Liberty National Life Insurance-contract

matilda654 · 08-21-2009, 08:23 AM

Has anyone worked for Liberty Natl. Life Insurance Co?
They want me to sign their agent contract before I get started and my next questions is shouldnt the contract specifically state how much commission they are going to pay the agent?

atlantainsguy · 08-21-2009, 09:26 AM

Liberty National and United American are owned by Torchmark. They have good training, but non-competitive rates and product. This will eventually if not sooner hurt your persistency.

Your contract has to state your comp level, plus any production requirements. Is it fully-vested from day one? What is your charge-back situation?

Will they also let you contract with West Coast Life on a favorable basis? If so, then that's a real plus to help offset the negatives!

Atlantainsguy

tryan326 · 08-21-2009, 10:16 AM

Unless things have changed you can't work with any other insurance co and they even frown upon you having a second job that's non-insurance related.

The training will depend on your branch so the quality of your traing could be great or horrible.

Lastly the commission is terrible the highest you'll get paid is 65% and that's only on cancer policies which you probably won't sell much of. Other than that it will typically be in the 40%-50% range. Their products/rates are very uncompetive which is going to make your life difficult. If someone wants to shop around you'll loose everytime. And if you don't make your quota's they'll terminate you...so not only will you have to worry about making money but also job security. Too much stress for most newbies.

I worked for libnat for almost 2 years...befor I knew better and the best thing that ever happened to me was going indpendent.

stormtracker · 08-21-2009, 10:36 AM

Libnat is the same old revolving agent door that UA was-- same hiring tactics, promises, etc... The results will be the same: MLM-like recruiting with nearly 100% dropout so that the managers keep all the renewals. They are captive and give you 60 days to surrender all your outside appointments. Plus, they make you a "contractor" for the first 60 days, then convert you to employee once you pass that threshold and attain production. This is blatantly against IRS code.

matilda654 · 08-21-2009, 11:48 PM

That's what I was afraid of. Thanks for the info. I decided not to sign with them.

DavidD1 · 08-22-2009, 12:50 AM

Originally Posted by matilda654

That's what I was afraid of. Thanks for the info. I decided not to sign with them.

GREAT DECISION...BEEN THERE, DONE THAT WE ALL LEFT. FOUND A MUCH BETTER LIFE POSITION WITH ALMOST DOUBLE THE CONTRACTS FOR AGENTS...