Bankers Life

  www.bankerslife.com
  www.bankerslife.com

Bankers Life Reviews

Updated November 18, 2014
Updated November 18, 2014
364 Reviews
2.6
364 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Scott Goldberg
1 Rating

Review Highlights

Pros
  • Great training - Take advantage of all of it - do all of the self training as well (in 22 reviews)

  • Good training and (at least in our local office) a great office atmosphere (in 21 reviews)


Cons
  • This is 100% commission so it's a lot of work to put into (in 23 reviews)

  • Cold calls to people that have been called a million times (in 19 reviews)

More Highlights

Employee Reviews

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  1.  

    Is it a Bankers Life for me?

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Agent in Iron Mountain, MI
    Current Employee - Insurance Agent in Iron Mountain, MI

    I have been working at Bankers Life full-time (more than 3 years)

    Pros

    Huge earnings potential. Ability to offer many lines of business. Great starting point for people with no experience in the industry. Many great training programs. In 2013, ranked 52nd best company (and climbing) for training in the western world! The mobile app is great for doorknocking. You are reimbursed 125% for training that you pay for upon completion (CLTC, lutcf, etc.). Renewals can add up quickly in a few years!

    Cons

    Shrinking lead system. 100% commission can be very scary. People (clients) can be very finicky and resistant to change - even when change clearly benefits them. Some offices are much better than others in developing agents. You have to get good on the phone, no ifs ands or buts. If you aren't getting bonuses you are pretty much wasting your time. The 'agent care' help line can be contradictory with their advice. Very difficult if you are too introverted. The sales branch picks the types of leads that it purchases - often times it was garbage picked over internet leads from over a month ago. You are strictly prohibited from purchasing your own leads!!! Many hoops to jump through in order to stay compliant. You are almost exclusively a captive agent, there are some outside options for term policies, though. You are an agent, not an employee; there are no benefits unless you become a manager. Many, long days and miles needed to get your career off the ground.

    Advice to ManagementAdvice

    The future is coming and I'm not sure how you are going to bring on new people without adequate resources to get them off the ground, let alone sustain their careers. Top Gun is a great, great program (ABU too!). Congrats on investing in your people.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2.  

    Insurance Agent

    Former Employee - Insurance Sales Agent in Fresno, CA
    Former Employee - Insurance Sales Agent in Fresno, CA

    I worked at Bankers Life full-time (more than an year)

    Pros

    Earning potential is limitless.
    Flexible hours
    A chance to build your own business.
    Great support system.

    Cons

    Commissioned based income only
    Captive agency

    Advice to ManagementAdvice

    Give your agents more flexibility to work

  3.  

    Decent company with real life training in the field

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Field Trainer in Chicago, IL
    Former Employee - Field Trainer in Chicago, IL

    I worked at Bankers Life full-time (more than an year)

    Pros

    There is a fair amount of support. Good tools. leads provided.

    Cons

    you need to work beyond the leads or you will not make good consistent money. you have to pay month fees and E&O.
    no benefits. 100% commission

    Advice to ManagementAdvice

    spend more time training on the basics of sales and prospecting skills

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    Simply Awesome! Fantastic training, uncapped salary potential.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Producer
    Current Employee - Insurance Producer

    I have been working at Bankers Life full-time (less than an year)

    Pros

    Sales training that is far and away better than any other company I have ever worked for.

    There is no limit to the amount of income you can make.

    Most of my 2 week pay cycles have been between $3000-$5500.

    Cons

    Booking via phone can be tough, but once you get the basic understanding, its not horrible.

    Occasionally have chargebacks on policies, but if you are consistently booking, they have little effect.

    Advice to ManagementAdvice

    Our branch management staff is very intelligent and are more concerned about the developdevelopment individuals that work within our office than the short term good of the company. My advice would be to have the company adopt the culture of our office.

    Recommends
    Positive Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    Field Trainer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Unit Field Trainer in Cleveland, OH
    Former Employee - Unit Field Trainer in Cleveland, OH

    I worked at Bankers Life full-time (more than an year)

    Pros

    Able to step in and help folks improve their situations to ensure they have the proper protection for the non-working years

    Cons

    100% commission was tough in beginning - but you build your base

    Advice to ManagementAdvice

    Well defined training program teaches you the basics and give you steps to follow in their sales process - straight forward

    Recommends
    Positive Outlook
    No opinion of CEO
  7.  

    Great career opportunity

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Insurance Sales Agent in Clearwater, FL
    Former Employee - Insurance Sales Agent in Clearwater, FL

    I worked at Bankers Life full-time (more than an year)

    Pros

    Income potential, training, personal growth, learning new skills, awesome team

    Cons

    Ups and downs each month, tough market

    Advice to ManagementAdvice

    Have a stipend for new agents for the first 3 months, retention would go way up and have more veterans. Be more selective in hiring.

    Recommends
    Positive Outlook
    Approves of CEO
  8. 1 person found this helpful  

    Compensation poor unless you like cold call sales

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Insurance Agent in Chicago, IL
    Former Employee - Insurance Agent in Chicago, IL

    I worked at Bankers Life full-time (more than an year)

    Pros

    Understanding the insurance industry is a great pro for working for this company. People with natural sales skills and 60 hours a week will be fine.

    Cons

    Low opportunity for personal growth, training is minimal, all money is based on commision. If you need a steady salary, this is not for you

    Advice to ManagementAdvice

    Train Employees Longer

    Doesn't Recommend
    Neutral Outlook
  9. 2 people found this helpful  

    A head first dive into a world of sales.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Agent 1099 in Tampa, FL
    Current Employee - Insurance Agent 1099 in Tampa, FL

    I have been working at Bankers Life full-time (less than an year)

    Pros

    They have great products. Bankers specializes in retirees so they have great long term care. The sister company of Bankers Life is Colonial Penn and they have great medicare supplements.

    Cons

    Marketing. Our leads have been passed around for years and are continuously being called by multiple people. These prospects have been bombarded with phone calls.

    Advice to ManagementAdvice

    Try to find a way to bring the turnover rate to a steadier pace. This market for good leads seems to be saturated.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    run

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Bankers Life full-time (more than an year)

    Pros

    you get coffee and treats?

    Cons

    Most of the agents at the branch make less than 10k a year in their first year, there are only a few agents who have been around past a year, management blames everything on their contacted employees. You get less than 5 leads a week, This is a cold calling position, You are on your own....good online training, but don't believe them when they say you be riding with an experienced agent for any more than 5 days.

    Advice to ManagementAdvice

    tell the truth about how often you will actually be out with an experienced agent, don't tell people they will make at least 40k in their first year when almost no one does. Spend more time training on the products and insurance desk and less with the moral boosting. In general, be honest in the hiring process.

  11. 5 people found this helpful  

    Possibly awesome, often not

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Bankers Life

    Pros

    The office I worked in had a strong culture of personal development and growth, and excellent sales training. The Branch Manager was a mentor to me. Learning to cold call, learning to grind through leads and lists, learning to handle the hard work of sales was all excellent training.

    A lot of people here complain about leads and lists, of having to cold call, etc. This is THE ESSENCE of sales work, especially in the beginning. Also 100% commission is standard for insurance sales and financial services generally. There are a lot of legitimate problems, but those things are not the problem.

    NOTE: I worked at office 2021 in Tampa, FL, under Larry McGlaughlin. If he is still there, and you are in that area, I recommend it highly. Otherwise, I'd find a different insurance company to work for.

    Cons

    I moved offices, and the second office I worked for was filled with dirtbags who didn't understand the products they were selling or the terrible impact they could potentially be having on people's lives. I came to find out that this is somewhat typical for the organization, and the branch I worked at was fairly special, owing almost entirely to the personal integrity of the branch manager.

    Don't work there unless you are willing to work hard and only be paid for what you actually earn. This is very different than the "guaranteed salary" culture most people are used to, and it is very frustrating if you don't essentially buy into the idea of a direct relationship between your economic value to the company and the amount you are paid.

    Advice to ManagementAdvice

    Be more honest in your recruiting, and (slightly) more selective in your hiring.

    Make sure people have a clear understanding of insurance planning before letting them work on their own and ESPECIALLY before training other people.

    A good CRM system would make a huge difference in the lives of your agents and ultimately in your customers.

    Encourage door-knocking. With the rise of the DNC list, the only way to successfully prospect off the T65 list for new MedSup business is knocking on people's doors, and yet I am the only BLC agent I know who pursued that strategy consistently.

    If he hasn't retired yet, get Larry from Tampa to train other branch managers how to run their offices.

    Recommends
    Positive Outlook
    No opinion of CEO

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