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Bankers Life and Casualty / It's true they are crooks

1 United States Review updated:

I worked for BKC for two years, I personally saw or hear every excuse possible made to clients when it came time to get benefits paid. I emailed, sent registered mail, got home office people names and supervisor's assurances, things were being handled.

Ya, you guessed it, it dragged on, and on.

You name the excuse, the clients heard it. It took the insurance commissioner to get one client paid and LTC claim. I personally know a client that is currently getting the run-a-round about getting his LTC policy paid that he has been paying on for 15 years. It's been 9 weeks and still no money, even when the client has a two week elimination period. A field manager stated, "You pay the first two weeks, and then Bankers pays." Well, the money has run out, the help had to let go and Bankers is still reviewing the case! I could write more, but it almost too much to be true... One word - Beware!

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  • Ri
      4th of Aug, 2008
    +2 Votes

    Every excuse in the world to avoid paying claims, my falther in law had a Nursing home policy, have made numerous calls only to be transferred or put off, he died two days ago, it has been months they have paid nothing. Its my believe many elderly people finally just give up, dealing with them. I ask one of the people that works there, why would you work for them, her answer jobs are hard to get.

  • An
      3rd of Mar, 2009
    +1 Votes

    I almost worked for them, and turned it down because I couldn't afford to get licensed to sell insurance, and given the crappy economy, and where I live, felt I wouldn't be able to sell.

    anyways, the recruiting manager basically harassed me and tried to guilt-trip me into staying with the job. I said no, kept saying no, and finally he said OK, and that I was missing out.

    So I get another call a week ago from a different recruiting manager from the same office asking if I want to come in for an interview. So I said that I already turned down a job there selling insurance about 2 months ago, and he had no idea. And then he started pestering me to come work for them!

    The thing that sucks is that it's entirely commission-based. As in, if you put in all of the hours, and you don't sell any insurance, you don't get paid. At all. Nothing. And the guy just couldn't get that i needed a guaranteed income, and kept saying that if I work hard enough, I'll sell insurance and get paid.

  • An
      26th of Mar, 2009
    +2 Votes

    I just had an "interview" with Bankers. I initially received a call from a recruiter who I told I was not interested in commission jobs. He said attend the interview anyway to learn about other employment opportunities with the company. So this hooked me. I then receive an email from the alleged person I would be interviewing with entailing the location, time etc. for the interview. Great, right? I go to the "interview" only to find a room full of people, some of whom are not even dressed appropriately or looked like they just rolled out of bed. I was even greeted by a person other than the person who emailed me. We sat through a presentation that showed all of the right reasons why this would be a fulfilling career path.

    The representative giving the presentation was quite entertaining and kept our eyes open...he was a great salesman. He made Bankers sound like the best place on earth. He described the selection process as 3 parts. The first part being that day, the orientation. The second being a call back and third being a face to face with his boss. Not once did he explain why we were told that we were invited to an interview with an anonymous person, and then came in to a room full of other recruits for a presentation. I personally found this strategy unprofessional and a waste of my time.

    The bottom line, and one that was not addressesed, is that my time would be unpaid unless I was able to make the sales. I can't afford that risk, I need to know what I'm making and know that it's coming in every month. Their recruiting tactics are geared toward finding warm bodies and I didn't feel that I was being recognized for my qualifications at all.

    If you get a call of this kind...this is what you will experience. You decide.

  • Ti
      17th of Apr, 2009
    +2 Votes

    I am suppost to go to an interview at Bankers life. I decides to google it an boy am I glad I did. Now I am seriously thinking of canceling my interview. My problems is I know nothing about the company not even how they found me. I have been looking for a job everywere but never applyed here. Creapy but what ever. I just need to know if this is the same company that is wanting to inteview me. I live in Louisville KY. is this a nationly known company or local? Please if you can save me the time that would be great. Thanks

  • Go
      26th of Apr, 2009
    -2 Votes

    The worst career choice you can make is taking advice from whiners and failures and what they write in blogs. Do your own fact based research or you will end up with 20 "jobs" in 30 years instead of 1 career.

  • Ch
      28th of Apr, 2009
    -3 Votes

    I think overall, that sales based completely on comission is a waste of time. If you are a great salesperson, than perhaps you would do will in this kind of market.
    These people just recently contacted me, and I don't think they reviewed my qualifications much at all. But, from what I've read they aren't interested in what I can do, just push their product. I've done plenty of sales jobs before, and doing cold calling is just plain dumb.
    Often times, if something sounds "to good to be true" it probably is.

  • Go
      1st of May, 2009
    -3 Votes

    Give me a break. Listen to these obsessed, vindictive victims and your career options will be very limited since most companies have garbage like this posted. Successful people do not tend to take time out of their busy schedules to complain about or defend what they do.

  • Ki
      13th of May, 2009
    -2 Votes

    Thank you guys for saving me lots of time and energy!!
    They invited me for a interview!!! After reading your comments. I think they are just looking for a sales man and not MANAGER!!
    sales based completely on commission is a waste of time.

    Thanks again

  • Ma
      14th of May, 2009
    +2 Votes

    I will not recommend Bankers Life to anyone! They operate unethical to get your money. One of our employees was terminated and wanted to rollover his 401k through Bankers Life. He was working with Mark there. Our distribution papers state to be mailed back to the employer and the employee was also told to mail them back to the employer when completed with his information for the rollover. This Mark person, fill out the rollover information and sent the distribution papers, with all the personal information, to our financial adviser for our 401k investments, instead of the employer, then lied about it saying he was told to send it there. Our office is small, and I am the only person that works with employee benefits, so I know it was BS, but in fairness, I confirmed it with the one other employee and the owner, and no one spoke to Mark about it. So he lied. Our contact person at the financial adviser was changing jobs, so we had to ask that financial adviser to send the papers back to sender.
    To help save time, the distribution paper were re-created again and handed to the employee. He then took them to Mark at Bankers Life to again fill out his portion on behalf of the employee. This time I gave him an envelope with the employer's address and it did come back. As our process dictates, I sent the papers to our 3rd party administrator for their information on vesting, as it's requires their john henry, and was waiting for the papers to come back to our office for final signature by the owner, then to be sent overnight to the fund for distribution.
    I went on vacation, (Wednesday, Thursday, & Friday) with instructions to the one other employee in our office as to what to do when the paper came back to the office from the 3rd party administrator. Mark called on Thursday and intimidated the employee and owner for his signature. I was told he was rude and said we caused this delay, so of course they wanted to help correct any delays. Mark had faxed his copy of the papers to the fund and they had to verfy by phone with the owner and the 3rd party administrator the information. Mark also faxed his copy to our office so that the owner could sign it. This was faxed back to him and Mark faxed the signature page to the fund.
    When I returned from vacation, I called Mark to get an update on what was going on as I was confused about it all, as I had clear instructions when I left, so I wanted to know what happened and if all was ok now. I left a detailed message, and still have not had a returned call. I had to call our 3rd party administator and the fund to get the information. The fund sent the check by mail the day I returned, so I'm sure Mark at Bankers Life would be receiving his commission. I'm sure this was the whole reason for his intimidation tactic. Because of this process, I believe Mark at Bankers Life put the liability on the employer for his un-ethical method if anything went wrong. He got his commission at the extra work from five different people having to jump through hoops by his intimidation and arrogance. There is a reason for the proper channels when it comes to people's money and this guy is only taking care of himself.
    After learning all this, I'm not sure he is really working in the best interest of the employee, so I did let the employee know of what happened and of my concerns to be careful with this person.
    I can't comment on if their unethical methods has benefited the employee's investments.
    I believe in people trying to earn a living to provide for their families, but not at the expense of seniors that trust for that help. Mark at Bankers Life is a low life ### and should not be trusted! If this is what their employees are to do to get business, then don't go though Bankers Life!

  • Ma
      22nd of May, 2009
    0 Votes

    You have to make a sound choice on your own, but Bankers Life is NOT a good place to be unless you have a lot of money in the bank to live off of or another source of income. If you can hang on for a year or two and make it to a manager, you then make money off everyone else, plus your renewals and you just might make that $80K they promise you. I went with Bankers in March and just left there and went with a new insurance company. During the three month time there I made $200 and spent more than $2000 getting my license, fuel costs, and business start up costs. The leads are a joke, they are recycled over and over and the people you call are so upset with Bankers they hang up on you or go on the Do-Not-Call list to get you to leave them alone. You also pay for these recycled leads in a bi-monthly fee they take out of your check. I worked 14-16 hours a day and went on appointments with a manager in which you have to split the commission with. The Manager's are not salaried, so they won't allow you to sell any big commission products unless they are with you. They won't let you go on your own for a year! It's cut throat and very negative. I had the money to survive, but it's the unethical scripts they have you use, basically telling people lies to get in their homes, and because only very few are successful, it is a very depressing place with a revolving door of people being hired and then quitting. In the three months that I was there, 15 people came and went in an office of 20! I came out of it with an insurance license and I found I enjoy the insurance industry and found a better company to go with, so some positive came from a negative!

  • Mo
      28th of May, 2009
    -3 Votes

    Honestly, are you whiners educated? You can't even spell correctly!! Every sales position in Insurance is completey commission based. I have been with BLC forover four months and I haven't made less than $600 the weeks I have been in the field...some weeks over $2k. MANAGERS ARE SALARIED! I went out with my manager for three days and we did split commission on large policies, due to the fact that HE WAS SELLING, I was just watching and learning. However, on two policies we did not split commission...actually, on our very first appointment! This is a great company and my supervisor and branch manager are the best people I have ever worked for. I sold insurance before and had terrible management...and guess what, that was straight commission too! So, if you are lazy and just want a "paycheck" then go work at Wal-mart.

  • Ch
      2nd of Jun, 2009
    -5 Votes

    I had an interview with Bankers life in King of Prussia, PA today. I was told that there were others positions available other than sales jobs. The only positions that they had were sales jobs. I asked the two people running the seminar about the jobs, and they said that's not what I do.

    I have since called and emailed the recruiter for a a detailed job description I have asked 4 times since my initial contacy but have never recieved anything.

    This is Bait and Switch. Period.

    Also to work for Bankers you would need to put up $175 every month for insurance and other fees that they do not pay. This is a pyramid sceme, a Ponzi Scheme just like Bernie Madoff. I get you to work for me and you get your friends and they get thet're friends ect...

    I could go on but one final thing.

    BANKER'S TRUST PARENT COMPANY FILED FOR BANKRUPTCY IN 2002 AND MAY FILE AGAIN WITHIN WEEKS OR MONTHS . They are owned by Conseco which filed for Bankruptcy protection in December of 2002. Way before the "current banking and insurance crisis"

    As of May 29, 2009 and according to the Conseco is basically bankrupt and is delinquent on $60 Million in loans

    The Stock symbol for Bankers Life's parent is CNO or Conseco which trades on the New York Stock Exchange. So don't let the 130 years of experience fool you. Lehman and Bear Stearn had the same story as Banker's Life ... "we've been around since before the civil war"... and it took Leheman and Bear3 months to go Bankrupt after their rumors started to hit.

    I hope this helps feel free to comment or post

  • Co
      9th of Jun, 2009
    +3 Votes

    Fortunately my wife never made it to one of those meetings. I saw a couple of emails from that company that were sent to her because she posted a resume on a job website. It took me less than a single minute to realize the facts, thanks to Google.

    But she had set up a meeting earlier today. I didn't know this until I saw another email arrive that confirmed the appointment. I quickly replied to email pretty much bashing the company and telling them to stop invading my home with phone calls and emails. Else I would take action against them for harrassment and any thing else I could come up with. I told them because my wife is such an honest person, she would be calling to cancel the meeting. We are the typical struggling family, trying to get through college, pay bills, and take care of three kids. We dont need any "opportunities" from low life ### like insurance companies. They do nothing for this world but take from others.

    It's a shame we have people like that in the world. But I say they only exist because of the people who fall for it. Many of those people DO NOT have to. They either hear what they want to hear, or they are totally uneducated. As long as we have poor and/or dumb people in the world, we will have predators like Insurance Companies.

    My advice is for everyone to inform others and teach people to get online and do some research about companies before dealing with them. The saying still holds true: If it's too good to be know the rest.

  • Go
      1st of Jul, 2009
    -1 Votes

    I have worked at BLC for a year and a half and I would recommend this career choice to anyone. Last year, which was my first I made 51k, went on a trip to the Bahamas, all expenses paid for both myself and husband. Yes it is hard work! I think that anything worth doing will be hard work. Most people have the clients best interest at heart, but some don't, that is the case wherever you work. We try to weed out the ones that only want a 6 figure income without caring for the clients. As I read these comments I have actually laughed at the uneducated people on these blogs. Try taking a 300k death benefit check to a new widow with 2 small kids who didn't know that there was life insurance and tell her it's a scam. That is a day I will not forget... That is what Bankers does for you...

  • Jl
      8th of Jul, 2009
    -6 Votes

    I have worked for Bankers Life for over 3 years and it is a Great Company to work for that prides itself on being ethical and putting the clients interest/needs First!!! It is very hard work and the first year or so can be difficult. I made over 50K in my first 5 months with Bankers. I have been on many 1st class trips that Bankers has paid 100% of the cost of the trip. I have well over 200 clients that I have been able to improve their insurance coverage and save them money. Thus, giving them a piece of mind. Bankers has paid every claim that has been submitted for my clients with out delay.
    The bottom line is if you work hard and follow the training provided for you your income is limitless. Working for Bankers is not a job or career, it is owning your own business. If you can struggle through the first year or so you should do fine. Several agents in my office make well over 500K a year.
    By the way, I am very educated with a PhD. and recommend Bankers only for hard working, self-sufficient, honest and ethical people who want to make a difference in seniors lives.

  • Wi
      5th of Aug, 2009
    -2 Votes

    I do not understand why some posters on this blog say commision-only sales jobs are a waste of time. Many sales positions are commission only and there is tremendous earning potential. It is not a scam. Some salesmen are successful and some aren't, but the potential is there. And if you put the time in, it will not be wasted. You won't know exactly what your income will be each month, true, but potentially it will be much greater than with a 30K/year administrative position or selling retail with a base salary.

    As far as my research indicates, Bankers Life and Casualty is a long-standing company that operates much like many other insurance companies -- commission only, captive agents who are given inscentives and support to do a good job. I go to work for them this month.

    All insurance companies get complaints. But the truth is, the insurance industry is one of the most regulated and each company has to pay out claims exactly as the policy says they will. Insurance salesmen, and the company, want happy customers who will stay on the policy because commission is paid on it each year. Therefore a good agent, and there are many, will sell a customer what he needs and can afford. Unfortunately people want to spend as little as possible when they buy, but want maximum coverage when they get sick or injured. Sometimes the two don't line up.

    It seems to me the people who are complaining here are not experienced in sales or the insurance industry so are surprised by methods that are in reality standard and ethical.

  • Fa
      1st of Sep, 2009
    0 Votes

    I got a voicemail from Bankers a couple of days ago. I have my resume posted on Monster and Careerbuilder, but only in the format where I am the one who submits it to potential employers and not where anyone can see it. I was a bit confused when the caller said he got my resume onlin when he shouldn't have had access to it. That was the first red flag. I called back a couple of days later to see what this was all about. The guy who called had a very thick accent, and I couldn't tell what the company's name was on my voicemail. I had to listen to it a couple of times to even discern what city they were located in, which is over 50 miles from where I live.

    Anyway, I called back and he started giving me information about Bannkers and that they wanted to schedule an interview. When he told me where the office was located, I told him it was too far away from where I lived. I was going to use this as my out and say I wasn't interested. Then he told me I could go to an office that was "slightly" closer at 30 miles away. I agreed and set up an interview. He said I would get an e-mail giving me details and directions.

    Later that day, I went online and googled the company to find more information so I could be prepared for my interview. The second thing that google came up with was "Bankers Life and Casualty scam." I clicked on that and came across several sites where people who had interviewed with Bankers posted. They had gone to interviews that turned out to be a group of people watching a presentation of flashy numbers and how much money they could make in their first year. I found out from other sites that you have to pay for your training, you don't get benefits (ironic; an insurance company that doesn't provide health insurance for their own employees!), and several past employees stated that they had little to no income because it is commission-based. I also read on one site that they require you to give them your bank account number and a void check so they can deposit or withdraw comission money as they see f it. They can also withold commission you earned if they choose to do so.

    After I found all this information, I told my husband what I had read. He told me to not bother going to the interview or even bother to let them know I wasn't going. At first I considered going to be polite but telling them I wasn't interested at the end, but I decided not to go. I called the recruiter back and told him I needed to cancel my interview since it was too far away. He told me they could send me an application, etc., etc. Finally I flat-out told him that after doing my research, I wasn't interested in working in the insurance industry. He became very abrupt, and hung up as I was thanking him for his time. @$$hole. I'm glad I didn't waste my time based on what I've read about Bankers. If you are contacted by them, I wuold suggest saying you're not interested and hang up. The bottom line: Do your research on a potential employer. If it walks like a duck and sounds like a duck, it probably is a duck.

    Oh, and to the person who posted, " So, if you are lazy and just want a "paycheck" then go work at Wal-mart, " : I work in the retail industry for one of Wal-Mart's supercenter competitors, and I bust my @$$ and work hard every day, as do my co-workers. People at my store work harder than just about anyone I've come across. So don't dismiss retail workers as lazy.

  • Sh
      17th of Sep, 2009
    +2 Votes

    This is the second Banker's complaint I have seen on this website alone...I don't think I trust them too much.

  • Jo
      3rd of Oct, 2009
    +1 Votes

    I laugh at all the idiots that post negative about Bankers. I have been with the company for fifteen years and yes the first couple of years I starved since then my renewals have climbed to 80, 000. Thats 80, 000 I hardly have to work during the year. This job is about being self employed and having the freedom to do what you want and not be tied with going into work everyday.

    I am not one who has gone on the stupid company trips. I am the mediocre salesman who loves helping the senior community. Went on one trip once met some of the biggest ###s in the world. They didnt need to be conceited cause they thought they were perfect.

    I get to run my business my way I am honest and help my clients. There is no job better then this one. With the baby boomers coming I laugh at these folks that are so skepticle. You will starve your first couple of years, but if you make it through and your ethical you will never worry about money again nor have any stress in your work. This job is only for those who want to be entreprenaurs and can go out and be self sufficient.

    If you can not make it in this company you will never run your own business. Its not a cam not a ponzi scheme its a job you have to work at. I wake up every january with
    80, 000 I know for sure I am going to make without working. Easily I am over 100k with little effort. I am not a manager most of the managers are young ###s that need the power rush and that is not my game. I sell cause I like helping seniors with their issues. It is a great job and I love it.

  • Ge
      6th of Oct, 2009
    -2 Votes

    WOW 2 complaints? Think of that! Are we serious about this with 150 million people out there of working age. We all are going to have bad experiences with one company or another lets make sure it is a legitamate compaint before we open our mouths or set our fingers to walking. I am not an agent of any insurance co. so I am not on anyones side it just seems out of place when a couple of busybodies want to sound off.

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