Colonial Life Vs. Bankers Life

[basokay]

I would enjoy your feedback on this. I have read several post on both companies. However...my situation is a different. I live in a city that has MANY retirement developments which is the target market for Bankers. I have a very strong business backgound and connections which is the target for Colonial Life.

I have never done insurance before. I have 2 years of reserves to live on so I don't have to make a lot of money right away.

Both companies have their plusses and minuses and both have a pretty good commission structer.

Thank you in advance for your advice.

 

[VolAgent]

For the senior market, I recommend looking for a GA that isn't tied to one company. You can do a lot better than Bankers, both for yourself and client.

For the business market, again I'd look away from Colonial Life. I personally think worksite isn't as profitable as carriers want you to think it is. Instead, I'd look for a local GA that focuses on the business market and focus on working with the owner and key employees on both personal and business insurance needs. There is deferred comp, DI, key man policies and numerous other business needs as well as just plain ol' personal protection. Then you can offer worksite benefits to the employees with the employer's blessing.

 

[hammerken]

Those are two entirely different types of marketing structures. Neither are good opportunities. If you are new to the industry i would seek out a local New York Life, Mass Mutual, Prudential, or major Wall Street Wirehouse firm first and see if you can get on board. While the payouts may not be desirable you can get some better training than what either of those organizations offer.

 

[WCMason]

Bankers has pluses???
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Bankers has pluses? Wonder what those might be.

 

[DS4]

Bankers has pluses???
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Bankers has pluses? Wonder what those might be.

The training......

 

[Newby]

Many companies target markets are seniors. Bankers would be one of the last ones most agents (or seniors) would choose who research them.

 

[basokay]

Thanks for the good input. I appreciate it.

 

[Guest]

I'd look away from Colonial Life. I personally think worksite isn't as profitable as carriers want you to think it is.

Heck no it isn't.

I don't understand how those Colonial guys stay in business. As a matter of fact, many of them (the agencies) don't. They come and go in my area all the time.

One thing about the worksite market, especially Colonial (I don't know if Aflac has the same model) is that you have one person who goes out and finds the business. Once they have found it then a team of a few different agents is sent to do the on-site selling (enrolling). The commissions are split between everyone. Most of these agencies don't let one person do the finding and the selling.

You can only slice the pie so many ways, before there isn't enough pie for everyone.

 

[dmruehl]

I joined Colonial Life in September 2012 and couldn't disagree more. The training has been wonderful as is the support. Additionally, "the pie split" is a fallacy. The income is very nice, and the VB market is one I was suspect of, especially coming from a GA focusing in p&c and having Aflac as my only point of reference. The territory, district and region that I am lucky enough to be a part of provides amazing team motivation and a fun environment in which to succeed.

 

[GMANPRO]

I joined Colonial Life in September 2012 and couldn't disagree more. The training has been wonderful as is the support. Additionally, "the pie split" is a fallacy. The income is very nice, and the VB market is one I was suspect of, especially coming from a GA focusing in p&c and having Aflac as my only point of reference. The territory, district and region that I am lucky enough to be a part of provides amazing team motivation and a fun environment in which to succeed.

Only one post and hyping it up?.. Get out of here spammer.