Life insurance brokers aggressively pitch sales
11 posts across 8 communities in the last 90 days; 27% from r/personalfinance.
“So i’m still learning everything and i’m just wondering if anyone else has to sell a certain amount of premium or policies in order to get commission at the agency/broker yall work for? Is it normal to have to hit a “goal” or do yall just sell a policy and yall get whatever…”
“Our Benefits broker ghosted us, any recommendations for someone that deals with Canada Life?”
“I know this is mostly an investing focused sub-reddit, but it's also the only community I trust. The life insurance industry tactic of using brokers seems scammy. Part of the focus of this community is avoiding scams. I've seen term4sale mentioned a few times in this sub-reddit…”
Several users express strong aversion to unsolicited life insurance pitches and predatory broker tactics. One user explicitly states they are uninterested in a sales pitch, while another calls the practice 'predatory'. A third mentions concerns about policy benefits not matching expectations.
SOURCES (16)
“So i’m still learning everything and i’m just wondering if anyone else has to sell a certain amount of premium or policies in order to get commission at the agency/broker yall work for? Is it normal to have to hit a “goal” or do yall…”
“Our Benefits broker ghosted us, any recommendations for someone that deals with Canada Life? submitted by /u/chelstar [link] [comments]”
“I know this is mostly an investing focused sub-reddit, but it's also the only community I trust. The life insurance industry tactic of using brokers seems scammy. Part of the focus of this community is avoiding scams. I've seen term4sale mentioned a few times in this sub-reddit. I also found it in an old Consumer Reports archive . Any other sites or firms that are trustworthy? submitted by /u/robodditor [link] [comments]”
“Ok so “Transamerica” is actually the other major MLM. It’s actually World Financial Group, and transamerica owns them. Stay away from both. These are both bottom tier companies in the insurance space. Primerica actually uses decent products, but they’re an MLM. WFG is pure trash. Oh also, in general, indexed annuities are trash, too.”
“I would rather tell someone about this rather than be the one that sells it, but I guess they think people like to get a piece of the pie?”
“Life insurance is largely a pyramid scheme, this person is recruiting you bc they will earn a percentage of what you sell. Same as MLM”
“It could be they want you to join their team, so they fet a % of your sales, kind of like an mlm. They also get considerably more commission for selling life insurance especially to a business. The commission also keeps on coming every year even though the agent doesnt do anything. So this is very profitable for them. In reality, from the research ive done, life insurance in a business only makes sense in very few circumstances where all conditions line up properly, if you're not sleazy and”
“I never recommend life insurance as an investment vehicle. there's a reason why the agents get a residual for each policy they get. It might work with clients that aren't accumulating wealth and just want to maintain their wealth. depends on your clientele I guess.”
“A friend of mine just started working as a life insurance agent. He has made over $10k in his first month or so being there. I just got my insurance license and am thinking of joining him. I’ve heard these can be scams though, does anyone know about this particular company? submitted by /u/Psychological_Brd [link] [comments]”
“This is how insurance sales people scam people. OP is thinking he got a deal. Whole life and LTC insurance almost never ends up being beneficial to the policy holder and is a great way for insurance sales people to get rich quick.”
“They are not financial planners. They are financial takers. Take from you and give to themself. They prey on you and your friend. Never talk to them again. Listen to Dave Ramsey”
“You're right that the technical term for these is "devilcorp", its a newer term so I didn't use it”
“figuring out what andhow much you need is usually the hardest part of the process....so if you already know you need straight term life insurance then imo theres no need to pay a broker. fyi having an integrated calculator made it easy to dial in our policy size on ethhos before applying.”