This a company based out of Bloomfield, NJ. You can work for them two ways: either as an already licensed agent or as aspiring agent where they have an insurance school in the office and you get licensed through them. Here is how it works: You respond to an ad in the paper and they put you into a room. Then they show you salespeoples commissions. These commissions are in the $200k to $300k. The person running the show makes it look so easy. They explain that they are selling final expense insurance and medicare. Final expense insurance is low face value life insurance that is designed to just be enough for the cost of funeral. Its sold to older people who, because they are old, cant afford traditional life insurance.
I went through the insurance school. They only train you for either life or health, not both when I was there. The charge you for the school which comes out of your commssions. The school by the way was quite good, I got licensed on the first try. Then they give you what they call "reworks". These are lead cards that have been worked by other agents; the agents that were there before you that washed out of the program. These cards have all writings and notes on them. The cards were really worthless because they were for old people and many of them were dead or in nursing homes. The average card was 3 years old, some were 5 years old.
The cards say nothing about insurance. What they state is if someone is interested in supplementing or protecting their social security income. The average person files out the card and then gets a person comming to their house trying to sell them final expense life insurance. So many people are pissed when they see you come over.
Out of all the people in my class that took the class to get licensed, only one person stayed for one year. Then all of the other classes, all the people dropped out, from what I heard. When I was there, the salespeople were all complaining and angry about the leads with each person quiting like in a line almost.
The lead cards are not even Diversified, they are from the companies that they do business with. All Diversified is doing is to hand these cards to the agents and see what they can do. If you dont do enough sales, say 5-7 per week, then they ask you to leave.
Sitting in their office during the weekly meeting, I didnt see all of the agents making those numbers like they said.in fact, I saw a revolving door of people who werent even there for a year with some of the people doing well. There were no "old timers" (my definition being 5 years plus) there, everyone seemed everyone was a newbie.
If you can handle the rework lead cards, then they give you fresh leads that you pay for. Unfortunately, or fortunately, I never got to that level. I did meet some people that got to that level and they were cited at the meetings for the work that they did, but they dropped out soon too.
I cant tell you how hard I worked to get sales from those leads. I did at least two sales each week. Most people who came and went are bitter about their experiences there. Now the company is expanding into other states.
After you wash out, you are sent a bill for the license school. If you have commissions due to you, then they take it out of that. Plan to get that great feeling of "making no money and then what you did make, was taken from you" feeling!
Just my final thoughts here, beware of any job that wants you to work on a 1099 form. Thats the form where you are an independent contractor and you pay your own taxes. Thats what this job was all about. A 1099 form is a red flag for any future company that you may be interested in working for.
Hope this helps.
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