ED Magedson – Founder
Bankers LifeNationwide USA
Bankers Life Life Agents Ripoff Gainesville Nationwide
Bankers Life is the lowest of any Insurance company you can work for! You would think they would be an outstanding company but all they do is have high premiums, forced slave labor policies and try and destroy the agent if they leave. Once you leave their employment they come up with ways of ripping the agents off with charge backs to the tune of 130% above what they paid out as "advances". Also if you are appointed to another actual insurance company like Humanna thru Bankers Life they won't release you from your appointment for two years.
During the initial interview there is no mention of E&O, office and other hidden charges. All they talk about is a 55% contract, which you are only paid half of that amount minus all the above charges. They get you to sign all these paperwork covering themselves and leaving the agent pennyless! I did a calculation of the amount that Bankers Life actually paid me (THEY WERE ALL SPLITS WITH OTHER AGENTS WITHIN THE FIRST MONTH I WAS THERE AND DIDN'T KNOW ANYTHING) and the amount that they want returned and it came to 130% above what they paid me. They call once and then they refer the case to collection agencies to pick up more blood from the poor agents.
No wonder why Insurance agents have a bad reputation especially working for a company like Bankers Life. Come to find out that these policy owners that changed their policies within the year are actually written by the other agents within the branch as "orphan" policies. What a ripoff. Dont ever work for Bankers Life nor should you purchase insurance from them. Their reputation has fallen from grace and there's no way of fighting them but to refuse to pay more than they paid you. Then they destroy any chance of becoming an agent for another company. These Insurance companies need to be investigated and put out of business for the good of agents and policy holders.
This report was posted on Ripoff Report on 08/08/2014 01:22 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bankers-Life/nationwide/Bankers-Life-Life-Agents-Ripoff-Gainesville-Nationwide-1168454. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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