Working at Bankers Life and Casualty — Reviews by Employees

I know, I know, I accidentally posted my review under the other name "Banker's Life & Casualty Company"

Really sucks to be a Banker's Manager or Field Trainer now in days. It's getting harder and harder to recruit new agents into this MLM pyramid scheme with all of these review sites on the internet. All you have to do to find out how legitimate this company is to go on Google. Once there you do not even have to search, just type "Bankers Life" and the search engine will auto-fill "scam" and "insurance scam". Go ahead and just try it.

Quick summary of my experience there. You are promised 6 figure salaries with exotic vacations to the Banker's Convention and you get.. *drum roll*.....

Exactly, that is what you get. Nothing. That's a lie though, you actually get the stress of not making any money, the pressure from family and friends to quit, the pressure from co-workers and managers not to quit, credit card debt, and more than likely a couple of extra pounds (what do you expect, you sit on the phone all day, or drive to people's houses, and all you can afford is fast food).

My key point of advice to anyone looking into this company. The managers are salesman, duh? No really, they are SALESMAN and what they do is sell you the job. During the short time (if you're lucky) working under them, you will make them money, while at the same time costing them nothing. You basically become a voluntary slave for them with the promise of some day being a manager and having hopeless slaves of your own.

If you are foolish enough to go to the 1st interview (spoiler alert: it's a group interview!) ask them some questions. Ask them how much the previous 3 starting agents made in their first 6 months at Bankers. I was going to say first year, but I realized that almost no one lasts that long. The only people who are at Bankers for more than a year are the managers and the broken people. The people who are so brainwashed that they think they can make a living off Banker's when during their last couple years they've made less than what a person earning minimum wage would. Also ask them if it is a pyramid/MLM scheme or resembles one. These questions will either not be answered or they will get angry with you and shoo you out the door.

I love you too Bankers!

I started for Bankers thinking that I would really like working in the senior insurance field. I soon found out that one my first day it wasn't going to be that great. I got an email saying that they would like to invite me to an interview with the company. I walked in and there sat 5 others all wanting to know about the company. My first instinct was to run but the man talking was very good at what he did. He told us of all the riches we could afford working for them, all the beautiful vacations that you would go on if you worked for them. You must quilify for every beautiful trip they offer. I was asked for a second interview as was everyone else. My mistake, I signed up for the second! I passed my state exam at my own expense and started for them one month after the first interview. What they don't tell you is that you are calling on the same lists that have been called on several times by all the other agents in the office. The people that you call are usually very upset that they get numerous phone calls sometimes in the same day. I worked with a manager for a few days then with other agents for the training that they want you to have. I asked the other agents I worked with what they had made so far and most said $5000 in 6 mths. I started to get a little worried because the gas alone was well over that for the traveling. I worked there for 6 months made $2500 and was 1099'd on $4600. I'm not sure how they do their math but it didn't add up. I do not work there anymore because I also learned that the commision split didn't always work because if the client didn't sign up for insuance on they day you worked with another agent that the other agent would go back when you weren't with them and make all the commision. Also most of the people that I saw were on medicaid and broke. They could not afford to live, how could the afford insurance. I wouldn't recommend Bankers to anyone. They really need to rethink the agent postions and do alot of things different.

Ok, to start I have worked for Bankers. Also I have family that have held Branch Sales Manager and Unit Sales Manager positions. They have all left. What really sets things apart is that the company that we are all now with has better proven prices, service, training for agents, and client satisfaction. With this company they talk about thier rating A&M Standard has them rated as a B this is finally a raise from the B- for the past several years. To be honest with that alone that should tell you something, as anyone in this industry would know you can be the best salesperson in the world yet this would have ended a possible sale with some people. If you do decide to work for them the day you walk thru the door you are expected to bleed green no matter what. First hand though with what I personally know the first time you need them they will remind you, faster than they will pay a claim, you bleed red. As for the people you must always keep in mind no matter were you work some people will be great and others should just quit. This is something that you will always have. To be straight to the point look at every aspect before you put your name on a company, look into them. They do it too. As for people who don't believe about the headaches do the easy math find 10 people you don't know who hold policys ask them about how happy they really are, there is no reason to completely bash a failure like them anymore. If you do this and really look at what your doing, best example actually read your contract, you too will quickly learn there is much better out there for you as an Insurance Agent or client.

This is not a job it is a career you get out of bankers what you put in it, if you quit early you won't make it, it is a good oppurtunity, you can sell insurense you an call people, they ejoy talking to agents, Tthis job is good manyy seniors say they talk to many agents each day. they train you it is good. you can make alot of money, youjust have too try, i know since i make money. sell the insurance,

Bankers gets new agents by bringing them en masse in for a career briefing. SInce we had both been out of work for some time, our radar was a bit dulled, and so I went in for the first briefing. There's no effort made to weed out unqualified individuals in either the first briefing or the second meeting. Neither does there really need be, since Bankers is just going to retain you as an independent contractor (1099), and you will be on the hook for all your own training and office expenses.

The hours worked in our office were mandatory. I don't know how that compares across the system, but I can assure you that we are expected to log in excess of sixty five hours each week (including twelve each on the phone days). Adding to the joy of the job, all agents are also expected to spend three or four hours a week calling prospective recruits both to try to get them to come in for a first briefing and then to encourage them to keep any appointment. In reality, those resumes are just pulled from HotJobs, Monster and the ilk (not much screening!).

The turnover in my office is very high. We usually lose two agents (from a base of twelve or fifteen) a month. Most of the agents who leave end up taking positions with other companies in the insurance industry, which seems to speak volumes about the quality of the opportunity available here.

Probably not all Bankers offices are as bad as mine, and the policies themselves are certainly adequate, assuming you can talk home office into paying on the claim. But in an industry not known for decent working conditions, my office really stands out as an exceptionally bad example. It may be that our office is particularly "exceptional" because of the lack of an established management structure (no USM/USVs, no BSO, two FTRs) and that we've been open only for about a year and a half. I don't know. But I do know that I can't recommend my experience to my worst enemy, and I don't know that my experience is particularly atypical.

Like many who have posted before me, I was lured in with the offer of a management position, but informed that I would have to start as an agent and work my up the ranks. The company was also prepared to pay for my training and licensing fees. Being unemployed at the time, I figured that any opportunity was better than no opportunity at all. Little did I know what I was walking into.

I envy those reviewers who work six days a week, 8 hours a day, and are given leads (regardless of how seemingly bad those leads might be). In our office, we were expected to work nearly seventy hours a week: 8-8 on Monday and Wednesday, our phone days, 830-730 on Tuesday, Thursday and Friday, and 830-530 on Saturday. I also worked evenings, early mornings, and Sundays from home (when I left, there was a move afoot to require agents to come into the office of Sunday, too), using the calling system, trying to schedule sales calls for myself. Additionally, I rarely received leads to call from---and all of my leads were of the "non-responder" variant, meaning that Bankers' had sent them a letter, but hadn't back from them, requesting a pamphlet. Very frequently the demographic information on the leads was incorrect. More frequently, though, I was expected to call from the phone book. There is cold-calling with this company--practically nothing but.

Perhaps the most annoying thing, though, was being made to spend three or four hours a week, calling prospective agents (really, just calling down a galley list of resumes pulled from CareerBuilder, HotJobs, Monster and the like), to try to talk them into coming in for a job orientation. Working for Bankers, you are situated as a 1099 independent contractor. As such, there are no particular benefits to speak of. Also, much is made of the "in business for yourself", but in reality, an agent has very little choice in the hours he or she works, or in the tasks he or she does. Finally, the commission structure is abysmal, and the turnover is terribly high. In our office, the high-earning agent made in the neighborhood of $40k a year. I leave that for you to decide, though, if that sounds like the sort of success story you need to become a part of. A long-tenured agent is considered to be one who has been there over five months.

I posted my resume to a job board and was contacted by this company. All I can say is they're taking advantage of the unemployed. You pay for training, licensing, supply all your own equipment and train without pay. There also was no mention of benefits. You also get to pay $125/period for their supposed leads, which if what I read here is correct sounds like a list of people who don't want to be contacted anyway. They claim to have one of the top training programs in the industry, but I seriously doubt it. You don't get paid while training. I read all this in their pamphlets that I got at the second groups interview. I went to two and was told to show up 15 minutes early and dress professionally and bring a fresh copy of my resume. Was told the first presentation would be 40 minutes. It was closer to 10. I got called back for the second knowing full well that I did not want to work for this company but figured I'd play the game out since it was only a five minute drive. The second group interview? The guy running it acted like he was doing us all a favor by presenting this great opportunity. People were walking out one after the other. Go and Google Bankers Life and a complaints site pops up. Not only is it unhappy employees, its unhappy clients whose claims were not paid.

Bankers recruited me from a $50,000 a year salaried position. They said I would have no problem making that or more. They took me in and began the training. I attended the one week training and the trainer informed us that she made $20,000 the first year, $40,000 the second and $60,000 the third. I had $40,000 in the bank to support my new venture.

I spent some days in the office making phone calls off of their lists. Other days were spend driving an hour and a half away from the office to make sales calls. My trainer wanted to call on a certain town and required me to drive. Very few sales calls were productive and it took an hour and a half to get there.

I spent evenings at the office making phone calls as well as evenings at home. The calls are logged and the managers can see how many calls you make. I made the most out of the new agents. I was making $1500 a month with no benefits. My trainer made money off of me for each sale I made.

I made no where near the amount they said I could and I had left a $50,000 a year position with benefits. I feell for their sales pitch. I depleted my savings trying to make the money back at that company.

No one that I worked with is still there. The managers told one agent that they wanted her to become a trainer and not to worry about turnover because if anyone on her team quits you still get residuals.

The clients called on were mostly low income. Their mailers sold insurance in units but did not clearly state the actual prices so when you went to their home, they couldn't afford it.

The most successful people were those that knew individuals who had large incomes. They already had a contact base. They knew them from previous experiences or had family members with large armounts of money to invest.

There were many chargebacks. Clients would sign up while you were there and then would call back a few days later and want to cancel.

The agents, most of them, were very unprofessional. One agent worked during the week and waited tables on weekends at a gentlemen's club. Others were very rude and complained about everything. One successful agent would sell a policy and when the client called back to cancel she would not return their phone calls.

Think hard before you go to work for Bankers. I have lost my savings. I am having difficulty finding another positoin. They promised so much and I was so naive to believe them. I regret my decision so much.

Bankers was my first attempt to sell insurance. I had the usual misgivings about insurance sales & asked questions of the branch manager that would help guide my decision. First question was, "How are leads generated?" He answered that Bankers engages in mass mailings and calls are then made to those who respond. That met with my approval, leading me to believe there was interest expressed by the parties I would be contacting. That was a lie. Precious few actually returned the cards. I spent two days a week with a call list of the people Bankers had indeed sent cards to, but had not even one call resulting from a returned card. I was to set up a minimum of six calls per day (18 per week) for the three days we actually made calls. Lucky if I spoke to 5% of people I dialed.
Second question: where do the lists of people mailed cards come from? Answer was that they are purchased from a company that does demographics & that the people are "qualified" (in addition to age) by "things like home ownership." Again, this was a complete lie. When I asked my field trainer about it, he laughed & replied, "Who told you that?" We called on plenty of people that didn't have a dime, much less money to spend on insurance.
When I did set an appointment, it was under the pretense I would deliver information about the upcoming major changes to medicare & long term care. While we did cover those questions, it was apparent we actually were trying to get to their financial records (remember, we were mostly complete strangers) so we could sell them the more profitable annuities. Just a very uncomfortable feeling.
I'm not saying Bankers is a bad company or you can't make a lot of money as an agent. Just be aware of the pitfalls that I was too naive & trusting of to make my experience anything near a good one. I have since signed on with an independent agency that actually helps people while allowing me to make an honest living I can feel good about.

The training is good but they do not pay well. The commission rate is the lowest in the industry and the policies are not competitive. I sold for over a year and never had one policy with a preferred rating. I went back to rewrite some of my friends who had purchased Bankers' policies and 4 of 8 received a policy upgrade from standard. Also the other four still paid less even though they were a about year older