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Beware of this company. They offer very little and expect everything from their agents.

Commissions are returned (you pay them back) if a customer changes their mind and decide to drop the coverage within 90 days. Bottom line is that your earnings are so very little to nothing after expenses on your part. The contract you sign with them is so lengthy and would require an attorney to understand it. Worst job I ever had and definitely not a career.

There are better and honest insurance companies to choose from other than Bankers / Conseco. Everyone that I knew when I joined the company is no longer there - a revolving door.

Monetary Loss: $12.

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Lol just called me for a interview, something told me google this chick Collette and this is what I found lol, no thank you please.

Dehra Dun, Uttarakhand, India #315207

we beat bankers in court

Tax Shelter Penalty Cases Hurt Thousands of Small Business Owners

By Lance Wallach

Insurance agents and others sell 412i, 419, captive insurance and section 79 scams to unsuspecting business owners. The IRS considers many of these plans abusive tax shelters, listed transactions, reportable transactions, or what it calls “similar to,” which allows them to target the plan. The unsuspecting business owners then get audited by the IRS, lose their deductions, and pay interest and penalties. Then comes the bad news. The IRS comes back and fines the business owners a large amount of money for not properly filing under IRC 6707A. They have even fined hundreds of business owners who have filed. The IRS says that they prepared the forms incorrectly or filed improperly, or lied to the IRS.

Taxpayers must report certain transactions to the IRS under Section 6707A of the Tax Code, which was enacted in 2004 to help detect, deter, and shut down abusive tax shelter activities. For example, reportable transactions may include being in a 419,412i, or other insurance plan sold by insurance agents for tax deduction purposes. Other abusive transactions could include captive insurance and section 79 plans, which are usually sold by insurance agents for tax deductions. Taxpayers must disclose their participation in these and other transactions by filing a Reportable Transactions Disclosure Statement (Form 8886) with their income tax returns. People that sell these plans are called material advisors and must also file 8918 forms properly. Failure to report the transactions could result in very large penalties. Accountants who sign tax returns that have these deductions can also be called material advisors and should also file forms 8918 properly.

The IRS has fined hundreds of taxpayers who did file under 6707A. They said that they did not fill out the forms properly, or did not file correctly. The plan administrator or a 412i advised over 200 of his clients how to file. They were then all fined by the IRS for filling out the forms wrong. The fines averaged about $500,000 per taxpayer.

A report by the Treasury Inspector General for Tax Administration (TIGTA) found that the procedures for documenting and assessing the Section 6707A penalty were not sufficient or formalized, and cases often are not fully developed.

TIGTA evaluated the IRS’s effectiveness in identifying, developing, and applying the Section 6707A penalty. Based on its review of 114 assessed Section 6707A penalties, TIGTA determined that many of these files were incomplete or did not contain sufficient audit evidence. TIGTA also found a need for better coordination between the IRS’s Office of Tax Shelter Analysis and other functions.

“As penalties are meant to encourage voluntary taxpayer compliance, it is important that IRS procedures for documenting and assessing them be well developed and fully documented,” said TIGTA Inspector General J. Russell George in a statement. “Any failure to do so raises the risk that taxpayers will not receive consistent and fair treatment under the law, and could further reduce their willingness to comply voluntarily.”

The Section 6707A penalty is a stand-alone penalty and does not require an associated income tax examination; therefore, it applies regardless of whether the reportable transaction results in an understatement of tax. TIGTA determined that, in most cases, the Section 6707A penalty was substantially higher than additional tax assessments taxpayers received from the audit of underlying tax returns. I have had phone calls from taxpayers that contributed less than $100,000 to a listed transaction and were fined over $500,000. I have had phone calls from taxpayers that went into 419, or 412i plans but made no contributions and were fined a large amount of money for being in a listed transaction and not properly filing forms under IRC section 6707A. The IRS claims that the fines are non appealable.

On July 7, 2009, at the request of Congress, the IRS agreed to suspend collection enforcement actions. However, this did not preclude the issuance of notices of assessment that are required by law and adjustment notices that inform the taxpayer of any account activity. In addition, taxpayers continued to receive balance due and final notices of intent to levy, and demands to pay Section 6707A penalties.

TIGTA recommended that the IRS fully develop, document, and properly process Section 6707A penalties. The IRS agreed with TIGTA’s recommendation and plans to take appropriate corrective actions. I think as a result of this many taxpayers who have not yet been fined will shortly receive the fines. Unless a taxpayer files properly there is no statute of limitations. The IRS has, and will continue to go back many years and fine people that are in listed, reportable or substantially similar to transactions.

If you are, or were in a 412i, 419, captive insurance or section 79 plan you should immediately file under 6707A protectively. If you have already filed you should find someone who knows what he is doing to review the forms. I only know of two people who know how to properly file. The IRS instructions are vague. If a taxpayer files wrong, or fills out the forms wrong he still gets the fine. I have had hundreds of phone calls from people in that situation.

Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for more than 20 publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and his side has never lost a case. Contact him at 516.938.5007,, or visit or

The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.


I went to another company last week in lombard illinois and they told me to bring a resume, they wanted for us to go out and come back within an hour. i never returned because the first part of the interview informed us that it was not a sales position but a managers position and after listening, IT WAS A SALES POSITION WHO DO THEY THINK WE ARE WE NEED CAREERS NOT PHONY JOBS!!


Bankers is no comparison to any insurance company, much less, a top five insurer. It wouldn't know how to be a real insurance company.

That requires paying claims, compliance, acountibilty, documented commission statements, documented chargebacks based on real deaths, applied commissions against advances, and real lapses...they would need Wikpedia to figure out what any of that means.

What they do know, expertly, is how to recuit DA's like yourself, how to make them/you lockstep, and spew their mantra's, and how to bend over and like it. When are you going to let go of your ankles?


I cannot believe that everyone posting here are complaining about this Insurer. Most of the top 5 insurance companies work the same way (Farmers, MetLIfe, Aflac, etc).

You get advance commissions.

If you write bad business it will comeback to hunt you. If you want a job go to McDonalds and flip burgers for $8 hr.


I e-mailed my resume weeks ago about accounting position. Now they called me to see Collette Sniper on Wednesday for interview.

Do I have to go ? Is there really an accounting position available for interview ? or is it an insurance agent all the way ?

or none at all ? Please let me know reply anyone here as soon as possible.


i just started asking about this company that i have never heard of so web surf here i come all negative comments just what i thought very glad to here from all of you and no time will be wasted


Dear Bankers Agent:

Get a clue. These people want honest jobs...not your company's schemes.

You should be ashamed of yourself! They showed up for interviews-because they do want a job, but soon found out that this is racket.


id have to agree im SO glad to hear others feel and KNOW the same.. Power to you for getting this out!!!!!!

to Bankers Agent, you are WRONG its sad you support BULL!! my friend.. your happy now because your making money, money THEY control. when you find "that LARGE account, " you WILL get fired...

its a routine thats been happinig for over 8 years, you find what YOU earned, true clients, friends and the Money YOU earned and they WILL take it...i was once employed as you are, so i KNOW what im saying is true i was a top agent for years.



Russell, Kentucky, United States #232020

I am glad that I read this I was in for an "interview" with this company and was considering it but all I found were negative comments about them not one person has anything good to say about Bankers Life.


That was a nice comment Joe! Honey you can become anything you want, life is a choice and the opportunities are there, just take it!! Bankers is a rotten spot on the earth, you're lucky not to fall for this scam!



Life is tough at times but you can learn from the experience and improve to be better than what you left behind.


The same thing happened to me. In this economic state that we live in, this should be illegal.

I am completely depressed now.

I actually thought I could become something.



Don’t waste your time, I was called for an interview so I said ok let me check it out, Collette Niper could not tell me what the job was about so it put up a red flag already for me. When I get to the parking lot at Bankers Life all I see are people arriving at the same time all dressed the same in suits, we looked like a bunch of cattle being herded.

So when I walk in they ask for your resume at front desk , shouldn’t they have it already?? This is another red flag , no one could tell me what the job was about and of course I didn’t give them my resume, I took a look in the room where everyone was sitting and they looked so scared like cattle getting ready to be turned into chop meat.

Take a look on the web that’s all I got to say. Stay away from this place, if you need a job work for ShopRite for now until something better comes up.


Looks like this is a site for those that don't want to work. You guys need to get off unemployement and get a job.


Glad I looked at this web site! I thought I was attending an interview today and instead saw a song and dance routein by a manager/trainer.

Everyone in the room was taken off guard.

Last thing I need is a scam. I just want a real job that will help support myself and child.


Paul turn then in to the US senate for the elderly in Washington DC. They want your statement. SAVE OUR SENIORS, and put this ponzi scheme company out of business, YOU can make this happen by your statement.


Bankers called and wanted me to come in for an interview. Told them I was going to look at website, glad I did!!


Just got a call from these people....i hate them for getting me excited.....but thanks god i was online when they called and researched them while they were still on the phone. I immediately cancelled my interview with them!


I can honestly say that i have never worked or watched a bigger bunch of slime balls as there were at Bankers. They were unethical and will be reported.someagents are writing variable annuities and do not have the proper licensing to do so.

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