Bankers Life & Casualty is a multi-level marketing scam designed to look like a mainstream Corporate entity.
Everyone is hired on a 1099 independent contractors basis. Field Trainers are given no salary, are not employees of the company, but are expected to attend manatory meetings, train new agents in the field, and receive no car/gas expense or salary... Only the opportunity to "split" the commission with the trainee.
Agents are also told to attend "mandatory" meetings, and to spend 8 to 10 hours a day twice weekly to make phone calls to people who usually have not responded to Bankers mailings. This is illegal. If an agent does not attend these meetings, they are not supported in the field by management, and receive few if any leads. They are bullied into getting back into line. However, Bankers fully expects 90 to 95% of their agents to quit within a 4 to 6 month period. It is from these agents who do leave, that their "best" leads are procurred. Their "orphan" clients, written by the long-gone agents, are passed on to those few successful agents as a reward. They are then trained to re-write the policies already written, and to have the client cancel the previous policy. This creates a commission charge back against the agent who has left, but new business for the remaining agent. The remaining agent is also told to write new business if possible with the client.
Bankers agents expect to find copiers and printers that have no ink and no paper. There are usually not enough supplies such as policy applications. The reason for this is that the Branch Manager is basically a franchise owner who is responsible for these costs... Not the corporation. Branch Managers typically pass these costs on to the Unit Managers, who sometimes can't even afford the gasoline to get to work.
Recruits are told that they can make lots of money, and are shown an 'earnings' board that seemingly shows many agents making $5000 monthly or more. What they are not told is that these numbers do not take into consideration applications that were declined or cancelled, and do not reflect the fact that most applications have a $500 maximum advance, and that it can take 60 days for final commissions to be paid. Recruits are not told that money for leads will be taken from their check, as well as money for E & O insurance, which can be purchased outside of Bankers and shopped for best price.
This is one of the most evil and jaded companies I have ever seen in over 20 years of working in commission only based positions.
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