Resigned from Bankers Life

BLC is the same in our area. They have some sales people who mislead clients. Just have a look at your states comsumer complaints with the insurance commissioner. They are number one in my state (I believe).
 
As previously mentioned, BSM= Branch Sales Manager. USM= Unit Sales Manager. I'm choosing as of now not to disclose what state I'm in (for obvious legal reasons). I stayed with them for 4 years as I was a rookie in insurance when I started with them, and they taught me what I know. Actually I learned what I now know by looking elsewhere for solid products for my clients.

As for the lawsuits, I will gladly speak about them when they are done. I think it's going to be a slam dunk win for the plaintiff.

I've been with that office long enough to see at least a hundred new agents be picked up, chewed up, and spit out; only to have a "special few" agents go replace their policies to earn new commissions. How they do that is, the life and health departments don't know what is going on between each other. When an agent quits or is terminated, certain agents will go talk their clients into canceling the policy they bought only to sell them a policy from the other dept. Ex.. Cancel life = sell health/ cancel health= sell life. They earn new commission/APC's, while the agent who left has to pay for the chargebacks.

I'm glad this site is available, as during my transition I've learned quite a bit while browsing

I was with the company 4 years, and when I resigned, got 0% of my renewal base. Yes, they keep that too. I have been threatened by "friends" that if I violate their "non compete agreement" I'll be sued. That's okay though, I built a good book with sub-par product; I know I can do it again 10 fold with better carriers.

Sounds like all the offices are run the same...MY branch had to appoint 36 new agents per year. Bankers cared not how many stuck only how many where appointed. It left the managers stuck in the office recruiting full time, The veteran agents wanted nothing to do with rookies which is how with 4 months of experience I became a trainer until I sold a nice life policy and split the commission with another rookie and figured out that my USM who got a 40 percent override on myself and the other agent made almost as much as the two of us made.

I was in the Bangor, ME office and it was an every monthly meeting occurance of complaints of agents from the Portland, ME office coming into one of our households finding out they where bankers clients and telling them we had left the company ripping up our cards, and then saying we where forced out because we didn't do right by the clients and they where thier to review the policies...They would then say that we sold something strickly for commission and cancel our policies and sell something else.
 
The do not compete will not hold water if you have charge back(wink wink) you can most definitely talk to your clients. hint hint

Whether it will hold water or not doesn't prevent it from costing you thousands of dollars to defend yourself should they sue. You can win and still be on the hook for thousands.
 
Whether it will hold water or not doesn't prevent it from costing you thousands of dollars to defend yourself should they sue. You can win and still be on the hook for thousands.

You speak the truth.

Agents who have not been through a N/C lawsuit have no idea what they are up against. There is plenty of business out there without kicking sand in the bully's face.

Even if you are clean as a whistle, if your former employer decides to use you as an example they can. They are not required to have proof of a violation to file a suit, only a suspicion.
 
Whether it will hold water or not doesn't prevent it from costing you thousands of dollars to defend yourself should they sue. You can win and still be on the hook for thousands.

I know an Ex BLC agent that is being sued right now for rolling her business after leaving BLC. I've heard that they are sick of this happening and are making examples of many ex agents. I don't think it would be a bad idea to keep in contact with your clients and maybe you can help them move from those junk policies 25 months from now. When you first start in the indy world the first two years is going to FLY by anyway. My guess is that you will be able to conserve around 30-40% minimum if you stay in contact.
 
I know an Ex BLC agent that is being sued right now for rolling her business after leaving BLC. I've heard that they are sick of this happening and are making examples of many ex agents. I don't think it would be a bad idea to keep in contact with your clients and maybe you can help them move from those junk policies 25 months from now. When you first start in the indy world the first two years is going to FLY by anyway. My guess is that you will be able to conserve around 30-40% minimum if you stay in contact.[/quote]

I would guess that would be at a minimum.
If the premiums are anything close to the Missouri premiums, could be much much higher as long as another agent hasn't beaten you to it.
 
Thanks for posting this OP. When I was searching for a captive to start with, my family suggested Bankers as it seems they have ads for openings at all times. Big eye opener here.
 
Thanks for posting this OP. When I was searching for a captive to start with, my family suggested Bankers as it seems they have ads for openings at all times. Big eye opener here.

No problem, just wanted to let some people know what goes on in some, if not all of their offices. If your looking to get into insurance, captive isn't a bad idea as long as they provide you with something in return for the commission you lose vs being independent. Best case scenario would be to have an independent agent take you on, train you, and let you keep your book when you go out on your own. Of course you might have to work out like a 75/25 split for him taking the time to train you, but even at that your commissions will still be better than captive.

I fortunately knew the business enough to go solo when I resigned from BLC, but am definitely still learning. Many more products in my lineup now to know inside and out. Good luck with the startup wherever you decide to go. And probably the best advice I can give is to always keep the clients best interests in mind when recommending a product, not which one you'll earn more on. A satisfied client may only refer a few people to you, but a upset one will tell everyone they know.
 
Welcome to post Bankers agent world.

Your 'friends' are instructed by the BSM to call you with the threats....chapter two in the playbook. That way they get a few of your clients. In fact they get the policy 'reassigned' to them, the advance is charged back to you, and given to them.
They want to be favored, and have been told that you suck....got caught doing something wrong, .....had too many complaints....not a team player,...etc.
They now have potential real leads to see, to explain your recent departure, and do a new 'factfinder', to of course, find the money, instead of having to endlessly dial for a day or two.
They have a couple of $600 dollar charge backs of their own to overcome before they brake even, and their wives are..., well...let's just not go there....
Great, ethical business model, isn't it?


Congratulations, on your decision. Email me when those chargebacks begin.
 
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