The Bankers Life Insurance Company Representative took my wife’s check for 43 dollars at the end of April 2015 and a check for my life insurance for 175.00 dollars. she returned on May 3rd 2015 and said the company would not insure me for that amount because of sugar pills I take so she said they would cover me for 21 grand instead of the 25 grand I wanted so I said ok. On the 8th of May the company cashed my 175.00 check and without authorization took an extra 44 dollars. They would not get back to us or refund the unauthorized amount and said they would only give us back 109 dollars which I have yet to see if I will receive.
I worked for Banker's Life and learned firsthand what a sales job is like there. First of all, they get everyone in the door and make you believe that you have just started a job at a great place where you are "lucky" to be chosen. They would be lucky to get anyone to stay in the door and offer agents inside bonus money to bring anyone in who will stay. The managers get bonus money if you come in and don't quit after a certain time. Be prepared to be tricked and used by a company pawning off of unsure new agents.
In actuality, you are only a 10-99 employee and they will end up taking a tremendous cut of anything you make. They begin your employment telling you that you will make so much money with hard work. Then, you find out that you are required to share your tiny commission with other 10-99 employees while you work there and you are required to go to the early meetings there.
The meetings are only a way for you to begin believing their lies about how their products are the best. This is where they begin their compliance violations. They completely bash other insurance companies and tell these "new" agents that their products are superior to others. They will tell you that Florida Blue and United Healthcare suck and will raise their prices. They tell you that anything other companies sell will only be worse than there products. They lead the independent agents working with them to believe lies.
The managers there are also good at making the independent 10-99 agents believe that they are supposed to do everything they tell them to do. In actuality, the company turns over all the time. People usually make VERY little money and only three to four people out of 70 or more agents will make over 30 thousand a year. The rest of the people stick around as long as they can because of the strict powerful guidelines from the sale managers tricking the new agents to believe. This is due to them taking a tremendous cut of your commissions and making you cold call everyone in the area who ever went on line to look for life insurance or medical insurance. When you call, you will be the tenth or so agent calling them and sometimes other independent agents at the same Bankers Life Office called them on the same day. This ends up getting the agents to waste lots of time and not truly enjoy what you could enjoy in this line of work.
This company taught me that it is unfair that the innocent people in the public are tricked by these agents and most of the agents don't even know they are tricked until they learn themselves firsthand what is actually available. If you do your own homework, you will see that there are many cheaper prices for the exact same products out there with companies that will do the same for the client.
Be very careful if you work for any company but know that it is illegal to tell potential clients that a company is going to raise their prices more than you or the other companies are not as good as the one you are selling products for.
Bankers Life is making money from the manipulation of new agents and tricking people into believing that they have to choose Bankers' products before it is too late.
My mother has been a policy holder of the Long-Term Care Policy for well over 20 years, faithfully paying her premium on time and in full. Now that she is in a nursing home and needs her long-term care benefits, the company does everything they can to delay her payments as long as possible. Today being the 26th of March, she has yet to be paid for her February benefit. Their usual excuse is that they never received the invoices, even though I have a handful of fax confirmation sheets to prove otherwise. Most recently they claim that their "policy" is that they do not begin to process any claim until ten (10) business days after receipt and then they have ten (10) business days to process the claim. Can anyone tell me what kiind of customer service that is? That is nothing more than playing with the well-being of their policy holders who rely on the benefit to pay the facility where they live. This has been going on for nearly 2 years and frankly my family is completely fed up with their constant lies. I reported them to the competent regulatory agency, but sadly a regulatory agency cannot properly regulate an industry they are in bed with; nothing came of the claim except they repeated the lies we had been told. So much for help from the government.
I just want people to be aware of how Banker's Life operates and how they treat their policy holders.
In bad economy 2014, I cancelled Life ins with Bankers life. Called 3 times First time got hold of a front office person, said they will transfer information. Called later same day no answer, called next day no answer. I did not have any funds in bank got charged 30 plus the money ins company was charging the premium. I cancelled policy due to my financea cannot afford. A month after should not be charging. Cancel complete should mean that. I had to pay for a stop pay, premium and 30 dollars. Insurance is a RIPOFF! PAY,PAY, PAY NOTHING COMES BACK TO YOU. MANY YRS PAYING FOR CAR INS NO ACCIDENTS,ANOTHER RIP OFF!
Bankers Life is the lowest of any Insurance company you can work for! You would think they would be an outstanding company but all they do is have high premiums, forced slave labor policies and try and destroy the agent if they leave. Once you leave their employment they come up with ways of ripping the agents off with charge backs to the tune of 130% above what they paid out as "advances". Also if you are appointed to another actual insurance company like Humanna thru Bankers Life they won't release you from your appointment for two years.
During the initial interview there is no mention of E&O, office and other hidden charges. All they talk about is a 55% contract, which you are only paid half of that amount minus all the above charges. They get you to sign all these paperwork covering themselves and leaving the agent pennyless! I did a calculation of the amount that Bankers Life actually paid me (THEY WERE ALL SPLITS WITH OTHER AGENTS WITHIN THE FIRST MONTH I WAS THERE AND DIDN'T KNOW ANYTHING) and the amount that they want returned and it came to 130% above what they paid me. They call once and then they refer the case to collection agencies to pick up more blood from the poor agents.
No wonder why Insurance agents have a bad reputation especially working for a company like Bankers Life. Come to find out that these policy owners that changed their policies within the year are actually written by the other agents within the branch as "orphan" policies. What a ripoff. Dont ever work for Bankers Life nor should you purchase insurance from them. Their reputation has fallen from grace and there's no way of fighting them but to refuse to pay more than they paid you. Then they destroy any chance of becoming an agent for another company. These Insurance companies need to be investigated and put out of business for the good of agents and policy holders.
Bankers Life Reviews
The Bankers Life Insurance Company Representative took my wife’s check for 43 dollars at the end of April 2015 and a check for my life insurance for 175.00 dollars. she returned on May 3rd 2015 and said the company would not insure me for that amount because of sugar pills I take so she said they would cover me for 21 grand instead of the 25 grand I wanted so I said ok. On the 8th of May the company cashed my 175.00 check and without authorization took an extra 44 dollars. They would not get back to us or refund the unauthorized amount and said they would only give us back 109 dollars which I have yet to see if I will receive.
I worked for Banker's Life and learned firsthand what a sales job is like there. First of all, they get everyone in the door and make you believe that you have just started a job at a great place where you are "lucky" to be chosen. They would be lucky to get anyone to stay in the door and offer agents inside bonus money to bring anyone in who will stay. The managers get bonus money if you come in and don't quit after a certain time. Be prepared to be tricked and used by a company pawning off of unsure new agents.
In actuality, you are only a 10-99 employee and they will end up taking a tremendous cut of anything you make. They begin your employment telling you that you will make so much money with hard work. Then, you find out that you are required to share your tiny commission with other 10-99 employees while you work there and you are required to go to the early meetings there.
The meetings are only a way for you to begin believing their lies about how their products are the best. This is where they begin their compliance violations. They completely bash other insurance companies and tell these "new" agents that their products are superior to others. They will tell you that Florida Blue and United Healthcare suck and will raise their prices. They tell you that anything other companies sell will only be worse than there products. They lead the independent agents working with them to believe lies.
The managers there are also good at making the independent 10-99 agents believe that they are supposed to do everything they tell them to do. In actuality, the company turns over all the time. People usually make VERY little money and only three to four people out of 70 or more agents will make over 30 thousand a year. The rest of the people stick around as long as they can because of the strict powerful guidelines from the sale managers tricking the new agents to believe. This is due to them taking a tremendous cut of your commissions and making you cold call everyone in the area who ever went on line to look for life insurance or medical insurance. When you call, you will be the tenth or so agent calling them and sometimes other independent agents at the same Bankers Life Office called them on the same day. This ends up getting the agents to waste lots of time and not truly enjoy what you could enjoy in this line of work.
This company taught me that it is unfair that the innocent people in the public are tricked by these agents and most of the agents don't even know they are tricked until they learn themselves firsthand what is actually available. If you do your own homework, you will see that there are many cheaper prices for the exact same products out there with companies that will do the same for the client.
Be very careful if you work for any company but know that it is illegal to tell potential clients that a company is going to raise their prices more than you or the other companies are not as good as the one you are selling products for.
Bankers Life is making money from the manipulation of new agents and tricking people into believing that they have to choose Bankers' products before it is too late.
My mother has been a policy holder of the Long-Term Care Policy for well over 20 years, faithfully paying her premium on time and in full. Now that she is in a nursing home and needs her long-term care benefits, the company does everything they can to delay her payments as long as possible. Today being the 26th of March, she has yet to be paid for her February benefit. Their usual excuse is that they never received the invoices, even though I have a handful of fax confirmation sheets to prove otherwise. Most recently they claim that their "policy" is that they do not begin to process any claim until ten (10) business days after receipt and then they have ten (10) business days to process the claim. Can anyone tell me what kiind of customer service that is? That is nothing more than playing with the well-being of their policy holders who rely on the benefit to pay the facility where they live. This has been going on for nearly 2 years and frankly my family is completely fed up with their constant lies. I reported them to the competent regulatory agency, but sadly a regulatory agency cannot properly regulate an industry they are in bed with; nothing came of the claim except they repeated the lies we had been told. So much for help from the government.
I just want people to be aware of how Banker's Life operates and how they treat their policy holders.
In bad economy 2014, I cancelled Life ins with Bankers life. Called 3 times First time got hold of a front office person, said they will transfer information. Called later same day no answer, called next day no answer. I did not have any funds in bank got charged 30 plus the money ins company was charging the premium. I cancelled policy due to my financea cannot afford. A month after should not be charging. Cancel complete should mean that. I had to pay for a stop pay, premium and 30 dollars. Insurance is a RIPOFF! PAY,PAY, PAY NOTHING COMES BACK TO YOU. MANY YRS PAYING FOR CAR INS NO ACCIDENTS,ANOTHER RIP OFF!
Bankers Life is the lowest of any Insurance company you can work for! You would think they would be an outstanding company but all they do is have high premiums, forced slave labor policies and try and destroy the agent if they leave. Once you leave their employment they come up with ways of ripping the agents off with charge backs to the tune of 130% above what they paid out as "advances". Also if you are appointed to another actual insurance company like Humanna thru Bankers Life they won't release you from your appointment for two years.
During the initial interview there is no mention of E&O, office and other hidden charges. All they talk about is a 55% contract, which you are only paid half of that amount minus all the above charges. They get you to sign all these paperwork covering themselves and leaving the agent pennyless! I did a calculation of the amount that Bankers Life actually paid me (THEY WERE ALL SPLITS WITH OTHER AGENTS WITHIN THE FIRST MONTH I WAS THERE AND DIDN'T KNOW ANYTHING) and the amount that they want returned and it came to 130% above what they paid me. They call once and then they refer the case to collection agencies to pick up more blood from the poor agents.
No wonder why Insurance agents have a bad reputation especially working for a company like Bankers Life. Come to find out that these policy owners that changed their policies within the year are actually written by the other agents within the branch as "orphan" policies. What a ripoff. Dont ever work for Bankers Life nor should you purchase insurance from them. Their reputation has fallen from grace and there's no way of fighting them but to refuse to pay more than they paid you. Then they destroy any chance of becoming an agent for another company. These Insurance companies need to be investigated and put out of business for the good of agents and policy holders.