National Agents Alliance (NAA)
National Agents Alliance, better known as NAA, is an independent marketing organization (IMO) that represents several life insurance companies including Foresters and Mutual of Omaha. The product that they want their independent agent reps to focus on selling is a non-medical, term life insurance product marketed as Mortgage Protection Insurance. They also have access to fully underwritten insurance products and annuities.
The Good: It’s hard to find anything good about this independent marketing organization. Their cult like program takes advantage of people new to selling life insurance promising high income amounts and a dream lifestyle. Life insurance sold as mortgage protection has an incredibly high churn rate, this means that many clients often cancel within the first year and most of the commission that was advanced to you at 100% will need to be paid back to the insurance company.
The Bad: As a new agent, you’ll start out with a 55% contract. They not only want you to focus on selling the product but they want you to build an “agency” by providing a list of friends and family that they can attempt to bring into the “agency”. Once you recruit folks, your contract rate will go up, I believe all the way up to a whopping 80% or so. You can start out at other IMO’s with contract rates of 80-100% or higher and get better leads. There are many sites on the web that claim these guys are a scam. No, NAA is not a scam but they are not up front about a lot of things about the industry. Someone new to the field may feel scammed after the first month or so involved with these guys. Expect to be sold by folks in NAA marketing things like tickets to conventions, training programs and more. After being in insurance for a good while now, I find these guys quite amusing. I do however feel bad for the newbies that get sucked into their pipe dream program.
Leads: They generate their leads mainly through direct mailers. $35 a pop. It’s been said that they resell their “fresh” leads. When I started, you will be promised free leads which sound like a great deal. Once on board, you will be handed a stack of leads, some of which were almost a year old an un-sell-able.
Opinion: Steer clear of this life insurance IMO!
Website: http://www.naaleads.com/
