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Insurance premiums

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tlak

02-12-2005 08:39:56

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This is where your money goes. Recently the local agent retired and they hired somebody in at 100k. Some of you that been in the industry, is this even realistic for small town America? 10-15000 pop. for county and rural areas with four other agents in town.

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John A.

02-12-2005 21:47:01

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Re: Ins. premiums, Typo correction, + more in reply to tlak, 02-12-2005 08:39:56

Gentlemen, After reading all the post, and rereading mine. I made a typo...The commission paid to an agent (in my group of companies) has NO bearing on the premium paid by the client.
Now from my observation of Ya'll post, most of you have a problem with (P&C Coverage) that is Property and casauality. I am a Independant Ins Agent, I am on No weekly salary, strictly production only! I am NOT a P&C Agent, only LIFE & Anninity & Health, by my State licenese descripition. I have had my licenese for over 10 yrs. I am not a greenhand it it.
I Do Not cover your House,car,boat umbrella policies, And NO registared products (No Investments) There is room for Lots of improvement with folks in these areas. Yes situations change, policies are dropped for various reasons, new ones are added. Yes on the investment side of things your principal IS at Risk! The agents have been known to steer people to the one that is best for the agent and not the client. I have seen this more times than I can count. And I still get mad when I see it. You have a legimiate complaint there. Some of yall may have realitives who are crooked agents I can't do anything about that,but be that more upright with my clients. So when I make a recomendation to a client in a particular situation, It is The CLIENT and not me where the emphisis is placed. Will this product be right for them in the situation that they are in? Also.... We are mandated to keep our CE hours (Continueing Ed) up to date. 30hrs every 2 yrs. In addition to the days that a particular company may require us to show up to be retrained on a new product or a change. I dare say that you hourly boys out there would go for CE if you didn't get paid by the boss/company to go! If the Shoe fits, wear it.
Now I would not go so far as to insinuate that some of ya'll are Crooked,in your line of work "but the guilt dog usually barks First!!!" Finelly I will address a couple of folks straight up. I do come from a Farm/Ranch background, Registard...Centuary Ranches on Both sides of my family, They just became eligible for the 150 yr desigination. Been in,and under continious operstion since the 1850s! Graduated with a BS Degree from A well known Ag University here in Texas. I DO Know Where Our FOOD Comes From, I Help Produce It!!! I Know how hard a dollar is to come by. I do not grip when the Mechanic/welder/whoever hands me the bill for services rendered. SO YOU DO NOT WANT TO GO THERE!!!! Also If you are not happy with the wage you singed on for with your job...Like in my 2nd post....Go get you an Ins. liscense in your state ,step up to the plate and put your money where your mouth is!! Lastly the over indulgence of some agents who flaunt their money openly in front of others who are not so well off, That is just wrong.I agree with ya'll. Anyway..... I am sorry for ya'll that the agent/agents /companies you have dealt with has not been a pleasent experience. A lot of us work very hard for our clients.
Later,
John A.

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Greywolf

02-13-2005 06:15:06

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Re: Ins. premiums, Typo correction, + more in reply to John A., 02-12-2005 21:47:01

Well said John. Just as in any business there are good and bad. Good farmers....bad farmers... ones that make their living honestly..other's that will will try at every turn to "screw" the other/govn for program benefits they don't deserve. Same as in car dealers...implement dealers...bankers...welding repair ppl.. the list goes on and on and on.

I used to be a fully licensed agent... PC/Life/Health.. the whole shmear. Not an easy task or job for sure. What I couldn't handle was IF I made a mistake... I knew I couldn't live with myself for what I might have done to the family. I got out.. just too soft hearted. Not saying you are the opposite by any means. I didn't get the backing from the Company I felt I needed to do a good job. Read into that, it was the Regional Mgr that tried to have me be a door to door salesman. Don't worry about the policies you have in the drawer... go out and get new ones...premium premium premium was all he thought about. Push products regardless of the benefit to the insured. I knew from the start I was doomed with this company (it was a company with a farm org name behind it), with one speed ticket 18 months old my car ins had to be with their risk group. I couldn't even write myself....LOL. If a product wasn't good enough for me...I wouldn't sell it to someone else.

For all the nay sayers...walk a mile in the other persons shoes if you think they are doing it wrong. Many company's will sign you on... many are looking for new blood on a daily basis. They will pay you for a 2 week vacation to headquarters to learn the ropes. You only have to get the license...and to be honest...it was easier getting my pilots license than my ins license. Just be prepared to learn how to sell to someone... not what their policies are about. That's up to you to do on your spare time.

But the benefit to me over the years is this.. any agent I work with gets informed right up front I used to sell. You would be surprised at how different a few of them respond. The good ones have thanked me for making their job easier. And they treat me just a tad different at claims time.

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Yeah

02-12-2005 21:30:30

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

Them Insurance people are on the up and up all right. Guess I should say that some of them are. I sorta like the on I have but I have never had to put him to the test. neighbor lady has a small house fire so along comes the insurance man with his buddy the contractor. Big time this and that that of course the buddy contractor was going to handle to save her all the trouble. Fine with her knowing she didn't have to deal with that particular contractor. I got good pay at 1/3 of what the insurance man's buddy contractor estimated and the neighbor lady kept the other 2/3. Now if buddy contractor had got the job I wonder what the insurance man would have gotten. Think it is safe to say that you just got to keep a close eye on these characters.

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sawtooth

02-12-2005 16:57:11

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

I can't resist tossing in my 2 cents. I know a lifetime insurance man who, when things slowed down in insurance branched into investments- ala mutual funds etc. What you're saying puts me in mind of of investment brokers. A broker where I invested recommended some funds. Here is a real conflict of interest. Do they recommend something that will perform for YOU, or will they try to steer you to something with the biggest load for THEM? I put some money in several funds as advised by the broker. After about 5 years with those funds not going anywhere but backward, that broker moved on and a new one came to town. He calls me in to his office, says he doesn't understand why the previous broker recommended those funds, they're only 2 star rated by Morningstar- so he recommends some 5 star rated funds. Have to pay the load all over again. And the broker gets about half that. If you aren't up on this you're at their mercy- a sheep going to slaughter. I think many brokers look after themselves- not their client. Which is akin to the insurance people- some who have branched into investments.

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Davis In SC

02-12-2005 19:12:50

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Re: Insurance premiums in reply to sawtooth, 02-12-2005 16:57:11

Kinda reminds me of the "Broker" our bank has... He worried the %^^$ out of me for months trying to sell me on some investments. For a while, I had fun telling him I had gold buried, etc... Later, after he started getting on my nerves, I asked him what he had invested in.. After some Stammering & Stuttering, he said he had no investments, he just sold them. I told him that if I were him, I would borrow money to invest, since the ones he was selling were so good. After that, I never heard from him again...

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Jim in NC

02-12-2005 18:20:38

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Re: Insurance premiums - mutual funds in reply to sawtooth, 02-12-2005 16:57:11

There are plenty of good no-load funds that you can buy from the mutual fund companies or discount brokers with little or no fees. You will have to do some homework on your own. Any planner or financial institution will not sell these because there is no comission. Talk to fee-based financial planners(you pay for their time) instead of ones paid on comission. Ask any financial planner who is really pushing you towards something if he or she owns it. If it is really so good, wouldn't they own it? Why would one want to buy something that a planner would not own? Watch out for loads on B and C shares of stock. Often you have to hold these shares longer to avoid penalty fees.

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Dug

02-12-2005 15:30:29

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

Threads like this really annoy me. What difference does it make? If the guy generates the premiums, then he earns his money. There are plenty of Insurance agents that starve.

I can't believe someone would make a blanket statement that the world would be better off without insurance agents and attorneys. We better put our brains in gear!

Dug

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Eddiee

02-12-2005 20:35:00

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Re: Insurance premiums in reply to Dug, 02-12-2005 15:30:29

Dug, Dug, you are annoyed at yourself.Your probably one of those guys that let the dentist fill the same tooth every two years, whether it need it or not.

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Dug

02-12-2005 21:19:36

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Re: Insurance premiums in reply to Eddiee, 02-12-2005 20:35:00

Eddiee,

Check your spelling and post back later.

Dug

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tlak

02-12-2005 14:46:52

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

If you run a business your salary depends on the income of the business. Can some body actually make this if the area doesn't support this? I wouldn't think their co would subsidize them to sell in a low sales area.

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Joel Harman

02-12-2005 14:05:48

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

We have insurance companies are not in the business of insuring us -they are in the business of making money.

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Joe Losinski

02-12-2005 13:07:46

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

Insurance is a rip-off, always read your policy, and shop around, most times, you can find the insurance you need on the Web. I "always" ask to see a sample policy BEFORE I buy the policy, and ask a compete comany if they can do better. that's it, hope you can do better then the rich agents does for you. thanks for your time.

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John A.

02-12-2005 12:52:40

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

tlak, gentlemen, I am, as most on the board know I am a licensed agent here in Texas. Till you ride the miles he traves (after Dark), Go to the schools for his (continuing Education) All states require it. Plus his other certification (LUTF, CSA, CFP,etc,etc) What gives you the right to Bi^ch about how much he is paid by the Company he works for! The company belives he is worth is or he wouldn't be paid that much. Also that does effect your premiums what so ever! You didn't say in what state or town this is. There is the question of what it take to live in this area.
NOT to Mention.....When You or your Neighbors sit down with him to look at your ins or financial needs. He has the EXPERTISE to be able to make recomendation that will be to your best interest.
Also God forbid.....You are not here tomorrow....It will be him! that will deliver the death benefit to you beneficiary. Sit there and cry and console your loved ones. At the time of their loss.
If Ya'll have let him do his job in placing the coverage that is needed and prepareing for future needs then your family will be in good shape.
Being and Insurance Agent is the Hardest, Easy job in the world.
We get to help prepare for your future needs and yes we do...Make House Calls. Personalizes service, YOU Can't get that from the 1-800- Ins companies. They can't look into eyes and see what is important to you. And figure out a plan of attack on your Ins/Financial needs.
Anyway..... .If you think he is being paid too much.....Put your money where your mouth is...Go get a license in you state, step up to the plate and MAKE A HAND!
Sorry this is so long. Why is it people always gripe about Insurance agents and what they are paid. How much was your Realtor paid when you bought or sold your house? Ther car salesman who sold you you car or truck? The floor salesperson that sold you your new TV,Refrigerator, washer/dryer?
Later,
John A.

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Puller504

02-13-2005 02:57:41

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

John A, In my own personal opinion, the ENTIRE insurance industry in this country amounts to only legalized fraud! Higher premiums EACH term, file one claim and you"re dropped?? Insurance in Ohio has gone to a credit-based rating system, I thank God and myself that I have good credit! A helpful piece of advice, while you are attending your CE, sign up for English and spelling courses. When I attend CE for my job, I"m paid to go, I"m also on the Union negotiating committee that makes sure I am reimbursed for my time. Don

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big fred

02-12-2005 21:21:03

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

John, while I'm not a fan of insurance companies by any means, I agree with you that what that agent makes is between him and his employer. His employer is only going to pay that agent the minimum it takes to keep him happy, neither the government or anyone else has a say in it. Can't say that for a minimum wage burger flipper. For those that think their insurance Co is crooked, I'd suggest finding another company, that's what competition is about, after all, the insurance company isn't requiring you to have their coverage. Heck, the insurance Co doesn't require you to have any coverage at all. Your mortgage Co probably does, and the government probably does, but not the insurance company.

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Lobbiest

02-13-2005 06:12:28

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Re: Insurance premiums in reply to big fred, 02-12-2005 21:21:03

But the insurance companies spend big money on lobbiests so the goverment will require it.

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big fred

02-13-2005 09:17:30

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Re: Insurance premiums in reply to Lobbiest, 02-13-2005 06:12:28

Everybody spends big money on lobbyists, that's just good business. I still can't say that makes insurance companies crooked, it makes the government and burro-crats crooked.

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Burrhead

02-12-2005 22:55:04

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Re: Insurance premiums in reply to big fred, 02-12-2005 21:21:03

that's right Fred the insurance company does'nt hook you themselves, they have a gubermint to do that.

In Texas insurance agents are on commission. The gubermint requires insurance on vehicles and the lenders require it on property of any kind.

Then our wonderful state insurance regulatory board sets the standards that the insurance company wants. More cost for bad credit ratings even on liability insurance. It does'nt effect me but the companies make bookoo money from that one scam.

Then on the other hand you are required to have liability on a vehicle but no insurance company is under obligation to sell it to you.

Texas insurance folks are kinda like vultures. They lobby for regs then say the gubermint did it. Heck Farmers Group even pulled out and would'nt pay flood and storm damages to folks they were charging sky high rates and then the folks suffered losses during our last flood seasons.

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Burrhead

02-12-2005 19:25:22

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

I"m a Texas consumer John and from my angle an insurance man in Texas is one of the most crooked vermin alive. Heck with all the insider help from Scrub and now Gov Perry you fellers ort to be mailing out rebate checks.

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fixerupper

02-12-2005 18:26:00

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

Unless I missed reading a post or two I haven't heard anyone mention anything about the people who try to steal from the insurance companys. I hope that is not an acceptable practice nowadays. My daughter had her insurance licenses and worked at an insurance office and I could type for hours repeating some of the stories she had about some of her more interesting customers. I don't think I would have the level of patience with them that she had.

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Rod in Smiths Falls, ON,

02-12-2005 16:29:33

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

Rolling on the floor, laughing. Scared the cat, and I don't even own a cat!

Brilliant, John A!

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TomR Ont.

02-12-2005 16:04:54

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

HEADS THE INSURANCE CO. WINS - TAILS WE LOOSE.
The Insurance Companies hide behind the Agents, Brokers and the ADJUSTERS.
The Agent who rips you off for the highest premium, the broker only handles the Insurance companies that pay them the higher commission, the adjusters (must get a bonus on how much they save the Insurance Co.) I personally have never been treated fair by an adjuster i.e. my daughter had an accident with my car, took it to MY BODY SHOP and it was a write off, he wanted me to send it to his body shop for a second opinion (I did this years earlier and they just heated and hammered it straight & painted less than one year later I had a RUST BUCKET) For the write off he offered me $10,000, two months earlier I paid $17,000 brand new. Then there was water damage in the house and that adjuster brought his own contractor with him on the first visit, I told him I had my own guy, but he insisted we use his, I got a quote from my guy, the adjuster was mad and didn't want to cover the replacement value, The quality of tile I had cost $2.49 each he wanted to put down .79 tile. Well I got my way, I should say my wife got her way it was a tough fight on every issue. He wouldn't show us the other guy�s quote.
The wife does craft shows in the malls the insurance costs $1100.00 a year for one million, a little much, don't you think. Not much risk on someone hurting themselves on an OVEN MITT, to make matters worse she found out this year some of the malls want 2 MILLION.
The Insurance Companies can tell us to the penny how much they loose to fraud, WHY don't they tell us how much they rip us off for with all the tricks the use not to pay or to reduce it to zip.
I would like to know how much was not paid out for 9/11, the exclusion clause terrorist attack.

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Sam MI

02-12-2005 15:49:35

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

Insurance companys are just like the government. When times get tough they just raise the premiums. Doesn't matter if you and I have to reduce assets to maitain the status quo of attorneys, or the government. Oh; and insurance companys. These entitys all have a liscence to steal.

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Bob

02-12-2005 16:20:58

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Re: Insurance premiums in reply to Sam MI, 02-12-2005 15:49:35

In our small town in an agricultural area, we have 3 banks, and probably 6 insurance agents.

Main street is like a ghost town, yet the banks and insurance offices remodel their facades, and have the most lavish quarters of any businesses in town, while the rest of the town folds up around them. I guess that's capitalism, but I don't understand how those folks can sleep at night, when their poor neighbors scape and scrimp to keep the loans and insurance payments current. I guess they figure it is an entitlement.

If you've got a loan you, have to have insurance, cost or affordability is no object. One feeds off the other!

I'm not saying they're not entitled to make an honest living, just that their lavish behavior in the middle of others struggling is obnoxious.

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Bill WI

02-12-2005 14:47:55

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

AMEN Rusty Farmall: I am not a teacher, but they also keep up with education and they don't get it. Every farmer and mechanic also have to keep up their education as must almost all and you probably wouldn't like the conditions they work in either. It seems ethics have gone out the window for now, but things have a way of changing. Hope you won't be crying then.

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RustyFarmall

02-12-2005 13:59:33

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Re: Insurance premiums in reply to John A., 02-12-2005 12:52:40

Well John, it appears that you are quite proud of the fact that you are getting paid way too much. If the people who are generating the money that is required to pay your salary were earning even half of what you are being paid, then maybe I wouldn't have such a problem with it, the fact is, most of the folks who are paying these expensive premiums are most likely earning far less than half of what you are being paid. These people are the very same people who are growing your food, repairing you car, repairing you house, and countless other professions. You seem to think that it's OK for you to be paid this kind of money, but I'll bet you are also the one who is screaming the loudest when you are presented with the bill for fixing your car. This world would be much better off if we did not have insurance salesmen or attorneys.

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Bob

02-12-2005 20:24:50

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Re: Insurance premiums in reply to RustyFarmall, 02-12-2005 13:59:33

Amen, Rusty!

Well put!

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RB/CT

02-12-2005 11:37:19

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

Who knows, just wish that I had money in Insurance Industry stocks for 04, they made alot of money, off of their customers. They could probably afford to pay those salaries.

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tlak

02-12-2005 10:18:40

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

My question is, Does a 2 person office generate enought income to pay 100k plus office help?

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02-12-2005 09:20:23

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Re: Insurance premiums in reply to tlak, 02-12-2005 08:39:56

Sure...why not? If he's a hot agent and generates millions in policy, why isn't he worth his 100k? Is Oprah worth 90mil a year...is that baseball pitcher worth 125mil 5/yr contract? I guess that's what it was or thereabouts.

What is a person worth? If that person generates a revenue far more than they are getting paid..well?

If you had a business and you paid some guy 250k in salary and that person brought to you 1 million in profit. Tell me with a straight face that you wouldn't pay it.

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TomR Ont.

02-13-2005 00:19:06

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Re: Insurance premiums in reply to bo, 02-12-2005 09:20:23

bo - The problem with excessive salaries is higher costs some where along the line. It has been proven time and again that the higher ups get the increase first (Chrysler in the 80's, the line workers gave up increases for a few years because the company was if a financial bind, who got the raise first upper management). The large visual companies (oil, hydro, banks, gas and insurance co's) hide as much as they can, in ways we can't imagine or understand, venture capital, stock market, land, rental office buildings, and they build their own office buildings. When things are good with these investments nothing said all the big guys pat themselves on the back and get a raise, but when things go bad with their investments lay offs and up goes the rates to the little guy. How many people have to pay premiums on the total value of their home, farm - the land won't burn they get you to over insure it. ( no value for that money ) As said before there is mandatory insurance, by the government and then they add 7% tax on it.
Even the 2.4 million for a 30 second commercial on the supper bowl costs us down the line.

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02-12-2005 09:53:58

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Re: Insurance premiums in reply to bo, 02-12-2005 09:20:23

heck no i won't pay that much to an agent for a paltry $1 million. now if it was 10 million i might.

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REJ

02-12-2005 19:55:18

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Re: Insurance premiums in reply to ob, 02-12-2005 09:53:58

In the past I have done some business with what's suppose to be some of the best in the country(insurance and mutual funds). Mutual funds the agent takes an automatic 4% off the investment and the fund just sits there and does nothing,and he is suppose to be giving us good advice about what to invest in.They really don't care about the average working person, they just want to fill their pockets. It's best to go with a good CD at your bank unless you can trust your broker or adviser. Insurance is not much better, I have BCBS here in NC and it's a little better than nothing. At the end of every fiscal year the local paper has an article showing the profits. It's like they make their own rules as time goes along. I'm getting old and big business will just continue to rip us off more and more. This is a good country but some things are just not right.

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