Insurance MLM Scam | $30k In Debt, Homeless, Living Out Of Car [My Reaction]
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- Опубликовано: 27 июн 2023
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Video creator here. $40k chargebacks total over two years. Not the first 9 months. I’ve payed off racked up chargebacks multiple times, leaving me with no profit especially with having to continue investing in leads.
Hey Brock, thanks for clarifying. Don't give up, man =)
How much AP did you write over the course of two years?
@@TheDIGAgencyI want to give you an accurate number so let me go over my business and get back.
what IMO is it? I can give you my email.
Ff....l .... i believe , it was the lead vendor. @jsandy1994
If they dont let you generate your own leads, then screw them. That shows they care about you buying leads and not selling policies.
That's been my experience as well.
That's a great point!
Can't believe I spent 800$ on insurance exams and the license just to come into an industry that is full of so many snakes
make it better
Industry needs legit people. Find a good company like this guys company making the vid
The secret is getting out in the community and creating your own leads
$800 ayo what state cuz that’s wild
These “companies” give legitimate agents a bad name. Thanks for your work!
I fell into a personal financial mess when I decided to trust a friend who was involved with an MLM insurance company. She was not transparent about everything.
Same here. It was AIL aka AO Life. The guy “training” me was such a condescending jerk, would barely answer any of my questions but wanted me to bust azz cold calling and booking meetings so he could collect on them. It was pure HELL.
The cheap leads is a big one. Then they resell them multiple times to agents in the agency OR even outside of it. Remember there are no chargebacks buying leads. Great review David, people need to see this!
You're welcome =)
agents can get in trouble for hurting the public and defrauding - why isn't any of these companies getting in trouble for hurting and defrauding the agents?
There is a Class action lawsuit on a company
I love your commentary, and especially the last part where you talk about how it is ok to fail as long as you don't give up.
Thank you =)
I was a multi line agent in the 1970s. Back then there were still major life insurance companies operating under the debit system. When an agent was hired by a Prudential or a Metropolitan insurance company. They were given a debit which took in a given area in a major city. It included in force business and it was your responsibility to service those policyholders. Collect their monthly premiums and use them to hopefully generate new business or leads. There were no leads being sold by anybody. You generated your own. Nobody, except maybe your sales manager, ever helped you with anything. Just as explained here. Selling a life policy guarantees you nothing. Never count on that commission. There will always be a percentage of loss. You're not selling a timeshare. That life insurance contract can be cancelled at anytime and back then if it wasn't a year old. You lost it all. But there were a few tricks some agents used. It involved what was called "paid up additions". Mutual companies paid these (cash value) to policies as they aged. You could use these to sell additional coverage to the policyholder and take a years premiums in advance. If it was an off debit policyholder. The agent could transfer it to another agent and he or she would have to deal with it a year later.
I personally worked for a Carrier that pushed bad leads and they screwed us with a bunch of garbage Internet leads that turned out just like this fella said.
Additional sidenote: the person they were buying the leads from was also an agent within the company (secretly). Isn’t that a conflict of interest?
I wasted thousands of dollars.
I was literally their top producer in 2022 and I almost didn’t make it to the award ceremony because of the lack of money.🤷🏾♂️
Wow incredible!
Mind sharing which company or leads you used are you still doing it
I imagine most people won't be sharing their lead source!
I did the same thing. Racked up 30k in debt and now also have 20+ in charge backs. Im working on paying it all off and then leaving this company. that three letter IMO has horrible management who refuses to help once youre "signed" up
and what company...
So with the debt chargebacks that does that come out of your commission or you have to pay those out of pocket?
Does the name start with the first letter of the alphabet?
Thank you for your honesty David Duford!! I I appreciate all of your knowlege and guidance online about this industry!
My pleasure! =)
Thanks for this
Hey Dave, love your content watching your videos help me put the final nail on the casket when trying to leave in MLM now I’m going to be working for New York Life which I really do love their system. Anyway, that thing is I’m still attached to friends from the old MLM and it’s hard to let them know that I am not going to be around.
New York Life is also structured as an MLM?
I’m new to the business, only in one month and this is exactly what’s been going on with me. I keep saying to myself the numbers don’t add up , it feels like they are just trying to make money off of poor leads, telling me it’s a good thing to rack up debt and a “cult like culture “. Thank you for the video and now I have confirmation to get out away from this extremely expensive insurer and cult behavior!! Scam! The law needs to hammer down on these acts!
Thanks so much for this video David. I also appreciate all of the commentary. When I first started looking into the insurance business several years ago, I was concerned about getting with the right company. I love where I am now. You, Cody Askins, and Nicholas Sakha have been my online mentors since I started researching insurance when I left my nursing career. I hope this guy can get with a good company and get over this.
I watch all three as well! Who company did you end up choosing? I am stilll trying to figure it out
Same someone help me quick
Thanks Dave. This video is much needed.
You're welcome =)
Such rich content - insiders POV & evaluation along the way. Stellar, one of a kind share! Thx! ✔️👍😎
This is why Im trying my best to find the right IMO to work with.
And it appears that yall fit what i am looking for as a new agent.
You can have a successful agency AND help others be successful too, without making your money by screwing over agents
Thank you for this episode.
You're welcome!
Hello David, Always nice to watch your videos,, So I Just watched another lady that worked for likely the same company and the uplines or other agents were going behind the sales agent and selling them a lower priced carrier causing multiple chargebacks.
Based off everything I've already learned from watching your videos it sounds like the biggest problem is that they were pushed to sell something that wasn't right for the customer, and that led to the chargebacks.
If they were trained properly, like it sounds like you guys do, then they would have done their due diligence to qualify the Prospect and then to educate the Prospect, and then to find them something that they could afford, and then you would end up leaving that Prospect being a trusted person that they believe got them the best that they could get
so True ! and Thank you for the encouring words David
You present a very good description of what I am the process of going through. My daughter (44 yrs. old) got involved with and became an agent of WFG. She is being mentored by a representative that is located in Los Angeles California. My questioned to you is if you think their is a better product than "The Athene Ascent pro 10" for getting an income, when I turn 78 yrs. old in 3 years? The amount I am considering in buying the product is $350,000. ?
Thank you I’m a new agent I appreciate you!
Awesome presentation here and great content for prospective agents
Worked for 1 of those my 1st insurance job. Learned with in the 1st couple weeks is a waste of time and money. They also pushed 1 company very hard. And ofcourse they want me to buy leads. Too bad they weren't any damn good. Wasted about $300 and figured out the gimmick. Told them I will not by lead , I generate my own and I was avoided like the plague lol. I had 8 sales fall through because I didn't know how to use the carrier websites . No help at all if you don't buy leads.
I'm being recruited by globe life. Is anyone out there working with them or stopped working with them? Id like to know more about them before signing on
Can whoever anonymously tell me in the comment who this IMO is?
I would like to know as well. It's frustrating.
I've been an insurance agent for 40 plus years. I can count on one hand the number of agents I've seen make a good living on life insurance alone, and they were working in the advanced market estate planning. ( I make a very good living in the Medicare Advantage business) My advise for this young man, I assume you're single and have no children, and since you are still military age would be do three years of active duty military. When get out You could then take your education benefits and learn a skilled trade like HVAC or culinary. By the time you finish all that your credit will be repaired and start your own business. Forget all the BS about making a fast buck in the insurance business. Look where it got you.
With all due respect, if you know less than 10 people making 100k a year in insurance, you're not a reputable source of information. I know hundreds of people that sell more than 150k per year in the industry, and are netting 100k after leads.
No offense, but you're giving terrible advice here. This young man has an education and experience in life insurance, so he can work at an insurance company doing so many different jobs such a death claims, new business, underwriting, pretty much anything in insurance operations, training, product owner if he's techy, etc. I have held many different positions that support life insurance sales. They do not pay as well as sales, but it would be a stable income while he gets back on his feet and heals from this awful experience.
I think he is saying that his Total in charge back from that particular company overall (depending on years he has worked with that company), is more than what he earned in his first month as an agent.
Thank you I just join them and did my research! I thought I did my research. Thanks for sharing.
May I ask which company?
I hate the term, “exclusive leads,” because there is no such thing. The company may sell the lead only once making it exclusive to them in that sense, but there is no guarantee that the prospect hasn’t entered their information into multiple websites who are selling their info to one or more people, and by the time we get the lead, they have already gotten bombarded with calls. Several years ago, I made the mistake of entering my information into a few different websites when I was looking for quotes on my car insurance. My phone started ringing within minutes, and it didn’t stop until I finally unplugged my phone. It was relentless. I feel badly for the last few agents who called me, because I may not have been very friendly.
Right, there are lead aggregators that sell your information to multiple agents. I did this for land I was interested in purchasing and got a flurry of texts and phone calls from a bunch of different realtors. Regardless, what you DON'T want as an agent is to work with leads that are resold or aged. There are plenty of vendors out there who will only sell the fresh lead to one agent only. Obviously, one cannot stop a consumer from filling out multiple leads, but the problems that originate from that are MUCH lower than from purposely resold lead systems like the dude used in this video.
If you want exclusive leads get word of mouth referrals buddy
But you have to start somewhere
The thing about will send your debt it to your up line but you as the agent will still have to pay it back because Americo report you to Vector One. You have to come in the business rolling and never stopping
Buying leads getting sold to another agent right after? But he def didn’t tie it down hard-
"Cult like experience" is what you have to look out for.
Am getting my license next week, and am interested in the DIG agency, although don't have money for leads and or $800-900 to be licensed in 10 non-resident states... I need to pay my mortgage. I do speak Spanish and have sales and marketing experience. David, any job opps with DIG considering?
Appreciate your insight David, that was transparent and helpful. If any type of brokerage does not allow you to generate your own leads or help you install permanent leads generation and other systems solely for your benefits, which benefits them by extension, RUN OVER THEM. Instead of spending $4k-8k/month on insurance leads/expenses, you're better off opening your own business and forming synergistic arbitration alliances with companies in other sectors where each sale issues a minimum of a $20k cheque. And won't spend half of that in leads gen and other sectors does not come with chargebacks. Personally, no brokers/associates with over 10k in chargebacks or under 85% retention must be allowed in field without completing voluntary retraining to safeguard themselves and their agencies, shows inadequate quality control.
Dam you got me thinking about it. I'm starting to think of another career instead. And I just got my license too. I'm really scared and can't afford to get into debt at all.
I'm going for my license this week. I have to do more research
Does anyone know the name of this company
This is Simple. When you write business, you offer leads to your upline to come behind you and replace your business. How do you think these top agency owners write the amount of business they do.
That only works if you get past 9 months and clear the advance commission. Otherwise, you run the risk of getting a huge chargeback roll-up, wiping out both the agent's advance and your override. Under no circumstances would I ever recommend such a practice. Also, carriers would likely terminate the agency relationship as that greatly digs into their profit projections.
I went to MLM I saved myself before it was to late thankfully I didn’t sell a policy with those recycled “warm” leads I spent about $700 on leads in total but long story short I ended up leaving to a ethical agency thankfully I didn’t get my E&O through them so I’m still able to write policies
hi, which agency were you with and did you end up going with if I may ask?
It could be that he was giving numbers for a certain time frame but had actually done more than that all together, and the total chargebacks came from the total number that was outside that time frame he gave. I don't know that's best guess
How does an agent VET an IMO?
Hi David, give me a clue?....who is the IMO?
Terms to learn:
IMO, upline, charge backs from policy cancellations, not really exclusive leads you have to buy versus personally acquired and owned, lawfare.
I watched your other video on symmetry. Do you think that they are an IMO worth pursuing
If it starts with an A, I’m relieved. Also have no idea who that is. I work for a different one that, so far has treated me with total respect. 🤞🏻
Does it start with Alin???
Which one is that?
It sounds like "to this day I had $40k in chargebacks" so the first month he did $32k, maybe he worked for a few months and did another couple months of $30k? Maybe he sells $60-90k and gets $40k charged back etc. but yeah he's not getting it to stick, could be the high priced product and maybe poor after sales service due to bad training.
Or they’re twisting & churning his book of business to get paid against the next year 😢 from under him.
The problem today is that people don't know how to research. Its always good to to look at 5 different sources that are reliable and hear it from actual people in the industry. The purpose of college is to teach you how to learn and research.
IMOs, FMOs etc across the board make me nervous. Does an agent have to be a part of and IMO/FMO to thrive?
Find one that doesn’t sell leads, lets you keep your own book of business & supports you. An FMO is supposed to be paid by the CARRIERS (life ins & health ins companies) not by their agents. ❤ Don’t go into debt over leads.
Love the video,, and I appreciate the words of wisdom. Did some research and found out who the company was, and was honestly shocked because I came close to signing up with them myself years ago, and they do have extremely professional looking presentations online, etc. Very disturbing, but I appreciate someone standing up and being brave and bold enough to help get the word out to others. Good luck Brock, I am rooting for you!
So true on the leads. Granted, any opportunity to talk to somebody on the other end of the phone is still a possibility of a sale, but… there is a reality of the lead industry and it’s not just in life insurance, it also exist in real estate and virtually every other lead driven, industry. The leads are usually churned and regurgitated many times over, even exclusive brand new leads, packaged to look new, but can also be quite old and no verifiable way to track the leads origin, regardless if it’s actually life insurance originated or it’s info from an entry to win a new PlayStation.
Sounds like he is almost there to make it in this business. If he had 80k in premium in year 1 that means he sold something like 100 to 150 life cases. That beats 90% of the people who start this business. He definetely has potential. I hope he finds a mentor that fits him to get back into the game.
@@rhythm616 is selling insurance a real job?
@@jerrygennett5704yes it is, but it all depends on who you work with. Many will contract with companies and sell policies 100% themselves, yet without experience, lead generation understanding, and low capital for investment it is very hard. Which is why working with an established, legitimate, customer and sales focused company helps. Leads, commissions, carrier availability, and product diversity are key factors.
That unnamed IMO will be after you too.
@jerrygennett5704 do people need insurance?
I remember in the late 70s my friend father was an insurance agent. Very respectful industry back then. When is the Department of Insurance going to step in and add much needed regulation to protect agents against these type of companies? It seems to be getting worse. There definitely needs to be more accountability across the board. Starting from the top.
If he’s recruiting and his recruitment has charge backs and doesn’t pay this company the.chargebacks roll to him
Correct.
between you and digitalbga? did you do a video?
I drank the kool aid a few years ago. After several months I was flat broke and feeling like this guy. I was able to get out and rebuild but these mlm companies are leeches and you will go broke if you pursue this as a “career”
Thanks for sharing your insight!
At what point does one realize he/she or being scammed. You don't wake up homeless and in massive debt.
No wonder 94% agent attrition rate
I think this guy Brock worked for First Family Life. I know they do this scam of selling expensive leads. These MLMs are huge scams.
FLF? Ethos? Equis? Integrity?
Someone please tell me who the IMO is he is talking about....
It probably rhymes with America.
What company is this?
I wish I knew what IMO this is....
The system is supposed to protect people - yes, even insurance salespeople ! What is happening is so egregious and the system is turning the other cheek. So sad.
While I fully understand that you can't name the bad companies, can you possibly name the good ones?
Yeah Dufords agency.. DIG?
Depends if he has agents under him if so then he’ll be responsible for their chargebacks
Thanks for sharing!
I just got my license but I'm afraid I'm already on the wrong road. I wish I knew....
I'm thinking about getting my license too. I think there's alot of opportunity here, that's why these MLMs exist in the first place, because they know rookies know there's money to be made, but they just don't know where, and that's where the MLMs get them.
It's a tough business. Hard to find leads, that's why ppl buy leads from these MLMs . They make money selling leads to desperate agents.
Just got mine. What have you’ve done so dar
@@sven5513yoooo I am almost done getting my license and I don’t even know what to do anymore
Go for captive agent jobs . Always research the company, read employee reviews , forums .
Really sad this kind of businesses are allowed
There is a great comedic movie to be made here
32,000 in income for 6 months, 40000 in total chargebacks since starting
Who is it
Exactly...recycled garbage leads....however, "B" leads also work
His chargebacks include the 30% that you get later maybe?
It'd be nice to find an insurance company that dosen't expect the agents to be responsible for chargebacks. Or a company with a no-chargeback policy
Maybe you can reach out to him and give him a start to pay off his debts.
Just say the name of the company already!
I'm licensed. Are you taking new partners?
Is it Symmetry?
I've heard great things about Symmetry. For instance they don't profit off their leads. You can still obviously fail here, but from my current research and watching experiences like the guy in side bar here that says 'leaving symmetry after 1 year' he's not knocking the company as an MLM
Are you guys talking about Primerica? If yes, I dodged a bullet something seemed a little shifty. If yes, please comment, "you dodged a bullet".
Primerica doesn’t sell leads so they ARE ABSOLUTELY NOT TALKING ABOUT THEM
The entire video is “he might have” “he probably” cmon, the fact that he was doing these sad leads is insane. I was with 2 voluntary carriers. We knocked on business doors. More people are in a business than a single person. I bought leads once. About 25 people had already called them.
generating your own leads is NOT cheap. It takes time And re targeting to get your cost per lead down.
My expertise is in retargeting, back in 2012 when it was still very new, I was fortunate to learn all about it!! If you ever have any questions, I’m happy to help… btw I’m not greedy so I do not charge for questions lol
@@Shannon-mq5uk would love to dm about the method to regather and self-generate
Buying leads just doesnt make sense when all it costs is time, apparently. Sell leads yourself. you dont even have to lie about it.
Brock is a good guy and hard worker. I started helping him generate leads with my done 4 u program…he was starting to get out of the hole but that specific carrier started piling up more debt. Brock is great on the phone smart guy and can sell better then most.
Tell him not to give up on this business. He can go out and do seminar marketing and generate leads for free to get back on his feet. If there's a will, there's a way =)
@@TheDIGAgency He definitely has a plan…but really wants to let everyone know his experience with that IMO. This is a real thing happening to multiple hundreds of people or agents…but they would never do a video as Brock did due to being camera shy or scared of the backlash.Even the successful agents in that IMO do not run there business as advertised on social media…they would never in a million years purchase a “crm lead” or follow certain protocols because they know the failure rate. A lot of agency owners from that imo say the same thing when I speak w them now…”we don’t run our agency the traditional **L way” we do it different…simply because they know the other way is horrible and has made a bad name for them.
Can you tell me more about the "done for you" program?
Funny how everyone is evicted and homeless, but they managed to have a cell phone and a RUclips website😂😂😂
So i am now out. There r tertoriols of how this company is absolutely a scam!! Canceling my phone interview with them today .
who are they?
Great video. I got scammed on my first batch of leads because I did not listen to David and did not do my research. Lesson learned. Now I have a huge return of investment because of my current lead company. Training to avoid huge chargebacks and your leads matters!
What lead source?
As someone else said… “hardly imagine anyone wants to share their lead source”
I have a deep sense that the IMO is the same one that sold me on the cheap lead scam and i lost thousands
All he had to do is do as earned and self gen leads and none of this would happen
I've never seen that work. Advances are basically required if you're investing money into leads.
Oh my gosh how sad. Im about to sit for my license exam and im really nervous considering who I'll be working for. "A--" 😬😬😬😬
Be careful when choosing one. I was at this 3 letter IMO as the guy in the video is referring too. There are plenty like this out there. Point and case make sure they have a few different lead sources for you they recommend. If they are trying to sell you leads to me its a conflict of interest. Also be aware of “free” leads. I have been in the business for 5 years and learned a lot. David always puts out honest content as well.
Look guys don't ever buy leads I started as young as this guy and still in the business. I worked for the biggest multi level companies. Recruited and sold like crazy but the only people that made the real money were the people that started the Company and or agency. So instead of getting out of the business because I know I am better than most. I created my own and been doing it for the last 3 decades. If you know you are a good agent then create your own agency, not one to recruit but to broker insurance all lines not just life. But yes I have seen personally what this young man is talking about and for most inexperienced agents they all tend to fail as well. BUT again if you know you are good then do your own thing and shine bright.
I’m 99% sure I know that IMO! Bogus ass crap leads!
who?
This is really sad
You mean... "buy term and invest the difference" high priced term? We know who that is...
Primerica … I don’t have any money so good luck suing me. 😂
Are you sure is not symmetry ?
It’s definitely not Primerica because they don’t have a lead program.
Do we know which IMO he was with?
Starts with an F
And ends with an L?
And a big ol MIDDLE F 😆
whats the name of the bad IMO hes talking about
Starts with A??
@@MoneyStrategiesSOULutions Starts with an F
Sounds like primerica
"A" leads work......fully underwritten life underwriting takes forever...ie,aps..
You people should expose the names of companies that mistreated you, so we can afoud them 😊
You can get your license revoked for defamation of another company. It's part of insurance law which is why you don't see anyone doing it!
insurance and life brokering is shady regardless of comoany