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Bankers Life and Casualty



Complaint Rating:  92 % with 182 votes
92% 182
Contact information:
Bankers Life And Casualty
United States
Well let me first say that this company does some nasty things to people. I was called for an interview with this company, so I was of course psyched, I was told it was for a management position, so I promptly show up for my interview, to find out it was with a class of about 20 people and then told it was the 1st step in the interview process, and the second interview, again I promptly went at my scheduled time, and yep you guessed it, there were about 15 people at this interview, and when I asked about if it was a management position and was told that you need to start out as an agent first then work your way up the latter to a management position, so I was called for the 3rd interview, showed up for that, I was surprised when I was the only candidate at the interview, they make it sound like you can make tons of money doing this agent thing, so I thought OK I will do what it takes, well I am discusted, I did their pretest crap only to fail it twice, but yet when I was at home doing the same "pretest" on thier website, I was passing with 85% or highr four times, so I thought for sure, it would ba a simple task to take the pretest at their place, but wow I was wrong, I failed twice, how is this possible, well then I thought, OK I guess this ins agency thing isn't for me, I will stay in my current field with earnings of 60K per year, so I called to see if I could get a refund of my $210, which is supposedly start up costs, and never even got a call back, all I can say is this company is making a killing on prospective employees, which are not able to pass the test to even start the job, hence why they probably only have 20 agents in their office. Remember they do this interview process each and every week with atleast 20 candidates interviewing, so they are definitly doing very well. Shame on them for the way they mislead people that are looking for jobs, only to find out they will be out money to even start the job, and then after you get the position(if you pass the test, then state exam, your first week is traing which you do not get paid for. I am thinking of calling my cousin that is an attorney or the local news station to see if this is a legal practice or if they are scamming people out of money, seems to me like a scam. OK I guess enough said, just use caution if you want to go work with this company.
Complaint comments Comments (41)    Updated: Complaint country United States Complaint category Health & Beauty


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D  10th of Oct, 2009 by    -1 Votes
The testing that you mention that you could not pass is a state licensing requirement. The fees you paid went to the training company and the state licensing department. Bankers Life and Casualty receives none of these fees. You can only start an insurance career if you are properly licensed by the state. It is not the company's fault if you are unable to pass the test.
N  2nd of Nov, 2009 by    +2 Votes
Ok just so everyone knows, I passed the test. I got my license. I am legally allowed to sell Life and Health Insurance in the state of Pennsylvania. I spent well over $500 getting this far. The test was hard. I had to take it 3 times. My first week of 'field training' was a joke! My field trainer didn't do much to teach me squat. I do think you have to put forth effort to do well in any business, however; Bankers did mislead me into believing it was a 'carrer' that you could seriously make $30K-$60K in the first year! HA! I have been ther since July (I signed the pre-employment contract) and I quit last week (End of Oct.) because I made a whopping $99! I could have made more on unemployement, but since I was "self employeed' I even lose that! I just couldn't afford working and spending all kinds of GAS money to end up with $99. I think that anyone reading this needs to have money before looking into this job. It steals all your time, your energy, and your money!
D  18th of Nov, 2009 by    -2 Votes
I think it's important to look into any job. If you don't want to sell insurance, and don't want to put in the effort, then don't take a job at Bankers. Obviously the position wasn't for you. People put their best foot forward in job interviews just so they will be hired, and in the end, that's really not "them." So best advice - be true to yourself. Go to job interviews, research companies (NOT just on scam websites), and make the best decision for yourself. If you aren't willing to work hard, then a commission paying position is not the best idea. If you want to slack off and make $8.00, have fun. Some of us want to be successful. And GeoJ89, why would Bankers refund money that you paid to another company for studying for state exams? If you weren't able to pass the course, then why is that Bankers' fault? Maybe you just had test anxiety. Also, what kind of job would hire a manager with no experience in the position they'd be managing? Certain management positions are simple - retail management for example. In a case such as that, retail management is retail management. But insurance sales is not that type of job. You've got to know what you're doing before you teach others. And clearly you weren't the right candidate for management at Bankers if you couldn't pass the state exam.
N  25th of Nov, 2009 by    +1 Votes
This company should be ashamed of themselves. My parents 75 and 76 years old have had a policy with them for 6 years. My dad had a significant stroke that left him seriously debilitated. He was sent home to die with dignity and respect. My mother contacted Bankers Life to "activate" his policy for home care. Believing in what the agent sold her (all lies).

She was told by MULTIPLE people at Banker's Life, "He (my father) met criteria for round the clock care 24 hours / 7 days a week". Any sane person would believe that meant Bankers Life would pay on the claims for round the clock care givers 24/7. WRONG!!! They failed to mention the BUT... He met criteria for round the clock care 24/7 BUT... the policy will only pay a maximum benefit of $120 a day. Now who knows anyone who will work for $5.00 a hour? No one. It's not American. It's below minimum wage. Disgraceful!!! Bankers Life is deceiving our elderly. They are selling them a pack of lies to get them to sign up for the policies. They had no problem taking the funds from my parents to pay the policy premiums, but they have all kinds of problems paying on the claims. I say it's Elder Abuse!!! When you call the company, you get a huge run around with empty promises that they will "look into it", and call you back. No such luck. "Customer Service" representatives are very rude. I spoke with five different people trying to help my mother, to no avail.



I can only hope someone will see this posting and avoid getting involved with Bankers Life & Casualty.

For my mother whom is 75 years old to have to go through this while trying to care for her 76 year old status post stroke husband of 54 years is a crying shame.

Again, I say to Banker Life & Casualty - SHAME on you!
A  4th of Jan, 2010 by    0 Votes
I totally concur. I personally feel that Bankers Life business practices are borderline criminal. I am currently struggling to get them to return my money from a annuities policy that I cancelled on prior to the expiration of the free look period outlined by federal law. This process is entering its third month without even a call back from the agent that sold me the policy or from their so called customer service people. This is money that I worked hard for and saved my whole life. Their (Bankers Life) lack of urgency, or downright disregard, for my repeated attempts to contact them regarding returning MY money, leaves me no alternative but to seek legal action against them. If they aren't criminals, they sure act the part.
D  15th of Feb, 2010 by    -2 Votes
DanD - I'm sorry you feel the way you do, and I know your upset but ... my parents also have a policy for LTC, which pays out $150.00 maximum per day. That is the way the policy was structured. They love Bankers and knew exactly what they purchased about 3 years ago. It explains it in the contract and the licensed agent was thorough in explaining everything to my mom and dad. Common sense should tell you approximately how much it would cost to have a nurse or aide per hour. Banker's does not have aids or nurses - 3rd party companies are the ones who provide the services and there are hundreds of companies out there.

"All" LTC companies work the same - you create the policy based on needs, affordability, etc. Typically - LTC policies are purchased to offset the cost, not pay 100%. How can anyone ever predetermine what will happen to you in the future or how much it will cost.

How many thousands of dollars is their policy set for? Would your parents be better off financially if they hadn't purchased the policy?
N  15th of Feb, 2010 by    0 Votes
D.A. James - You should call the Manager at the local office, where the agent worked. I bet the agent is no longer with the company, which is why the person isn't calling you back.
A  18th of Feb, 2010 by    +2 Votes
Bankers is absolutely a pyramid scam. Let me explain to the Bankers Administrator exactly what the real deal is. I'll preface this with, I was not successful at Bankers, however I did become a manager at another insurance company and am now making good money without having to feel like I'm strong arming seniors so I can pay for food.

The Bankers model is to scour career builder, monster or any other place they can find, to get a portion of the millions of people who are unemployed to come in for a "interview."

The term "interview" is used loosely because they will not turn down anybody. If you can fog up a mirror, you are a potential bankers agent. Congratulations.

Oh, I forgot to mention, the reason why you go for the "interview" is because they tell you they are hiring for a "manager" in training position. Technically, eventually, you may or may not be the manager but that is an astronomical stretch. About the same as a guy at the gym promising to train a 45 year old guy to play in the major leagues. Is it possible? Maybe, but you probably have a better chance of seeing that snowball in hell.

Ok you went to the stupid training, you passed your state test, and now you are ready to "help"/harrass seniors. But wait, why don't you try to sell to you family and friends because it's really tough to even get somebody to see you.

They tell you it's all a numbers game with the phone, appts, sales etc. and that's certainly true. But the real numbers game, the Bankers numbers game, is getting as many people as possible into the revolving door that is Bankers Life and Casualty. Out of those people .01% may be a good agent. Great! He/she can go on a Bankers trip to the Bahamas. The rest of you will scratch and claw and sell to you family and friends because as you will see it is either tough to sell or you, like me, did not feel right about strong arming seniors.

Now you leave Bankers. Some of the policies you sold to your family and friends may lapse. But I'm betting not all of them. Now the other 5 people you went to "training" with quit. Some of their family and friends cancel their policies, but not all of them. It's a numbers game plain and simple. Or better yet. A pyramid scam.

The job is not for everyone, but the only place you will hear about that is on a message board from a Bankers apologist. When you go for your interview somehow the job is for everyone. When you quit. You are a quitter and Bankers clearly wasn't for you.
A  22nd of Mar, 2010 by    +2 Votes
Yes, I do agree, Bankers Life are a bunch of scammers who will cheat you into getting into the company to sell insurance for them and then let you drown alone as you try to twist clients hands to get a check. I worked for them for five months and it was the worst job I'd ever held as they had lied to me that I would have a flex schedule and work from home after three months. I used to work from 7:30a.m to sometimes 10:30p.m. and averaged $1500.00 per month without calculating my losses of gas, lunch money and other expenses. Please don't waste your time, you are better off working at McDonalds.
D  26th of Mar, 2010 by    -4 Votes
I am a Bankers agent in Omaha, NE, and have been for about 5 years. I am 28 years old. Here's my story about this company all you whining, crying babies think is a scam...I graduated from the University of Nebraska with a bachelor degree in December of 2004. I was delivering pizza as my only source of income during college and for about a year after college. I interviewed with Bankers and decided to give it a shot in June of 2005. My first 6 months I made about $5, 000, while still delivering pizza on nights and weekends, but I knew I could be good at this. In 2006, I made about $40, 000 and started getting renewal commissions, which is an additional commission on policies that are still in force one year after they were issued. I loved the idea that I could get paid in the future for sales I made in the past. Plus, if I made at least $9, 000 per quarter, I would receive a generous bonus. In January of 2008 I received a bonus check of $10, 700 for my production in the previous quarter. In 2008, I made $80, 000 and honestly, there were some weeks where I only worked 10 hours. When I was hired in 2005 I lived in a crappy little one bedroom apartment. In May of 2007 I bought a house. How many other "jobs" or "careers" can a person have the opportunity to be this successful? Now, I will admit I'm a good salesman, and selling insurance or selling anything isn't for everyone. It's true we have a very high turnover ratio of new agents who quit after a while. But our manager makes it very clear to new agents that this is a tough business, but for people who are mentally tough and are willing to fight through adversity, this is a very rewarding business. As to the claim that we "strong arm seniors, " that is totally false. ALL of my clients would tell you that they were aware of the business they were doing with me and they are also satisfied with the company and my own personal service. I even invited some of my close clients to my wedding because we have such a good relationship. Now, I'm not naive enough to sit here and say we are the one insurance company that doesn't have any faults. They ALL do. But the products and services we provide either help protect and/or grow our clients' net worth. Our Medicare Supplement and Long Term Care policies protect people from the high cost of healthcare expenses, our Life Insurance helps pay final expenses, estate taxes, probate fees, and provide TAX FREE inheritance. And our Annuities protect people's assets from stock market volatility (NO ONE who had a Bankers annuity lost money due to the stock market crash of 2008) while paying competitive interest. So if you're one of these idiots posting negative messages about my company or how we operate, I would argue that you are simply jealous of insurance agents who are successful, and that you feel sorry for yourself for the fact that you didn't have what it takes to do this kind of career. Hey, it's OK, the world needs ditch diggers, too. And yes, some people are better off working at McDonald's, I mean, someone has to put that Big Mac together for the rest of us. Some of you negative Nellies had some very questionable spelling and grammar errors, so it's no wonder you couldn't hack it in the real business world. What, were you expecting to sit on your ### and make $100, 000? Sorry, but the easy jobs pay less, the more challenging ones pay more. Ever heard of Darwin? Or did they not cover that in your high school science class before you graduated and started working at Subway? The financial advising business is "Survival of the Fittest, " just like wildlife in nature. So, in closing, I firmly disagree with the slanderous nature of most of the posts on this message board and to those of you who want to bash my company, or any insurance company in general, I would say to you that you can find dirt on ANY insurance company if you really want to. The bottom line is, we're taking on a bigger risk by insuring a person, than the person is by purchasing insurance. If you don't like it, go without, but don't come crying to the insurance company when ### hits the fan.
N  29th of Mar, 2010 by    0 Votes
you just lucky and that all but my mother whom lost over 2, 00o and that agent more then likely still have their job or they realize that can keep stealing from people I know what im talking about since not only did they take from mother she received another person rejection letter the reason their not more complaints because their client don't have computer or are dead or living in the home waiting for someone to weep them and believe Bankers not paying for it...so if your cheeking out banker of life insurance don't do it and if their any one out look to started a law suit or a campaign get on this tread and will get it going see when you say frona you say Stephanie
N  28th of Apr, 2010 by    +3 Votes
Beware of this company. They offer very little and expect everything from their agents. Commissions are returned (you pay them back) if a customer changes their mind and decide to drop the coverage within 90 days. Bottom line is that your earnings are so very little to nothing after expenses on your part. The contract you sign with them is so lengthy and would require an attorney to understand it. Worst job I ever had and definitely not a career. There are better and honest insurance companies to choose from other than Bankers / Conseco. Everyone that I knew when I joined the company is no longer there - a revolving door.
N  18th of Jun, 2010 by    0 Votes
Well, quite frankly I've heard more negative than good. I've spent good money getting a college education and studying my a** off for that. If I will have to spend money to make money, I think I'd rather invest my time and money in a company like Allstate or another reputable company that does not have to "strong arm" anyone. A good product will help you sell itself and I understand you get what you put in...I think I'll skip my "interview" for a more sound company...thanks to everyone for their input, I think you saved me a headache!
N  8th of Jul, 2010 by    +1 Votes
As always I will preface this with, I am a failed Bankers agent. I also like BLC4Life, happen to be a 28 year old. I also happen to be a real 28 year old. I held on for nearly a year at Bankers. I hated it. I gave it my best shot. I worked late, I made the calls I put the time in and it didn't work. I worked a job at night because I kept telling myself I could do it. I couldn't. I am however a salaried manager at another insurance company where a make a good living and don't have to deal with any of the BLC BS.

So please allow me to address some of the "points" BLC4Life makes.

***I loved the idea that I could get paid in the future for sales I made in the past.***

Wow, that totally sounds like a 28 year old from Nebraska and definitely not a Bankers apologist. I was actually going to read your post with slightly less bias, but give me a break. That sounds like a freakin' infomercial. Does Bankers magically take out stains too?

***Plus, if I made at least $9, 000 per quarter, I would receive a generous bonus.***

A generous bonus? That sounds straight out of some Godforsaken Bankers Handbook. I never once heard of anybody who received a bonus proclaim it to be generous. That doesn't sound the least bit fake. You're certainly well on your way to having me convinced your the real deal.

***But our manager makes it very clear to new agents that this is a tough business, but for people who are mentally tough and are willing to fight through adversity, this is a very rewarding business.***

Sure he does. He may mention that to you and the other survivors after 5 more agents bite the dust in their second week, but there is absolutely no way he conveys this to people on the interviews. He makes them feel this is a job anybody could do. I would guarantee, nobody that is willing to put themselves through the interviews would be turned down in your office. It was that way in my office. It was that way in the 4 other offices of people I have spoken with.

***As to the claim that we "strong arm seniors, " that is totally false.***

Really? Maybe your definition of "strong arming" and my definition is a bit out of line. I don't define strong arming as standing menacingly over the senior making him sign up for a horrible policy (although this would be a tactic an agent in my office used to brag about using). My definition of strong arming is being told BY MANAGEMENT you have to close anywhere from 5-10 times. That might be fine for a car salesman, but you are dealing with insurance and more important than that you are dealing with a grandparent. If the say no 9 times and then say yes on the 10th to get you out of the house, that's not strong arming? Okay buddy.

***I even invited some of my close clients to my wedding because we have such a good relationship.***

Really? When were you married? You started in 2005-06, I'm guessing supposedly you probably got married in 2008. So in two years you not only met 1 client who you felt should be at your wedding, you met multiple clients who you felt should be at your wedding. Planning a wedding myself, I, along with most people have to cut people we have known our whole life from going, and yet you're inviting people from your leads list.

***But the products and services we provide either help protect and/or grow our clients' net worth. Our Medicare Supplement and Long Term Care policies protect people from the high cost of healthcare expenses, our Life Insurance helps pay final expenses, estate taxes, probate fees, and provide TAX FREE inheritance. NO ONE who had a Bankers annuity lost money due to the stock market crash of 2008***

Wow, that sounds like it came right off the top of your head. Somebody has been going to their Bankers brainwashing meetings.

Agent: How do I make a senior buy an annuity that's paying .01%

Manager: Why, you tell them nobody who had a Bankers annuity lost money due to the stock market crash of 2008."

I hate to tell you nobody that had that type of guaranteed annuity lost money. But a heck of a lot people got way more interest on the money that they didn't lose from other companies.

***So if you're one of these idiots posting negative messages about my company or how we operate, I would argue that you are simply jealous of insurance agents who are successful, and that you feel sorry for yourself for the fact that you didn't have what it takes to do this kind of career. ***

Really, I happen to be doing just fine for myself and don't have to feel the shame of working for a universally panned company anymore.

***So, in closing, I firmly disagree with the slanderous nature of most of the posts on this message board and to those of you who want to bash my company, or any insurance company in general, I would say to you that you can find dirt on ANY insurance company***

You can find dirt on any insurance company but for a wastebasket of dirt that another insurance company may have Bankers has got a landfill in Calcutta.
N  8th of Aug, 2010 by    0 Votes
I was contact as a interview contact. They did not tell me where they got my resume, but I did not appreciate going for an interview and it was a seminar about their products and how to have unlimited income. "I gave them over an hour of my time for that, they should have paid me!"
Futhermore, without chatting to much, I will get to the point!
1. After the 1st interview day, they tell you they are going to review your resume and call you back for another interview (which is another seminar).

2. I did not go to part two, so they called me and after saying no three times, I gave up and told him I would be there at the next "part 2" interview, but I am not going.

3. You will need an insurance license, he said it will only cost up to $200.00. I bet it does...well, I will never find out!

A waist of time, in my book!
A  28th of Sep, 2010 by    0 Votes
I formerly worked for Bankers Life & Casualty( aka. Bankers in Austin, TX). The company works as a pyramid. Meaning the Branch Manager makes commissions off of all sales provided in his / her branch, the Unit Sales Manager makes commissions from all of the agents' sales, the Field Trainers make commissions on the people that are on their team, the Field Training Assistants make commissions on the individuals they specifically train. In fact, the recruiters are paid commissions on how many people they can con into the first interview or better known as a career briefing/ group interview. So the recruiter is instructed to not even look at the resume but only go by their scripts and book them. The more people that show up for the interview, the higher the commission. So recruiters truly do not care if you have 30 years of welding or 15 years of sales management. The more people they bring in potentially raises the "administration fee, " and that fee actually goes into an account that is used to pay recruiters.
So you will be placed in a group interview with people that are under qualified and over qualified. A piece of advice, while on the phone with the recruiter, ask if the first interview is a one on one. Then ask is the 2nd interview will be a one on one. Out of a three interview process, two are group interviews. The important note is that each person that attends that career briefing is only qualified to interview for the insurance sales agent position. Sure, the manager will go over the sales management positions during the presentation. However, for lack of better words, it is placing the carrot in front of the horse. Meaning, you will start as a sales agent and not as a manager. You will start out by making the cold calls, and visiting people in their homes. If the recruiter tells you it is not outside sales, this is misleading. If the sales agent can not make appointments during their call days, the agent will be "door knocking." For those people in Austin's community that have their phone numbers on a "do not call list, " an agent will be door knocking that home.
Another question to ask a recruiter, does the company invest in its employees or is this a 100% commission. The answer it is 100% commission. The agent can, however, receive residual commissions. Residuals are when a policy is renewed. The flip side to this is if a policy owner cancels the policy, Bankers will charge back the commissions paid to the agent. It is directly taken out of your bank account. Moreover, the managers receive a charge back to their bank account, as well.
Moreover, to begin your contract with Bankers, there are a few fees:
Admin fee: $100
Fingerprint fee: $40
Test to receive license to solicit the insurance products: $70 (each time until you pass the text)
Permanent license: $250
Temporary license: $150 (this expires in 90 days, limits the agent to only sell certain products, and you will still need to come up with the $250 permanent license.
For people thinking recruiting is a better idea, know this:
All candidates must fill out an application questionnaire before at the first interview. If the candidate states they have a felony conviction, no valid driver's license, no reliable transportation, and / or walks out of the first group interview, the recruiter is not paid a commission for work done. That position, as well, is 100% commission.
I strongly urge people thinking to interview. It is unethical to take commissions away from services rendered. Lastly, Bankers does not provide health, life, or dental insurance. This company truly does not invest in the people that work for them.
So if they can treat the people that work for them this way, how do you think they treat the people they make sales off of?
N  8th of Dec, 2010 by    0 Votes
Went to Bankers office for an interview. They were rushing me to contract with them by computer. They said I would not be captive, then asked me to sign a form agreeing not to work for other companies. When I asked for the Advance Agreement they had promised, I was ignored. They said it was not on computer and would be provided. It never was. I completed the appointment application. Once I returned home and had a chance to review their commission schedule, which was extremely low, I emailed the manager asking him to cancel the contracts that had been input on computer. This man may as well have cursed me out for the manner he used with me -- he was rude, insulting and demanding, as though I was crazy to not want to work with Bankers, telling me he had done a whole lot more during his time with Bankers than I had with my time. Well, he didn't cancel the Appointment. Next thing I know I'm receiving a welcome letter. A review of my appointment records on the Insurance Commissioner's website confirmed my appointment with Bankers. A few months later, I received a letter from the same office terminating my appointment. The game was included in the letter -- that for 24 months, I am not to replace any of their policies or induce any of their agents to leave. This was one of the most unprofessional, unethical encounters I have had in my 20 years as a Life Agent. To all Life agents, I would avoid Bankers Life and Casualty at all costs. There is no way a relationship based on deceit can ever become honorable.
N  19th of Feb, 2011 by    0 Votes
I was contacted by this company after I posted my resume on line regarding a "supposed" sales and management position. First, the interviewer appeared to be reading from a script. Second, when I asked specific information about the position the person could not answer my questions. Third, the person first stated this was a long term position and when I said I was looking for permenant work he then changed his mind and said it was permanent. I asked to call the gentleman back and immediately came on line to check out the company. Judging from all of the complaints listed here I can see that this is another scam targeting unemployed persons/ BEWARE - Hang up the phone if you are contacted.
N  28th of Feb, 2011 by    0 Votes
I received a call from Bankers and was told the same thing - bring my resume and dress professional. I too could not understand what Alexia was saying except how to dress and what to bring. Thanks to you guys I am not going to waste my time going to the interview Friday. There should be a law against this type of scam. They are targeting seniors-our most vulneraable people. I am so glad I googled this company and found out about this scam first. I cannot believe they are calling all those people and wasting their time. Shame, shame!
N  17th of Mar, 2011 by    0 Votes
ty ober...i too got the same call...actually i got 3 from three different recruiters...that was the give away lol

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