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too good to be true

Discussion in 'Off Topic [BG]' started by Lowner, Mar 30, 2006.

  1. Lowner


    May 14, 2005
    Over Here
    I have to oppurtunity for another job. It is an insurance sales job and on comission only. Yoy have to shell out 500 bucks up front for liscencing and training manuals once you get licensed. I dont know if its really worth it they claim that if ai use their method to make sales and follow it to the letter I will earn at minimum of 40 grand in my first year. its a compnay called bankers life and I was just wondering if its worth it. has anyone ever sold with them or dealt with them and are their claims of 40 grand in the first year and after that the sky is the limit? Is this too good to be true or a scam. would you take the job?
  2. DigMe


    Aug 10, 2002
    Waco, TX
    I would be leery of any company that says they'll hire you but you have to put up your own money.

  3. bill h

    bill h

    Aug 31, 2002
    small town MN
    Sounds like BS to me
  4. canopener


    Sep 15, 2003
    Isle of Lucy
    I get "Banker's Life" e-mails for employment opportunities all the time. They go straight to my spam folder. IIRC, BL may be a scam, but a lot of companies require you to front the training/licensing fee and offer reimbursement after a grace period. I've interviewed at both a well known insurance company and a car dealership and this was the case with both companies.
  5. Marlat


    Sep 17, 2002
    London UK
    Tell them that they pay for the licensing and manuals and they can deduct it prorata from your first 10 paychecks with a premium of $200 for their trouble. If they are confident you will earn $40k in the first year they will have no problem doing this as it works out as extra money for them. If they resist their job is BS.
  6. Blackbird

    Blackbird Moderator Supporting Member

    Mar 18, 2000
    Licensed? by whom? Sounds like you're paying for a piece of paper. Walk.
  7. Scam, baby, scam.
  8. canopener


    Sep 15, 2003
    Isle of Lucy
    In PA (I imagine it's similar in all states) you must be trained, tested, and licensed by the state in order to sell insurance or cars. In essence, you are paying for a third party training course and whatever the testing fee is for the state exam. The companies offer this as one package. I'm sure you could do all of this yourself, but paying for training for many sales type positions require this. But in this particular case, I do believe it is a scam.
  9. NJL


    Apr 12, 2002
    San Antonio
    Word for word this is what I would do, but don't mention Latimour's name, he's a big time trouble maker. :p:D:)
  10. Lowner


    May 14, 2005
    Over Here
    Yes I would be licensed in my state(PA). They have showed us copies of actual checks that other reps ahve gotten and they are from like 3 and 4 years ago and one comission was for 241 grand. When we are licensed we would sell insurance for from this company but we would be considered independant agents. they consider us self employed. Also there is no health insurance. it was done away with 6 months ago due to the expense of paying it.
    I want to take the job in a way. because it does not hurt until you try. the least i could do is fail. On the other hand i am skeptical that they are hyping up comissions and using those example of those who sell lots and lots as typical for everyone.
  11. cheezewiz

    cheezewiz Supporting Member

    Mar 27, 2002
    Why don't you just sell Kirby Vacuums? Same deal. You'll end up on the phone for hours, cold calling people who don't want to talk to you. 241 grand my ass. Maybe to the CEO of this pyramid scheme. Run FAR away. IT'S A SCAM.
  12. canopener


    Sep 15, 2003
    Isle of Lucy
    Yeah, $241K definitely sounds a bit high. Another thing to consider when you are working for commission only is the benefits and tax deal. You won't have any taxes with-held and you probably won't have any other benefits (insurance, 401k, etc).
  13. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    The job of sellig insurance is legit. Having to get a license to do so is legit. The way this company is going about it is safe for them. It doesn't appear to me to be an actual scam, since you can make money selling insurance.

    Since there is an expense involved in getting a person licensed, they have probably decided to let prospective employees pay it instead of absorbing it themselves and watching the employee quit if they end up not liking the job.

  14. dharma

    dharma Srubby wubbly

    Oct 14, 2005
    Monroe, Louisiana

  15. theLimeyBrit

    theLimeyBrit Used Register

    Feb 3, 2006
    Longview, TX
    I recently quit a similar job, with the same pay-your-own-licensing-costs setup. There is A LOT of money to be made in insurance if you're good at convincing people that they need what you're offering, but if you're not a natural salesman (I'm not), then you'll likely have difficulty getting started.

    It's a numbers game- the more people you call/give flyers to/whatever, the more people you're going to get to actually meet with, and the more deals you'll close. I enjoyed running the appointments, and it's a really good feeling when you actually make a sale, but I despised the process of *getting* the appointments, and it's a really sucky feeling when you get a streak of appointments that you can't close for whatever reason.

    Go for it if you want to- I don't regret having done so, I learned some things about myself- but be warned that it's not easy money and that you had better enjoy talking to people who don't know that they want to talk to you, because that's going to be the majority of who you deal with.

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