Many things you are told when entering the starting process are not true explained as so in the IBA, My fault but I took what I was being told as truth.
It is multi-level marketing and even though you can make money selling Insurance and securities, your main source of income is from recruiting and having others sell for you which is highlighted by the following.
You don't need to really now insurance. Upon starting the process there and stating I was having issues remembering the info needed to pass the state exam I was told repeatedly " You don't have to remember or know what you are studying, you just got to pass the test".
Attending the weekly meeting was nothing more than a pep rally where very little about insurance or investing was talked about and directed to whos rich and making money.
Upon passing the state exam I was still unclear on many parts of being a producer and insurance and said so where I was told by upper management "hey, you passed the test that's all that counts, So what if you don't remember the information, just forget it, you don't need to know it. We will tell you what you need to know". That's god's truth. Did I mention they wanted a list of friends, family or acquaintances and their numbers so they could "contact them for me" and try to set up appointments? I stated I was not comfortable trying to sell major life products to strangers, let alone people close to me when I got no real idea of what they do or what I am selling. Again, I was told not to worry about it and you will get it as you move forward and get experience. Sorry, I don't tell people who are trusting me to help make major decisions that will affect their lives and families to buy stuff as I try to bluff my way through the presentation I don't even understand!!
They do sell life insurance but push almost exclusively term. The logic is using the extra money you would be using for whole life and investing that instead which does make sense for some. But looking closer at the policies show that if you had a 10-15 year term policy that ends when you are older, to get a new policy through them or renew in many cases will cost you at least 5x more per month. In other words, a large number of past policy owner cannot afford to renew with them later in life unless they are very comfortable. Also, their costs are anywhere from 25%+ more expensive than most other companies for the same thing. So unless you are already comfortable, you are NOT saving money over whole life to invest.
After the limited list of people i gave them started getting called and if they were not interested they asked those people for possible leads which of course caused real life issues for me from the listed people. And that was about the only way i even knew they were contacted.
