Banker's Life and Trust stealing your Life and Trust

"Beware of false prophets who come to you in sheep's clothing but inwardly are ravenous wolves.  You will know them by their fruits...A sound tree cannot bear evil fruit, nor can a bad tree bear good fruit.  Every tree that does not bear good fruit is cut down and thrown into the fire." Matt 7:15, 18-19

 In my past blogs I have written explicitly about my struggles in finding gainful employment. After a series of candid discussions and discernment I had narrowed my search and was leaning toward accepting a position at Bankers Life and Casualty.  My mind was made up until I learned some disturbing facts about this company.  I was so enraged and upset by what I found that I felt compelled to dedicate this blog to highlighting my research.   But before I do that let me explain briefly the services provided by this insurance company.

Banker's Life and Casualty is supposed to be an insurance company that specializes in senior citizens.  The company offers such services as Medicare supplementals, life insurance, and fixed annuities.  For more information about the company go to their website.

Here are several of the disturbing facts that I learned through my research:

• The selection process is deeply impersonal, and not selective.  (Read this blog for further context.)  A typical potential employee is interviewed twice in a room full of other candidates. Their are no exams no testing about basic competencies the only thing a person needs to do is show up three times and they basically have a job.
• Banker's are deceitful in the way they misrepresent the renewal commissions.  According to bankers a typical agent can make up to 20% off of renewal commissions.  This is simply not true a typical renewal commission averages at only around 5% per year and it decreases each year as the policy is renewed.
• They potential employee needs to shell out about $600.00 dollars in training and license fees before they could even begin to earn any money. A reputable company typically invests in its employees first.
• Banker's according to their contracts has the right to withhold the employee's funds as they see fit.  They also typically withhold up to 10% of a first year employee's salary for "operating costs."
• They misrepresent how much a typical employee makes in the first year.  I was told in my interview that a typical first year agent at Banker's makes up to 53,000 in the first year.  This is not true a typical agent makes far less than that in the first year.  A typical employee makes about 15,000 to 20,000 in the first year.  Even an excellent employee typically only makes about $30,000 in the first year.
• Banker's deceives the prospective employee by categorizing them as a 1099 "independent contractor."  The problem with this is that employees are unwittingly identified as business owners and do not know the risks that are inherent in owning a business. (Read this article for more context) Secondly by classifying employees as, "independent contractors" Banker's are not liable for any lawsuits or complaints.  
• Banker's is currently being investigated by the federal government for their questionable business dealings. (Check out this article.)
• Consumer affairs and other advocacy groups are targeting Banker's for misrepresenting their products.  (Read this article.)
• Banker's routinely targets and exploits seniors by teaching their potential employees cutthroat techniques and tactics specifically designed to lure and trick Senior Citizens.  Here is a segment that was shot recently by Inside Edition:

My advice to any prospective employee or senior citizen stay far away from these blood sucking leeches! Anyone who is taught to exploit or take advantage of our elderly does not deserve to be in business. I realize that maybe these incidents may be isolated to some rogue branches, but still when one looks at the overwhelming evidence a terrible picture begins to take form; Banker's Life Causality is not a good company to do business with.  Seniors close your doors, shut your phones and stay as far as possible away from them!