Perhaps you’re here today because you are interested in starting a career selling insurance. Maybe you are not quite sure which agency you should join. Or you’ve already talked to the National Income Life Insurance Company (NILICO) and you’d like to have more details about the company before you make up your mind.
In either case, you’re in the right place!
Even if you haven’t been tested for your insurance license yet, keep reading the article. This is an unbiased and fair agent career review where I tell you everything you need to know about NILICO, in addition to giving you some useful insights into selling insurance in general.
PS: You may want to check out my insurance sales job reviews of other agencies for comparison.
NOTE: If you’re an aspiring or new insurance agent searching for more information about the insurance sales industry, feel free to consult my Free Insurance Agent Resource Guide [NEW]. It will answer many of your questions about insurance sales and also some you didn’t know you had!
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National Income Life Insurance Company (NILICO) is an insurance agency founded in 1999. It focuses on providing supplemental life insurance to members of labor unions, credit unions, and associations.
NILICO’s parent company, American Income Life (AIL) is a wholly owned subsidiary of Globe Life, a company that markets life and supplemental health insurance to middle-income families through its partner carriers.
NILICO is a 100% union label company and all its operations are done under the union label. It works with prominent labor organizations, leaders, and activists belonging to more than 45 international unions. NILICO cooperates with association directors to develop marketing plans designed specifically for their needs.
The company is headquartered in Syracuse, New York.
Products Sold And Market Focus
NILICO products include life insurance, accident, and supplementary health insurance, in addition to a Safe Kit For Children at no cost. They offer both individual, single parent, and family policies.
NILICO offers two types of life insurance policies: whole life and term life insurance. In addition, they provide terminal illness riders that can be added to a life insurance policy at no cost to the insured.
When it comes to accident and supplemental health insurance, these products complement any insurance the customer may already have in place and are paid in addition to any other coverage.
NILICO’s accident policy pays cash benefits for accidental injuries. It is guaranteed renewable and cannot be canceled as long as premiums are paid on time.
How Leads Work
NILICO‘s parent company, American Income Life, focuses on several different strategies for generating life insurance leads.
Leads can be generated when union members send back a reply card to add their beneficiary to the accidental coverage. An agent will then contact the union member and try to sell other supplemental insurance products in addition to helping with the beneficiary information.
Leads are also generated through no-cost Child Safety Kits. While delivering the kit to an interested prospect, the agent will transition to a conversation about the company’s insurance products.
In addition, AIL agents also generate referrals from sales presentations.
How Getting Paid Works
At National Income Life Insurance Company, earnings are 100% commission based. NILICO claims to offer one of the most lucrative compensation packages available in the life insurance market.
NILICO rewards outstanding achievements with annual sales conventions in exotic locations, awards, and peer recognition.
In addition, the company offers field sales training and supplemental online coaching.
Is It A Scam, MLM, Pyramid Scheme?
NILICO is not a scam. It is a completely legitimate and reputable company with a superior A+ financial rating from BBB and an excellent A rating from AM Best.
This is not a pyramid scheme where the product is disguised as a membership cost to join the company.
However, NILICO does have a hierarchy in its sales organization just like any other insurance agency. Although it may look like a multi level marketing (MLM) organization on the surface, it is customary to the insurance sales business.
Now that you know a little more about NILICO and how selling insurance with this company works, I would like to offer you my perspective as a national insurance agency owner since 2013.
Below is one of the key points you should consider before you start working as an agent either with NILICO or with any other insurance company.
Mastering One Product Strategy
If you would like to start a career in selling insurance, my best advice is to focus on mastering one single product. By becoming an expert in your niche, you will be able to make more sales. Later on, you can start incorporating more products into your portfolio if you wish.
In my own agency, Duford Insurance Group, new agents who choose this approach are usually much more successful than those who try to become experts in every single product.
Learning about multiple products, where each one has different underwriting requirements and technical know-how, can quickly become too overwhelming for a new agent. If this happens, you risk losing interest in the insurance business and quitting altogether.
This is why you should always make sure that the insurance agency you choose to work with encourages specialization rather than generalization.
I hope you found my review about NILICO as well as the advice about the importance of mastering one product useful.
If you would like to find out more about how my agency, Duford Insurance Group, works there is more information on the FAQ page.
Please feel free to check out the new version of my Free Insurance Agent Resource Guide where you can find useful advice about the insurance sales business in general.
Thank you for reading!