Bankers Life

Working at Bankers Life: Company Overview and Reviews

Bankers Life
Bankers Life
2.9
1720 reviews
Bankers Life Ratings
2.9
Average rating of 1720 reviews on Indeed
2.7Work-Life Balance
2.5Pay & Benefits
2.5Job Security & Advancement
2.9Management
2.9Culture
Headquarter
111 E Wacker Dr. Ste 2100 Chicago, IL 60601
Employee
5,001 to 10,000
Revenue
$100M to $500M (USD)
Industry
Insurance

Popular jobs at Bankers Life

 Average SalarySalary Range
Insurance Agent
22 Salaries reported
$15.70
per hour
$7.85-$23.60
Entry Level Insurance Agent
2 Salaries reported
$14.00
per hour
$7.25-$21.00
Customer Service Representative
32 Salaries reported
$15.52
per hour
$7.75-$24.65
Entry Level Sales Manager
934 Salaries reported
$100,000
per year
$50,000-$150,000
Sales Representative
8 Salaries reported
$21.29
per hour
$7.25-$47.90
Salary Satisfaction
37%
Of the employees are satisfied about their pay
Based on 1376 reviews
Benefits
Health Care
Dental Insurance
Vision Insurance
Life Insurance
401k
Paid Time Off
Stock Options
Discounts

Overall Reviews at Bankers Life

4.0
Insurance Agent | Fort Wayne, IN | Aug 10, 2018
Amazing for the right person
Let me start off with this, I did it do as well as I could have at this career. That being said, if you are the type of person that can do it, (and it takes a VERY specific person type) then you can make great money doing something you love. If you are a people person, can get along with anyone, aren't afraid to work/study sometimes all day, and can take no for an answer, then this could work for you. Insurance sales are tough. There's no way around that. Honestly it seems like you are either wildly successful, or you fall out. There's a reason why this career has such a tremendously high drop out rate. If you can stick with it, make it work and push through the first year (which is absolutely the hardest time) then your life will be pretty sweet. The average week consisted of 2 office days, where you made as many phone calls as possible to book appointments. The lead system is hit and miss, kind of a gamble. Most people will just immediately hang up or just tell you no outright and then hang up. Honestly you don't get people very often that snap at you or try to insult you in anyway. The REST of the week, you are out in the field selling, and still booking more appointments through referrals and going door to door. There are many other ways to gather appointments, but starting out it'll primarily be door knocking and phone calls. Your referrals are gonna be your best leads if you can secure any. Your day is basically as successful as you can make it. If you are pers...more
ProsYou choose your work life
ConsYOU have to construct your work life
1.0
Insurance Agent | Spring, TX | Oct 25, 2019
Poor management
This company is a joke. The location in Spring Texas is run by 2 managers and is split into teams. People are constantly leaving because of management. They are always “training” but never over stuff that is actually useful to your actual job. Given a list of people to cold call and you’re supposed to tell them your a medicare specialist. If you don’t have your license you can’t legally sell them anything other than basic stuff that willing to bet will be outrageously too expensive for them so they’ll so no. Can you make money? Yes. Is it consistent enough to be a good job for anyone who doesn’t have a bunch of savings to pay for their actual life? No. Unrealistic expectations set by management and when you don’t meet them guess what? You get screamed at. And god forbid you get sick, as soon as you call out your pestered about what time that day you could possibly come in anyway. Some good people in the company too bad they aren’t management. People get hired only to quit within the month once they see the first “interview”, which isn’t even an interview but a seminar for the job, is a total lie. I made decent money fairly quickly but once I ran out of people I know to write it went downhill horribly fast. No money coming in at all which they’ll say is your fault but I’m still waiting to see the training with pay the mentioned before I was hired. The UFTs which are glorified supervisors are supposed to put people on business so they can make money, that’s a joke. They don’t u...more
ProsLong lunch, decent-ish commission
ConsManagement, pay, entire company, training, literally just everything is a con.
5.0
Unit Supervisor | Manhattan, KS | Feb 25, 2020
Great career opportunity that grows with you if self-motivated
Amazing time to start a career in this field as the market place is constantly expanding as is the opportunities. Ability to set your own schedule so you can decide what events in life are important for you to attend. Unlimited income potential. If you want to make more all you have to do is work more. No need to ask for more hours/overtime approval. This is why I enjoy a career that is 100% commission based. My income is completely tied to my effort. I know I never have to worry about being paid the same as someone who doesn't deserve it because everyone gets the same commission rates. You have to earn it. Local and international trips available for business and pleasure that the company sponsors and pays for. Management/Leadership opportunities are available within your first year. Training and opportunity available for you to become a financial advisor within your first year. They will give you 125% of your tuition costs for taking certification classes for your insurance career upon completion of course. You receive renewal commissions just for keeping your current clients every year. They contribute between 7-15% of your income each year into a program similar to a 401k that you can contribute to as well, but you don't have to to get company contribution. Quarterly bonus program ranging from $600-$60,000 every 3 months. New agent bonus programs available that help jump-start a career. Great training available in person and online. Trainers actually go on appointments wit...more
4.0
Insurance Agent | Okemos, MI | Feb 21, 2019
A great place to cut your teeth and get a taste of a real sales job
Bankers life was easily the most difficult, challenging, yet rewarding job I've ever had. Despite the opportunity to make serious income, I failed myself and I know I dissappointed many people in the office who expected me to take off like a rocket. It's important to know that this job is commission only, which means to start you need to have some money saved up because you're going to be literally burning money when you first start, driving to and from appointments as well as door knocking. My coworkers and managers really were like a family. Despite the competitive nature of the career, I never once felt like anybody within the company was against me, everybody wants you to succeed. This is an important aspect because you'll be spending 10 hours per day with these people if you're serious about breaking into the industry, and you will be carpooling to and from appointments. You're expected to make roughly 200 calls a week, but if you're just starting out you should be making 200 per day if you're a rookie sales person as you're likely to not have a 100% conversion rate. The amount of sales training was astounding, but if you arent willing to practice and drill on the concepts discussed, then you're simply setting yourself up to fail. In my branch, the agent who handled the class as well as my managers and supervisors were excellent mentors for me; they taught me importance of Attitude and Effort, as well as identifying my positive and negative mindsets. The...more
ProsDiverse, free food, excellent training, general office camraderie, great life experience, discount on the classes, monthly bonuses are achievable
ConsNo benifiets as a 1099, long hours and saturdays are required if you wish to succeed, long hours, lots of driving
4.0
Manager | Salt Lake City, UT | Oct 15, 2018
The ability to live the life you want- if you are willing to work for it
This can be a great career, you get excited by all the benefits and the ability to be your own boss. I came from a salary and made a great income before Bankers. But like many people, I saw a ceiling and the thoughts start coming in "Is this really it?" Those of us that have been there... you resent the long hours, the rat race of trying to earn the next title to earn more money, the hours you are told to work... This job gives you the ability to leave that world behind. You can have the weekends off, schedule your own day, and make as much money as you want. The drawback to this dream is you have to work for it and you have to be able to work harder than you expect. You will have weeks and even months where you make very little or no money. This is so draining and tough on most people. This job is for people who are mentally strong and have a vision of what success really is. You have to look beyond the low moments and see what you really came here for. There are going to be the long days and the long weeks when you put in a lot of effort, time, and sanity... but it doesn't come to the fruition of what you expect. So if this is something that scares you, you will not make it in this career. However, when I pushed through this and got past the tough year mark, the tough weeks, months, etc.. I was rewarded with what I came here in the first place for. The ability to make what I was worth and have the rewards I always dreamed of. Being here helps me realize, it is possib...more
ProsThe possibility to live the life you have always wanted
ConsHARD WORK-
2.0
Insurance Agent | Jacksonville, FL | Aug 27, 2018
Pure commission, cut-throat, calling 1+ year old leads, chargebacks.
If you're looking to expand your knowledge with sales, this company delivers that. But I don't recommend this job for beginner salesmen as the company expects you to grow within a week. You'll be calling 200 people from their old lead list, maybe get 10 appointments if you're lucky out of those 200 people you called, 5 you will actually see, and get 2 or 3 yes. BUT, if they decide to cancel the policy or they lapse or pass away before a year that the policy has been issued from the issue date has passed, you will receive a chargeback from the commission you "earned". When you get the job and you don't have a 0215 license yet (yes, you need one to sell insurance and you'll pay out of your pocket for the license and fingerprinting), you'll need to attend their classroom-type unpaid training (you'll pay for the class training as well. NOTE: They promise to reimburse you after a certain time, if I'm not mistaken it's 6 mos.) For the first few weeks of being an agent, you'll be riding with another agent. This means commission is divided. You're expected to show up in the office 2-3 times a week for training and meetings, you use your own phone/laptop to call prospects/clients, no reimbursements for oil changes, gas, etc. And if you have a pending commission when you leave the company, best believe that's gone, you won't receive it anymore and worse case scenario you'll owe the company from the chargebacks of lapsed policies. Their training is very good and the culture i...more
ProsCulture, Sales Training, uncapped income potential
ConsChargebacks on commission, false promises, cutthroat
1.0
Insurance Agent | Brunswick, GA | Jul 29, 2018
Avoid them at all cost
Management at branch office lacked common respect. Just pure rude. They also lie way to much. - First off you don’t work for banker’s but some contracted company. - You have to pay for the license and training. Training takes a long time and then they add more training ( your cost). - Once licensed and contracted you are given a list of leads maybe three hundred which in my case spanned a quarter of the state. Told I had to make 300/400 calls a day to set up 18 appointments a week.? - then you are sent out to peddle their overpriced products. Usually accompaniedwith a trainer who in most cases won’t set an appointment. If you make a sale you have to split it with them even though they didn’t set up an appointment. - if you make a sale 17% goes the the branch for the leads, paper applications and use if office., you are also expected to set asid 20% for taxes. • constantly hounded to get referrals to sale. • also told to sale to friends and family but you still lose the 17% for those leads even though banker’s played no part in those sales. • management also will push in you to buy products yourself in front of coworkers. Oh yeah you still pay the 17% for those as well. • you aren’t allowed to use the copy machine yourself. The management will make copies for you at their convenience. - no benefits at all for those who need it and no paid time off. - Pay was said to follow a set time frame but they sat on the money bilking it ...more
ProsNone
ConsPay, working environment, ethics
3.0
Insurance Producer | Fresno County, CA | Jul 17, 2019
Could be a good place to work if you have time and no bills
This job is an insurance sales job. First you have to take training and pass the state test (which is only moderately difficult). The real difficulty is making money once you are licensed. It is a lot of cold calls and door to door visits. They'll tell you that you don't go knock on every door down the street, but that's only partially true. They have an app that tells you your target (prospective customers) but it's still driving in neighborhoods knocking on doors of people who never expected you. The pay is fairly decent if you can actually get an appointment and make a sale. The sales tactics of the supervisors can be shady, depending on who you get. The branch manager was actually really knowledgeable, but he's worked his entire career there and makes all the money. The leads they give you are lacking at best because often the intended recipient has moved, changed numbers, or is deceased. They also only give out a certain number of leads per week. You can easily call your list in one day. Then you end up calling the same people over and over. Since it's straight commission, you can take off anytime you want, but you're not getting paid. I was there for 3 months and only made about 5 sales that were truly my own. You get a couple hundred dollars for each sale, depending on the product. But it can also be taken back if the customer cancels the policy in the first year (pro-rated). You really need at least a year to build up some clientele. This job would be good for a young...more
Prosschedule flexibility, they'll hire almost anyone who can pass background and is willing to work hard
Consstraight commission, no benefits, and you have to pay a fee after a few months for your leads and office space
2.0
Insurance Agent | Phoenix, AZ | May 23, 2019
Lots of Hours, Very Little Pay
Was in hardship when I found this company and worked for 2.5 months without being paid a single penny. You can put blood, sweat, and tears into this job and get absolutely nothing out of it, since it's almost exclusively outbound calling and door-to-door insurance sales. Trainers that have been there several years barely make $3k in any given month, and when they make even $1k they usually don't make anything more than that for the rest of the month. Everyone is friendly and nice, but there's no real coaching or advice on how to be successful. Everyone does things differently to some extent, but like every other company, the leaders here swear by their methods and think it's fool-proof somehow. (Hint: It isn't.) They quote supposed research done to make it the most successful model, but you can dial over 100-200 people in a day and talk to less than 10, and then schedule nothing. Not really successful. They let you know up front that you should expect to be putting in at least 50-60 hours per week for this job, but they don't say how difficult it it. They also are a little muddled about it being commission-only, but yes it is only commission, you only get bonuses if you reach a quota within a time period, and there is no hourly anything. One office guarantees their new hires' success while the other basically just ignores them and lets them sink in my area--the attitude and practices all depend on which office you work at. While I do believe in this company and I co...more
ProsNice people, awesome location
ConsHard work for little to no reward
1.0
Sales Representative | Kettering, OH | Apr 25, 2019
Please Stay away
I started full of hope, thinking sometimes you have to get out of your comfort zone. Nothing could have prepared me for this experience. Management literally talk to you as if you're stupid. every time you turn around they're handed you paper work to sign off on more fees to be deducted from you pay. The final straw for me was going out to a home with a confederate flag and full of bed bugs.my skin crawled the entire day. On my way home I stopped and purchased 91 % Alcohol stripped in my garaged and threw my clothing in the washer and dryer. The next day I spoke to the office manager who just suggested that I get the alcohol in which I had already picked up and took a very Casual approach to this.( I believe In quoting "we don't discriminate we go to all homes) Surely I was not asking her to discriminate but to think about the others we could be affecting if not taking precaution when going in and out of homes. Keep in mind this is a commission based job. everything you do is out of your pocket. business cards name plate everything. Yet once you get out of your car you represent Bankers life is what they teach you. I don't care if a had a customer spending a million dollars on a policy, my peace of mind come first and close second is respect for others. I could not continue to work for this company knowing there so little concern for the customer we visit and the employee doing the business. I sorry I believe that there are certain lines you don't cross e...more
Prosunable to learn of any did not stay long enough to see
Conslack of concern for customer and employees

Questions And Answers about Bankers Life

Is this commission based? Is there an hourly salary?
Asked Feb 22, 2016
Yes, totally commission based.
Answered Jan 20, 2020
Your base compensation is 100% commission, so your earning potential is unlimited! This are many new agent bonus programs as well to support your strong start. Contact your local branch to learn more.
Answered Jul 12, 2019
What tips or advice would you give to someone interviewing at Bankers Life?
Asked Nov 11, 2019
Do not accept the position
Answered Mar 10, 2020
Keep your head down and focus on your goals that you plan on achieving
Answered Feb 26, 2020
If you were in charge, what would you do to make Bankers Life a better place to work?
Asked Nov 9, 2019
There isn’t much that can make it better
Answered Mar 21, 2020
Get better leads, no forced office days and weekend office days.
Answered Feb 26, 2020
Is this a commissions pay job???
Asked May 28, 2016
Yes. Your commission's are paid a week after your sale is approved. However, should the client decide to cancel within the first 12 months, the commission's are charged back to you .
Answered Jan 20, 2020
You’ll start making money 1 week after you make your first sale. Our field trainers typically split business with new agents to get them started, and we offer bonus programs for our new agents to further support their success.
Answered Jul 12, 2019
What is the most stressful part about working at Bankers Life?
Asked May 15, 2019
Cold calling. (They say you aren't but you are)
Answered Mar 10, 2020
You can be a successful agent if you’re motivated, driven, have strong verbal skills, and willing to take some rejection and keep going. Your base compensation is 100% commission, but there are many new agent bonus programs to support your strong start.
Answered Feb 27, 2020