Green Bay, Wisconsin
Not resolved

I worked for Bankers Life and Casualty for 3 months as a brand new agent. I was happy with the company atmosphere while I worked there, however did not receive the help and guidance I needed to become successful as a new agent, which is why I left.

The problems started even more after I left. They tell you to keep track of your mileage in an appointment book they give you. Upon leaving the company you have to give that appointment book to them because it contains customer information. Long story short, they destroyed my mileage records, which was thousands of miles logged for them, which I now cannot get reimbursed for on my taxes because they destroyed the record.

When contacting the office to get this information, I called the Branch Office Administrator, and emailed an old manager of mine. That was over a month ago. I have yet to hear back from either of them. They also did not give me a W2 Form for taxes as well.

And good luck trying to get in contact with someone from the corporate office! Terrible company to work for and to deal with once you're not there any longer.

Monetary Loss: $3500.

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Bankers has continually racked my Vector with them over $400 so I continually have to pay them down so I can keep my contracts with my other companies. This has been going on for 2 1/2 YEARS!

This has to be illegal and needs to be investigated by the insurance commission.

Not only that, Bankers gave me a 1099 for the amount I 'supposedly' earned and DID NOT deduct my chargebacks from that amount! This is an illegal scam helping them to avoid paying taxes.


Bankers Life promised me paid health care: they failed. They promised me a 401k: it didn't exist.

They promised me a pension plan that they would pay into a retirement account for me: didn't exist. They promised me to reimburse me for my licensing and education fees: didn't happen. They promised me that I would make $3000 a month on top of all the 'benefits' they offered: I made $188 in the first 6 weeks and I had to pay it back because Bankers was overcharging premiums to the clients one month, making their accounts go negative and then "not charging as much" the next month to "make up for it.' They're products are expensive with very low commission rates. Their 'promised lead generation' they supply you in an overly-exhausted lead list that everyone else has already called a million times so it it almost impossible to find clients that can actually afford their products.

It is illegal to overcharge client's accounts like that. Bankers always made it look like "an accident," but it wasn't. The clients would cancel their policy and I would have to pay back the commission. It didn't take long before I was working to "pay" Bankers.

They weren't paying me. I have never worked for a company that I had to work to 'pay' them. They perform illegal operations such as overbilling their clients and illegally mislead new people. The false advertising of the 401k plans and paid pension plans is illegal, yet they posted it up on their slides they used in interviews.

They do rip the agents off with their advantage plans. They only gave an agent $250 for an app. I am contracted with the same companies and that is not the commission they offer. These commissions are regulated by CMS.

I do not know if Bankers is violating CMS regulations by taking half of the commission that is received from the health insurance company or not. They keep their client base as well because they are a captive agency. I was a brand new agent when I started and I was too new to realize everything that was going on. It wasn't until I moved to a brokerage and saw stuff done right that I realized how bad Bankers really was.

They scam all of the new agents big time. I bet if they were investigated, a lot of illegal actions would surface.

They need to be investigated big time for all of their scandals. They are NOT an honest company.


Let me correct the previous post to - 'Also notice they DON'T tell you who the chargeback is for'.


Yep, Keatyg, that's the way it goes. The 'turning' in of your own appointment book was not a good idea.

They gave it to some sub-manager/wanabe and he's now rewriting your business, and using your contact list, and probably your milage record. You will continue to receive chargebacks, unfortunately until you have paid back any advances. They may not rewrite your Mom, but they might.

The idea is to make sure you 'give up' the insurance business, consider it 'bad business' to be in.

Vesting fully takes 10 years at Bankers. 100% vesting is day one as an independent producer. You can do well in insurance, and never needed their lame/ reused/ aggravated prospect lead list that cost you at least $150 a month. For that money, you could get leads from other sources and write with real A rated companies.

Bankers is rated D by Wiess ratings, for a good reason.

Best Wishes to you.

( Also notice they tell you who the chargeback is for. ) Dispute it with the FTC, and at all credit reporting agencies, including

@Join the post agent crowd,

I was never told who the chargebacks were for and oddly enough, the amount of money they are demanding I pay back to them is equivalent to the total amount I received after slaving for three months.


Update: I have now even recieved a letter from them claiming I owe them over $400. Even 6 months after quitting they're still ruining something for me.

I feel like I will never escape this company. Avoid at all costs.


Did you ever bother asking for help or did you assume everyone was going to run at you begging to help you? Also considering they have one of the best training programs in the nation I find it hard to believe you couldn't help yourself too.

Upon leaving why wouldn't you write those mileage down on another piece of paper? Or at least keep it on a excel sheet on your computer? You essentially left all your eggs in one basket. Much like investing, you never leave all your eggs in one basket. That's how you get screwed.

Finally, you won't get W2 from them. You would get 1099-Misc. W2 forms are typically are for salary jobs. Which you did not have, nor did you sell any policies so you made $0.00. Are you trying to pay taxes on nothing?

Obviously, you should be putting cereal boxes up on shelves.

@Bankers Life Defender

Their training is not up to the par of what they advertise. I transferred to them after i left the military and their training did not compare.

Greatest decision i made was to leave Bankers. I wouldn't recommend the company to anyone.

I also was forced to pay back funds that I was entitled to. I was never paid for insurance policies I sold.


My son worked here for 2 months. He took training classes that I had to pay for. They said they would reimburse him but they did not.

He paid for the state license and they promised to reimburse him. They did not.

He sold a number of policies and finally payday rolled around. They paid him zero - his mentors got all of the commision money.

So, in two months he spent hundreds in gas money getting to and from work, hundreds on training and licensure, and then his superiors claimed all of his commission money and his compensation was diddly - no commissions, no health insurance or other benefits, nothing.


I have been working for bankers since February and I have been paid very well, my trainer and I have split all commissions 50% / 50%. So I'm not sure where your son actually worked.


I too work for Banker's Life & Casualty. I've been there a couple of months and have never had an issue getting paid. Also, my training was paid for but I was responsible for paying licensing fees and was never told I would be reimbursed.