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Old 01-25-2012, 08:48 PM   #1
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Resigned from Bankers Life Resigned from Bankers Life
First post here, but have been reading posts for a while trying to fugure out which companies to represent. I was a "veteran" agent with Bankers Life (4+ years), and have just recently resigned. I left because I could no longer stomach what they were training their agents to do. I've been there through everything I have read about from others posts on this site. The switching of seniors from their perfectly fine Plan F supplements to Plan N with Colonial Penn to save a couple bucks, to enticing them to 1035 their paid up life policies into single premium ULs (which they do not offer).

I wouldn't do the desperate moves they are trying to do recently, so had my territory/client list opened up to all of my co-workers. Many of whom I "thought" were friends.

The VERY sad thing is what they are doing to the seniors in my state. The issue of 1035ing paid up policies into a UL with a 15yr no lapse guarantee product is wrong. The way it is presented to prospects is wrong, as they are told they will have a lifetime paid up policy with a little higher death benefit. 15 years from now, the clients that are still around will be complaining like hell. But, the clients sign the illustration, w/o being told exactly what it means and they're stuck.

Since being with BLC, I mainly focused on annuities, as I saw clients getting good returns when part rates/caps were high. For the last 1.5yrs or so, they have continued to lower participation/cap rates until they finally pulled the majority of their product line. All they have left, is annuities I wouldn't sell my worst enemy.

As for their Univeral Life product line, the best you can get is a 15yr NLG, thats it.

FE/Whole Life is higher priced than competitors for same product.

LTC is about double what Genworth or MoO is for same benefits. And both Genworht and MoO have better ratings and premium stability than BLC.

STC/Short Term Care- I know the carriers are limited in this product, BUT, Standard Life has an excellent Recovery Care II (Short Term Care) product that is better priced than BLC.

I have contracted with a GA who represents most of the top rated companies now, and have compared what I COULD have done to begin with. To sum up that feeling, "I feel bad/mislead". I thought I was doing the best I could, but really, I was only doing the best I could with what I had to offer.

My BSM currently has 3 active lawsuits pending (for $1M+), and my USM just got found guilty of not doing replacement forms.

When I jumped ship, there were only about 8 "productive" agents ($50k APC's+) in our office. In the last week, 3 other "productive" agents bailed as well. Guess we'll see if the others can see the sinking ship.

I won the "rookie of the year", "building the practice winner", and many other awards/trips, only to finally figure out I was on the wrong team. I feel so much better now that when I present an illustration to a client, I truely am doing the best I can do, as we run it through 30+ "A" rated companies.

I only posted this to advise of MY experience at the office I was with. I'm not saying ALL BLC offices are ran this way, but my office was.

BLC was a good start to my career in insurance, but other than that, I can't wait to compete in two years with them because it will be like showing up to my favorite fishing hole with a backpack full of dynamite. JK, I like to compete, but they aren't even in the field...
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Old 01-25-2012, 09:09 PM   #2
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rousemark on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
Originally Posted by Indy007 View Post
First post here, but have been reading posts for a while trying to fugure out which companies to represent. I was a "veteran" agent with Bankers Life (4+ years), and have just recently resigned. I left because I could no longer stomach what they were training their agents to do. I've been there through everything I have read about from others posts on this site. The switching of seniors from their perfectly fine Plan F supplements to Plan N with Colonial Penn to save a couple bucks, to enticing them to 1035 their paid up life policies into single premium ULs (which they do not offer).

I wouldn't do the desperate moves they are trying to do recently, so had my territory/client list opened up to all of my co-workers. Many of whom I "thought" were friends.

The VERY sad thing is what they are doing to the seniors in my state. The issue of 1035ing paid up policies into a UL with a 15yr no lapse guarantee product is wrong. The way it is presented to prospects is wrong, as they are told they will have a lifetime paid up policy with a little higher death benefit. 15 years from now, the clients that are still around will be complaining like hell. But, the clients sign the illustration, w/o being told exactly what it means and they're stuck.

Since being with BLC, I mainly focused on annuities, as I saw clients getting good returns when part rates/caps were high. For the last 1.5yrs or so, they have continued to lower participation/cap rates until they finally pulled the majority of their product line. All they have left, is annuities I wouldn't sell my worst enemy.

As for their Univeral Life product line, the best you can get is a 15yr NLG, thats it.

FE/Whole Life is higher priced than competitors for same product.

LTC is about double what Genworth or MoO is for same benefits. And both Genworht and MoO have better ratings and premium stability than BLC.

STC/Short Term Care- I know the carriers are limited in this product, BUT, Standard Life has an excellent Recovery Care II (Short Term Care) product that is better priced than BLC.

I have contracted with a GA who represents most of the top rated companies now, and have compared what I COULD have done to begin with. To sum up that feeling, "I feel bad/mislead". I thought I was doing the best I could, but really, I was only doing the best I could with what I had to offer.

My BSM currently has 3 active lawsuits pending (for $1M+), and my USM just got found guilty of not doing replacement forms.

When I jumped ship, there were only about 8 "productive" agents ($50k APC's+) in our office. In the last week, 3 other "productive" agents bailed as well. Guess we'll see if the others can see the sinking ship.

I won the "rookie of the year", "building the practice winner", and many other awards/trips, only to finally figure out I was on the wrong team. I feel so much better now that when I present an illustration to a client, I truely am doing the best I can do, as we run it through 30+ "A" rated companies.

I only posted this to advise of MY experience at the office I was with. I'm not saying ALL BLC offices are ran this way, but my office was.

BLC was a good start to my career in insurance, but other than that, I can't wait to compete in two years with them because it will be like showing up to my favorite fishing hole with a backpack full of dynamite. JK, I like to compete, but they aren't even in the field...

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Old 01-25-2012, 09:11 PM   #3
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Focus LTC on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
What is a BSM? A USM? What are the lawsuits over? What state are you in? Why did it take you 4 years to leave?

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----------Never Play Leap Frog With a Unicorn.----------
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Old 01-25-2012, 09:35 PM   #4
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Resigned from Bankers Life Re: Resigned from Bankers Life
Indy,
Welcome aboard............

The bad news is it took you 4 hard years to find out what you could have found out in 4 hours by searching this Forum.

The good news is you can put your Banker's experience behind you and move on.

There's a whole new world out there being independent. And, there's a bunch of good people here to help you along. If you survived with Bankers, you should do very well on your own.

Good luck.............

------------------------------------
Arthur Rudnick, LTCP, CLTC
AR4LTC@aol.com
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Old 01-25-2012, 09:56 PM   #5
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xrac on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
Glad you are free of BLC and good luck on your future. It should be very bright.

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X
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Old 01-25-2012, 10:01 PM   #6
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Norwayguy on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
Originally Posted by Focus LTC View Post
What is a BSM? A USM? What are the lawsuits over? What state are you in? Why did it take you 4 years to leave?
BSM - Branch Sales Manager
USM - Unit Sales Manager
ADA - Agent Development Somthing
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Old 01-25-2012, 10:50 PM   #7
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Resigned from Bankers Life Re: Resigned from Bankers Life Indy007 is the thread starter for: Resigned from Bankers Life

Originally Posted by Focus LTC View Post
What is a BSM? A USM? What are the lawsuits over? What state are you in? Why did it take you 4 years to leave?
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.
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Old 01-25-2012, 11:38 PM   #8
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Frank Stastny on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
Welcome to a totally new insurance world. I really think you are going to enjoy it so much more. You are now in total control of your destiny.

Enjoy!
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Old 01-26-2012, 12:03 AM   #9
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Resigned from Bankers Life Re: Resigned from Bankers Life
It sounds like you have a great place to start from now.

sometimes learning what not to do is the best lesson.

Good Luck and would love to hear how things go for you.
wishing you the best
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Old 01-26-2012, 12:54 AM   #10
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alexkane03 on Resigned from Bankers Life - Insurance Forum
 
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Resigned from Bankers Life Re: Resigned from Bankers Life
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
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