewed with Mutual of Omaha yesterday and I have an interview with American General tommorow. I'm wondering if anyone could advise about the main differences to look for/ask about between the two companies.

I really liked what MoO had to say, but I'm concerned that the market in my area may be a little lower-income than MoO is interested in. The AGLA office is also alot closer to my house so maybe they have a better grasp on my local market? Any advice is appreciated as I am a newly licensed L&H agent and need to learn all I can. Thanks ahead of time!

 

[HarryRenard]

I know that AGLA still has some debit offices in lower income area's/ city's, You would definitely want to find out if it is a full service office or a debit office.
I think either way AGLA is a good company and you can make money in a debit situation because debit agents can get lazy (NOT ALL OF THEM but) they just pick up premiums and dont really try to sell insurance. the other plus side is you would have a large block of clients to go and see BUT you just cant get caught up in the debit side.

BTW - MOO has good final expense products and low med supp prem in most area's so i would discount them to much.

So if your looking to go captive I think they are both good companys that have something to offer.

 

[bassplayer]

Thanks Harry. I interviewed with AGLA today and really liked the Manager. Overall, the office felt alot less 'snooty' than the feeling I got from MoO. I still haven't made a decision, but I would definitely say I'm leaning 60% towards AGLA at this point. I was intrigued by the "Quality of Life Insurance" product where you receive accelerated benefits even on term insurance that AGLA offered. It seems like something that would be well-received in my area. Does anyone have any experience with this type of product?

Per your instructions I did ask and this office is split into Sales and Service departments. There are still some of the old policies in force where they have to have the debit guys, but I would be 100% Sales...no Debit.

 

[magagent]

I believe AGLA also pays some sort of salary for a few months to new agents.

 

[HarryRenard]

I started at an AGLA office in 2001 and worked there for about 14mos, At that time they did have something like a 4 or 5 month salary then your commissions go into a pool and you get paid out.
Back then their commissions were pretty high plus they had production bonuses that were very nice too. As I was leaving the payouts were going down a bit, but at that time they were transitioning from a debit structure to financial services.
The reason why they paid so much was because the debit guys basically did NO sales (unless a debit asked for something) just service, and they were trying to recruit salesman.
I did very well at the time there and left with no debt or debits I really dont have anything bad to say about them.

Good luck with your decision, let me know if I can help.

 

[bassplayer]

I appreciate all your input more than you know. One thing I've thought about after the fact that seems obvious but I wanted to double-check with you guys about. The guy I interviewed with never said a word about residuals and I never thought to ask (yes, I know what assuming does). I have a follow-up interview next week and will of course bring a list of questions to ask, but does anyone know if I should be concerned? Did he not mention residuals because they don't pay or is that just a given?

Magagent: Yes, they are offering me up to 17 weeks at a minimum of $500 per week while I train.

 

[steveadlman]

Hey guys. I've really been learning alot from you so far and had a question for you. I interviewed with Mutual of Omaha yesterday and I have an interview with American General tommorow. I'm wondering if anyone could advise about the main differences to look for/ask about between the two companies.

I really liked what MoO had to say, but I'm concerned that the market in my area may be a little lower-income than MoO is interested in. The AGLA office is also alot closer to my house so maybe they have a better grasp on my local market? Any advice is appreciated as I am a newly licensed L&H agent and need to learn all I can. Thanks ahead of time!

If you go with American General stay away from the debit side. The products and issue limits for the people who will not or cannot pay by bank draft are lousy. Debit agents are becoming a thing of the past. Do you want to be a collector or an insurance agent?

 

[Yoda]

" Mutual of Omaha Vs American General "
================================================

Thats like asking if you want to play for the Colts or the Raiders! American General is the Oakland Raiders of the insurance business.

 

[bassplayer]

Do you want to be a collector or an insurance agent?

Yeah I definitely do NOT want to be involved with debit. I remember my Dad running a debit when I was little and getting robbed by 2 guys one night....not really my kind of thing!

 

[stormtracker]

Debit agents thrive in two environments-- predominately inner city, but also rural debits. The rural debits are far less dense (obviously) than the city debits. I had a couple of close calls during those years, but made it through. The problem with the debit agencies, in their infinite wisdom, is their streamlining of the business by reducing the size of the agent's debits and pushing sales. Naturally, this has ruined the business for most everyone. Let's face it, you aren't allowed to sell off your debit, and if you have a smaller agency within a lower income area, sales just isn't going to be your forte. So, for the most part, it is a catch 22. I would recommend a new agent to the debit agency world, but not past a year or two-- the opportunity to make real money would lure you away after you learn the ropes.