Bankers Life / Colonial Penn Scam Internet, Nationwide

Date Occurred: 02/29/2013

If you attend a job fair or are offered a 'job' by Banker's Life Insurance,
STAY AWAY !
What they do, is pull in 20-30 people (anyone who is breathing), tell you that they will get you licensed to sell final expense life insurance AND that they will provide you leads.  Here's what you'll go through:
1) an 'interview' with about 30 people. This is actually a lecture, not an interview.
2) you'll get called back for a 2nd interview
3) if you're  called back for a 3rd interview you have the dubious honor of having been'selected ' and 'hired'. It will cost you between $300 and $400 to get trained to take your state's insurance exam.
4) After you pass your exam you'll have to sit through 5 days of 'sales training'. The purpose it to teach you to be a
telemarketer and cold call people who have NOT requested any information.

FURTHER, IT'S BAIT AND SWITCH. They will teach you to say ' hi, I'm XXX calling from Banker's Life (or Colonial Penn) and I want to set up an appointment with you to discuss the recent changes to Medicare.' You book the appointment.
Usually the people are not home. If you get into someone's house, you have about 5 different insurance applications with you and you don't discuss Medicare, you sell them everything / anything under the sun !!!
5) the sales pressure is intense. If you don't sell so much in 3 months you get fired.
Their object is to get  agents to sell some policies, but it's in your contract that if you leave or
they fire you they don't have to pay you, you also don't get the renewal fees, as a matter in fact they come after the agents for the "advances" .

STAY CLEAR. It's a scam and bait and switch.

LBaccash
SBID #859cf30a80
Posted 02/29/2013