I do not work for them. They have approached me several times over the past 6 months.
A gentleman named Michael Kalen called to speak to me at length. He is their CEO as of 1/1/2010. He has been in the Insurance Industry for 25 years. He came to FF from The Hartford. You can google his name and find a lot of information about him...none
of it negative that I saw.
Since I am one of the top salespeople in the organization I am in, they offered me an increased commission. Commissions range from 59 to 74% on life (not great but hardly the lowest in the industry); 4.5% on annuities (pretty small there); LTC
is 40-42.5%; and Critical Illness/Cancer is 58.5% (that's more than I get paid currently!).
They have a darn good bonus program: you get paid an additional bonus on your paid commissions, ranging from 20% on $30,000 in commissions, to 50% for $150,000 and above. By comparision, I earn a $5000 bonus if I earn $150,000 from my current company. $75,000 is a lot more than $5000
If you figure the bonus in, you are doing pretty well.
I am not saying they are good or bad...again I have never worked there. You can find people complaining about every insurance company under the sun. Funny how in a lot of those companies, they have agents who have been there for 5, 10, 20 years or more. Wonder why they aren't complaining. In any case, they are hardly paying the lowest commissions in the industry.
You can go to work for American Income Life where they'll tell you that you earn 50% commission. What they fail to tell you is that only life
pays 50%, and the more you sell, the LOWER you commission goes
! (other products are 25%), and you only get a portion of your "retained earnings" down the road.
If your persistancy drops below "company standard" (was 68% when I was there), they cut your commission by HALF for 3 months, and you earn NO BONUSES during this time. I missed my persistancy by .2%, and they dropped the hammer. Not once did the back office ever inform me that a policy had dropped off so I could attempt to save it.
Your direct manager does not want YOU to get promoted because they lose the percentage they are earning on you. If you leave, your manager takes all the business you orphaned, so they want you to charge hard for a year, then start to give you crap leads so you get discouraged and quit. I got a ton of referrals there, so I rarely used their leads.
So if you want to work for the lowest commission in the industry, give your local AIL office a call, baby!