Info About Woodmen of the World Company ?
- Thread starter ABCman
- Start date
- 7,790
Did you try the search function on this forum?
sambrody24
Expert
- 45
I will eventualy go Indy but went with woodmen to learn the ropes. Here is breakdown.
PAY: They have a good starting pay plan if you are new. $2,000 per month for a maximum of three months. Then you go to whats called a BDA (business development agreement) basicly if you write any business with a premium you will recieve $200 per certificate (policy) anything under and you get $70. This plan is in place for 2 years. All of this money is a loan. To pay back this loan WOW (woodmen of the world) will pay you half of your commision and then use the other half to pay off your BDA debt, You will recieve your commision after your certificate is issued. Your commision levels are 30% on term, 40% on uniflex and 60% on whole. There are bonuses on well which essential double your pay as long as you can write new business.
Training: hands on training depends on the manager, my local training is hilariosly bad, but I have been in sales and managment for years so I dont mind bumping into walls to see what works. Plus they will send you to Omaha for a week, They will pay for everything, flight, gas to airport, lunch then give you $20 per day per diam for whatever you want. They will also put you up at embassy suites which was a nice touch, open bar 5-7 plus free breakfast, yay!!
so in a nutshell to learn its a great gig, you will not starve unless you are really bad at sales, as for training every orginization has training issues. The BDA is great though for those starting out, as for credit mine was shot when i started but recieved the BDA agreement anyway.
Oh sidebar, after 11 years the guy who hired me made about 120,000 last year, most of the agents who have been there for 3 years make about 70-120. This is in a county whose population of 59,000
PAY: They have a good starting pay plan if you are new. $2,000 per month for a maximum of three months. Then you go to whats called a BDA (business development agreement) basicly if you write any business with a premium you will recieve $200 per certificate (policy) anything under and you get $70. This plan is in place for 2 years. All of this money is a loan. To pay back this loan WOW (woodmen of the world) will pay you half of your commision and then use the other half to pay off your BDA debt, You will recieve your commision after your certificate is issued. Your commision levels are 30% on term, 40% on uniflex and 60% on whole. There are bonuses on well which essential double your pay as long as you can write new business.
Training: hands on training depends on the manager, my local training is hilariosly bad, but I have been in sales and managment for years so I dont mind bumping into walls to see what works. Plus they will send you to Omaha for a week, They will pay for everything, flight, gas to airport, lunch then give you $20 per day per diam for whatever you want. They will also put you up at embassy suites which was a nice touch, open bar 5-7 plus free breakfast, yay!!
so in a nutshell to learn its a great gig, you will not starve unless you are really bad at sales, as for training every orginization has training issues. The BDA is great though for those starting out, as for credit mine was shot when i started but recieved the BDA agreement anyway.
Oh sidebar, after 11 years the guy who hired me made about 120,000 last year, most of the agents who have been there for 3 years make about 70-120. This is in a county whose population of 59,000
- 2,452
Like he said there are better companies out there. They aren't even an ins company; no state guaranty fund. They don't issue policies, just 'certificates'
sambrody24
Expert
- 45
Depends on what your trying to do, Woodmen of the World does have a for profit brokerage callled woodmen insurance agency, for life, health disability, aflac, a ton of other insurance uses
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Why does everyone keep getting down on woodmen offering certificates and being a non profit, 1. The Federal DNC does not apply to us, The State of New Yorks DNC list does not apply to us. We offer free camp, discount RX cards, hotel discounts, EMT benifits and many other benifits to our members. So for everyone working for a "Real" insurance company keep doing it, more people on the DNC list not being bothered by other non prof agents for me :P
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Why does everyone keep getting down on woodmen offering certificates and being a non profit, 1. The Federal DNC does not apply to us, The State of New Yorks DNC list does not apply to us. We offer free camp, discount RX cards, hotel discounts, EMT benifits and many other benifits to our members. So for everyone working for a "Real" insurance company keep doing it, more people on the DNC list not being bothered by other non prof agents for me :P
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- 700
so does this mean you can call anyone on DNC with Foresters also since they offer certificates??
as said earlier, certificates aren't covered by the Guaranty funds. I'm sure they're financially strong, but anything can happen...
You are just plain wrong about the DNC and fraternals. I will bet you a case of beer that your own WOW agent portal has a DNC link for you to scrub your phone numbers. Dress it up any way you will, but WOW sells insurance just like all the other companies.
Another offputting issue is how many new agents with fraternal career shops misrepresent what the non-profit status really means. WOW has specific compliance language concerning how you are to describe the company and the fraternal - "non profit" relationship.
Many of the fraternal career agents trot out the "non-profit" stuff in an attempt to make what they do sound more respectable or "high road" than their non-fraternal competitors. Helping people with their insurance and other financial issues is respectable in it's own right. You don't need to add a false layer of respectability to what you do.
Besides, when it comes to profits, I want my insurance company to be all about profit. Profit means paying claims, crediting dividends, etc. Being fraternal means spending money on fraternalism that would have been spent on federal taxes. Also, contributing financially to charities, communities, and other worthy causes isn't something that fraternals have an exclusive lock on.
You should be excited about your career and company, but make sure it's grounded in reality.
Here is a conversation you will NEVER have with a prospect:
You: "Hi Mr. Prospect. I'd like the opportunity to meet you and show you how me and my company might be of value to you and your family's financial security."
Prospect: "Thanks, but I have all that taken care of already."
You: "But Mr. Prospect, you don't understand. I'm with Woodmen of the World. We are a fraternal, and non-profit on top of that."
Prospect: "Well Sam, why didn't you say so! How soon can you get here? You bring your paperwork and I'll have my checkbook ready and you can get us all signed up!"
- Thread starter
- #9
Hey sam thanks for the info I will be sure to ask some info on these points. They do let you write business using other companies if the policy u write cannot be placed because of premium or rating. They use genworth fidelity and a few others. I'm still considering waiting to see what they offer. Thanks for the response very helpful
- 15,041
Who determines if you can write it with an outside company?
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