Reeder wrote:I joined NAA in May of 2006 and worked with them for about 8 months. The whole organization is set up to sell you leads at $20 a pop. They promise that you are the only one who gets these "fresh""Hot" leads, however when you get the people on the phone they have already talked to 2 or 3 other agents. The marketing they do is direct mail pieces that talk about "mortgage protection" and you are told never to tell them it is life insurance. They brainwash you by having you listen to motivational tape, and live group phone calls where they talk all about how much money they have made and how easy the work is. They love to tell you that you can work for just one day a week and make a months worth of cash.
Its not like I did not make any money. I had some good weeks and some bad. However; 90% of the policies I sold 18 months ago have fallen off the books. Often in the first year so my charge backs were very high. The busness is all non underwriten, so called simplified issue life insurance. This stuff is very expencive, and when they are approached by a real insurance agent and quoted a legitimate price for insurance they drop that old policy like a hot potato.
The only people who make money over the long term are the recruiting managers. They pay new agents 55% at issue and no renewals. The managers get any override up to 85 or 90% (30-35% for your hard work, then the next upline regional manger gets the overide up to 105% for your work. Does this sound like a pyramid? What is worse is that you have to pay them for all your leads, $20 each. That company has 4 very rich guys at the top, a few regioal agents, and several dozen managers who make some cash. Everyone else just spins their wheels making money for their upline.
There are other people who run legitimate agencies of life insurance for the same market. They usually offer simplified issue and regular products for thier clients. It helps to add on medical insurance too. The whole benefit of one of these Idependent Marketing Associations is access to carriers and their lead program. Find an honest group and get some real business written.
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