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Life Insurance Scam?
Posted on 10/31/19 at 12:38 am
Posted on 10/31/19 at 12:38 am
So an old friend of mine Started working for this life insurance company. She posts her pay stubs and is trying to get others to work there as well. The amount of
Money she makes is pretty insane. In the past she’s done a lot of MLL bullshite. It seems to good to be true. Is it a scam? What’s the catch? Anyone know? Thanks
Money she makes is pretty insane. In the past she’s done a lot of MLL bullshite. It seems to good to be true. Is it a scam? What’s the catch? Anyone know? Thanks
7
Posted on 10/31/19 at 6:10 am to lsuguy13
quote:
It seems to good to be true.
You already know the answer.
What’s the company? Would you want to work with someone who would post their paystubs on-line?
Posted on 10/31/19 at 6:27 am to lsuguy13
Why would she want to give that easy money to someone else
Posted on 10/31/19 at 6:52 am to Mr.Perfect
this^
Posted on 10/31/19 at 7:58 am to lsuguy13
Did she start her own agency?
The posting of paystubs is weird.
I've known some insurance agents who take on assistant agents, etc, and they split the commission. Not really MLM, but kinda like it I guess?
The posting of paystubs is weird.
I've known some insurance agents who take on assistant agents, etc, and they split the commission. Not really MLM, but kinda like it I guess?
Posted on 10/31/19 at 7:58 am to lsuguy13
quote:
She posts her pay stubs
Has to be Primerica
Every time Ive seen someone do this, they were Primerica agents. Trying to build that pyramid.
This post was edited on 10/31/19 at 8:01 am
Posted on 10/31/19 at 8:31 am to lsuguy13
If you want to make money in insurance go sell commercial insurance.
Posted on 10/31/19 at 8:54 am to dirtsandwich
Senior Life I believe is what it’s called or something like that.
Oh I don’t want to work there. I was just curious on how it works
Oh I don’t want to work there. I was just curious on how it works
Posted on 10/31/19 at 8:57 am to LSUFanHouston
No she didn’t start her own. She got on with a company. And encourages people to join and change their life as well. I mean she is making like 4K weekly
Posted on 10/31/19 at 8:58 am to lsuguy13
quote:
She posts her pay stubs
Anyone who does this is into something shady.
Posted on 10/31/19 at 11:13 am to bstew3006
quote:
Has to be Primerica
You are probably correct. I know life insurance is one of their big products, but I just never thing of them as a life insurance sales company.
But Primerica is very much an MLM and yes, that tactic is an MLM tactic.
quote:
In Primerica's eleven-tiered multilevel-marketing system, the company's sales representatives receive a commission for selling financial products, while a portion of the sale is also paid to the representative's recruiter, the recruiter's recruiter, and so on, up to eleven levels
When you are paying that many people, plus overhead, you have to wonder where they find the money to pay claims.
Posted on 10/31/19 at 6:39 pm to lsuguy13
It’s not “ a scam “. We get this question 2/3 X a year here. It’s the “ Final expense” life insurance market.
Simplified ( no medical exam-usually a telephone interview and look at medical history ) whole life policies for seniors. Typically very expensive because of age. Usually 10-25k policies meant to pay for burial and small debts of elderly person.
Commissions can rack up quickly if you are able to schedule 6-10 appointments per week . Leads are generally provided by an “ IMO” (Independent Marketing Organization) that gets a large cut of every commission and who recruits and supervises agents. No follow up by agent is required after the sale. This market is increasingly being dominated by telephone agents/phone banks run by large IMO’s representing multiple insurance carriers.
Edit- the reason she posts her pay stubs ( holding back vomit now) is because she will recruit agents “ under “ her and take a cut of their business. Anybody who posts pay stubs should be shot. BTW, she is not the baller, the baller is the IMO.
Simplified ( no medical exam-usually a telephone interview and look at medical history ) whole life policies for seniors. Typically very expensive because of age. Usually 10-25k policies meant to pay for burial and small debts of elderly person.
Commissions can rack up quickly if you are able to schedule 6-10 appointments per week . Leads are generally provided by an “ IMO” (Independent Marketing Organization) that gets a large cut of every commission and who recruits and supervises agents. No follow up by agent is required after the sale. This market is increasingly being dominated by telephone agents/phone banks run by large IMO’s representing multiple insurance carriers.
Edit- the reason she posts her pay stubs ( holding back vomit now) is because she will recruit agents “ under “ her and take a cut of their business. Anybody who posts pay stubs should be shot. BTW, she is not the baller, the baller is the IMO.
This post was edited on 10/31/19 at 8:20 pm
Posted on 10/31/19 at 9:22 pm to Lsupimp
Yeah seems like their must be a shite Ton if money in it for the IMO. How do I become
One of those? Lol
One of those? Lol
Posted on 11/1/19 at 7:38 am to LSUFanHouston
quote:
When you are paying that many people, plus overhead, you have to wonder where they find the money to pay claims.
They have quite possibly the highest policy premiums. The savior to some, Ramsey, used to whole-heartedly promote. Don't care if he does or doesn't anymore.
Posted on 11/4/19 at 5:36 am to lsuguy13
quote:
Senior Life I believe is what it’s called or something like that.
Senior Life is not a scam and is a legit company that focuses on final expense life insurance for those over 50.
With that said, they’re legit but terrible and their agents are required to recruit other agents to work for them. That’s in their contract. The company is not rated very highly and is much more expensive than other final expense companies out there. There are some great FE companies that have great premiums (for those over 50 with health conditions) but Senior Life is not one of them. They’re only a notch above Globe Life (we’ve all received those flyers in the mail offering life insurance for $1.).
Posted on 11/4/19 at 4:33 pm to LSUFanHouston
quote:
I've known some insurance agents who take on assistant agents, etc, and they split the commission. Not really MLM, but kinda like it I guess?
To be fair, many insurance companies work like this. Northwestern Mutual does for example. It may not be to this extent, but the basis is the same. The local power to be hires sales staff to work for them and they have some sort of commission split.
Posted on 11/4/19 at 9:36 pm to Lsupimp
quote:
BTW, she is not the baller, the baller is the IMO.
Lead generation is big business. Tons of money to be made in that. I know I’ve spent my fair share on buying leads....leads that are sold to multiple other agencies too.
Posted on 11/5/19 at 9:05 pm to Slickback
Where are leads generated from in this market ? What basic data base includes everybody over 65 with name and address?
Posted on 11/7/19 at 8:43 am to Lsupimp
quote:
Where are leads generated from in this market ? What basic data base includes everybody over 65 with name and address?
Old folks fill shite out on Facebook ALL THE TIME.
Posted on 11/7/19 at 9:15 pm to LSUFanHouston
quote:
Not really MLM, but kinda like it I guess?
Any "agency" works like a MLM. They just may have a more legitimate product than the scams that are awful for everyone (sales and customers). Insurance agencies are multi-level. Keller Williams is mutli-level.
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