Does Bankers Life Require A License For Insurance?

Bankers Life is currently seeking entry-level insurance sales agents to join their team. To be considered for this role, candidates must possess strong communication and networking skills, a passion for people and sales, and excellent time management and organizational abilities. While prior sales or management experience is not required, a valid life insurance license is preferred. The company offers a competitive compensation package, including commissions, bonuses, and incentives, with top representatives earning upwards of $100,000. If you're interested in kickstarting your career in insurance sales and making a positive impact in your community, this opportunity with Bankers Life could be the perfect fit for you.

Bankers Life Insurance Company rehabilitation

The Bankers Life Insurance Company is currently in rehabilitation, as stated on its official website. This means that the company is likely undergoing a process to improve its financial stability and ensure it can meet its policy obligations. The rehabilitation process is being overseen by the Special Deputy Rehabilitator, who is appointed by the Commissioner of Insurance for the State of North Carolina.

On June 27, 2019, Southland National Insurance Corporation, Colorado Bankers Life Insurance Company, Bankers Life Insurance Company, and Southland National Reinsurance Corporation were placed in rehabilitation by order of the Superior Court of Wake County, North Carolina, with the consent of the Board of Directors and the Controlling Shareholder. The Order of Rehabilitation prevents any legal or equitable action from being taken against the companies.

The rehabilitation process for Bankers Life Insurance Company is ongoing, and the company is providing regular updates and reports on its website. The latest quarterly rehabilitation report available is for the second quarter of 2024 (2Q2024), last updated on November 8, 2024. These reports cover the rehabilitation activities of the company and are filed with the Insurance Commissioner.

In terms of the impact on policyholders, the company has provided a letter and frequently asked questions (FAQs) to address common concerns. Policyholders may also be eligible for a withdrawal or surrender under the Hardship Package, with applications needing to be received by September 30. Additionally, as of November 30, 2024, when the Order of Liquidation becomes effective, the company's policy obligations will be covered by various state life and health insurance guaranty associations, subject to applicable statutory limits and requirements.

Regarding the requirement for a license, while I cannot find a definitive answer for Bankers Life Insurance Company specifically, it appears that a license is generally preferred or required for insurance sales agents or representatives. For example, a job posting for an Entry Level Insurance Sales Representative at Bankers Life® mentions a Life Insurance License as preferred. Therefore, it is advisable to possess or obtain a relevant insurance license if you are considering a career in insurance sales with Bankers Life Insurance Company.

The US Department of Justice indictment of Greg Lindberg

On February 23, 2023, Greg E. Lindberg, a 53-year-old man from Durham, North Carolina, was charged with a multitude of criminal offences in connection with a massive fraud scheme. The charges included one count of conspiracy to commit crimes in connection with the insurance business, wire fraud, and investment adviser fraud; one count of wire fraud; four counts of false insurance business statements presented to regulators; six counts of false entries about the financial condition or solvency of an insurance business; and one count of money laundering conspiracy. The indictment was the result of a federal grand jury investigation in Charlotte, which found that Lindberg had masterminded and directed a scheme to deceive state insurance regulators and defraud thousands of policyholders and other third parties in connection with insurance companies he controlled.

According to court documents, between 2016 and at least 2019, Lindberg and his co-conspirators allegedly conspired to defraud various insurance companies and third parties, ultimately harming thousands of insurance policyholders. Lindberg is accused of deceiving the North Carolina Department of Insurance and other regulators, evading regulatory requirements, and concealing the true financial condition of his insurance companies. He is also alleged to have improperly used insurance company funds for his personal benefit, including financing his lavish lifestyle and "forgiving" more than $125 million in loans from his affiliated companies to himself. The indictment further alleges that Lindberg caused substantial financial hardship to the insurance companies, third parties, and policyholders, with nearly $2 billion in investments made as part of his scheme, most of which remained outstanding as of September 2022. As a result of Lindberg's actions, multiple insurance companies under his control have been placed into rehabilitation or liquidation since 2019.

In a separate case, Lindberg also faces charges related to alleged attempts to bribe the Commissioner of the North Carolina Department of Insurance. One of Lindberg's top executives, Christopher Herwig, pleaded guilty in December 2022 to conspiracy and other related charges, admitting to conspiring with Lindberg and others to commit wire fraud, investment advisor fraud, and money laundering, as well as making false statements in the insurance business.

The US Department of Justice has emphasized the seriousness of Lindberg's alleged crimes, with Assistant Attorney General Kenneth A. Polite, Jr. stating that "no matter how complex the scheme, the department will hold accountable corporate executives whose crimes leave policyholders holding the bag while lining their own pockets." The FBI has also demonstrated its commitment to investigating and prosecuting financial wrongdoing, ensuring that those who commit federal financial crimes are held accountable for their actions.

Liquidation process and protection of policy obligations

Liquidation is the process of bringing a business to an end and distributing its assets to claimants. It usually occurs when a company is insolvent and can no longer meet its financial obligations. The liquidation process for Bankers Life Insurance Company will move forward as of November 30, 2024, when the Order of Liquidation becomes effective.

As part of the liquidation process, the company's policy obligations will be protected and covered by various state life and health insurance guaranty associations, subject to applicable statutory limits and requirements. This means that policyholders will still receive the benefits and protections outlined in their insurance policies, despite the company's financial difficulties.

The liquidation process typically involves selling off the company's assets, such as property, inventory, and securities, to raise funds to pay off creditors and other claimants. This is done in a specific order of priority, with secured creditors who have collateral on loans to the business being first in line, followed by unsecured creditors, and finally shareholders.

During liquidation, the company's operations will come to an end, and it will be deregistered, ceasing to exist as a legal entity. This process is overseen by a trustee appointed by the U.S. Department of Justice, who ensures that the company's assets are distributed fairly and in accordance with the law.

In the case of Bankers Life Insurance Company, the liquidation process will be managed by the Special Deputy Rehabilitator, appointed by the Commissioner of Insurance for the State of North Carolina. Policyholders can refer to the Frequently Asked Questions (FAQs) provided by the company for more information on the liquidation process and how it may affect their policies.

It is important to note that liquidation does not always result in the complete dissolution of a company. In some cases, liquidation may be a tool to restructure and rehabilitate a company, allowing it to continue operations after financial difficulties.

Career opportunities in insurance sales at Bankers Life

Bankers Life offers a range of career opportunities in insurance sales, including entry-level and experienced positions. The company provides award-winning training and support to its agents, along with flexible schedules and unlimited earning potential.

For those new to insurance sales, Bankers Life offers entry-level positions with a starting salary of up to $750,000 per year. These roles provide an opportunity to learn and develop sales skills, with the potential to earn bonuses and commissions. Entry-level insurance sales representatives at Bankers Life are responsible for setting appointments, identifying clients' financial needs, and offering life and health insurance policy recommendations. The company provides leads and award-winning training to support representatives in their roles.

Experienced insurance sales professionals at Bankers Life can also take advantage of career advancement opportunities within the company. The company offers positions such as financial representative, field manager, and regional director, with the potential to become part of the management team.

The total pay range for insurance sales positions at Bankers Life is reported to be between $47,000 and $85,000 per year, including base salary and additional pay such as cash bonuses, commission, and profit-sharing. The average insurance sales base salary at Bankers Life is $63,000 per year.

Bankers Life provides comprehensive training and support to its agents, including licensing courses and study materials. The company's training programs cover sales, products, and leadership development, and have been recognized by Training Magazine's Training Apex Awards for 13 consecutive years. Bankers Life also offers flexible work options, allowing independent contractors to control their own schedules.

In addition to career opportunities and comprehensive training, Bankers Life also offers a range of benefits to its insurance sales agents. These benefits include client lead programs, marketing support, and a personal web page to help engage clients. The company also spends millions each year on leads and client management systems to support its agents' success.

Training and support provided by Bankers Life for entry-level representatives

Bankers Life provides comprehensive training and support for entry-level representatives to help them succeed and grow in their careers. The company offers a variety of career paths and training programs to develop confident and successful financial professionals.

The training programs are award-winning and recognised by Training Magazine's Training Apex Awards for 11 consecutive years. The training covers essential skills and knowledge, including sales, marketing, customer service, and financial strategies. Bankers Life also provides licensing courses and study materials free of charge, as well as assistance with licensing expenses.

After completing self-directed training, entry-level representatives receive in-person training at their local office, where they are paired with experienced producers who mentor and guide them. This hands-on training allows new representatives to learn by shadowing client visits and handling real-life scenarios with the support of seasoned professionals.

In addition to training, Bankers Life offers marketing support, including industry-leading technology, marketing tools, and digital resources to drive business. The company invests in leads and provides new contacts each month, as well as a Personal Business Webpage and online listings to enhance digital presence and lead generation.

The company also emphasises advancement opportunities, with benefit-eligible management positions available within the local branch structure. Entry-level representatives are encouraged to take ownership of their career development and explore different paths as they gain experience.

Bankers Life's training and support aim to provide entry-level representatives with the skills, knowledge, and resources necessary to succeed in the financial services industry and build a solid foundation for their careers.

Frequently asked questions