Liberty National Life Insurance Company Consider this Internet, Birmingham, Alabama
Consider the following if you are considering Liberty for employment.Per the company weekly reports only 300 agents out of 1700 are generating suffiicient premium enough money to pay their bills.The company lost 1500 agents out of appox 3400 agents in 2009 per mangement.Liberty has appox 140 districts.More than likely 70% of the premium and sales is being written by only 30% of the districts.(Similiar to the 80/20 rule)
According to AM Best the company is rated A+ with a negative outlook. AM Best is very concerned about Liberty National's ability to maintain and grow their field force.Liberty could be downgraded to A from A+ by losing 50% of its field force in the last 12 months.
In 2000, the company had $ 312 million of life premium in force.According to the latest annual report figures of 2008 the comapnay had $ 287 million dollars of premium in force.This figure alone should speak volumes about the management at Liberty National.
Liberty specializes in worksite marketing.They prefer small policies 10,15 and $ 25,000 policies.The company's niche has always been in the final expense market.Their cancer policy reduces considerably at age 65. Their current term insurance rates are 30-100% above "market rates".The more insurance you sell at Liberty the lower the commission you are paid.For example the company will pay you 65% commission on $50,000 Whole Life and 33% at $100,000.This also occurs with their term portfolio of poducts.
Mgt is constantly changing the pay plan.They open offices and then they close them.Former agents,unit managers and branch managers owe the company hundreds of thousand of dollars due to policys that were written and have now lapsed.(Persistency is below average at Liberty becasuse of its market niche).This is one of the reasons the company has to "over price" it products.
Their is the possibilty that the company could finally be realizing that its current philosophy is not working.Only time will tell.This sales job is for the very few.
If you are still interested, I would suggest having 3 months of living expenses set aside.Learn the business and and just know that 80% of agents who enter the business will be out of the business within 5 years according to the Life Insurance industry statistics.