Life insurance, or any type of insurance policy really, wasn’t something I expected to have its own set of network marketing or multi-level marketing companies. For the most part, the network marketing or multi-level marketing companies I have reviewed have mostly been from the health & wellness and beauty industry. There’s a smattering of crypto in it, as well. But insurance? I haven’t really seen them that much. Most industries probably have their fair share of companies that have a multi-level marketing aspect to them. I mean, crypto is still a fairly new industry. But there’s been a bunch of attempts to create multi-level marketing schemes in crypto. Most of them, like Hyperfund and PGI Global, didn’t work out so well.
The founder of Family First Life, Shawn Meaike, already had some experience working in another life insurance MLM company. It was through his time at that company that he decided to start Family First Life in 2013. The funny thing is that, prior to him sending his resignation at that company, Shawn allegedly tried to actively recruit a few people who worked at NAA, or National Agents Alliance, to join Family First Life. I sort of understand that you need experienced people to help you build a company like that. But trying to get them why both you are still working at a company that operates in the same industry? That’s a bad look.
Family First Life doesn’t actually sell their own life insurance. Honestly, I assumed that they did while I was researching about it. But what I learned is that Family First Life is primarily a IMO, which stands for independent marketing organization. What it means is that people who join Family First Life will be able to sell insurance from multiple life insurance carriers that partnered with the company. Most of the insurance people that I’ve come across in my life are directly employed by the life insurance company. That means they can sell you an insurance plan that fits to your needs that one or more of their partner carriers provide.
Compared to a lot of multi-level marketing companies that exist in other industries, I was kind of surprised to see that you don’t really have to pay any fee to become an independent contractor. It makes sense though. You’re basically just asking to get hired as an insurance agent but one that’s not tied to a specific company. It’s kind of a more complicated way of getting hired. Family First Life doesn’t seem to require any of its affiliate to sign a contract with them. I’m not really sure if that’s a good thing or a bad thing.
While it is free to join Family First Life, it actually costs a substantial amount of money to buy leads. Leads, in the insurance industry, refer to a person who has expressed interest that they want they to try out your service or product. You can’t really just force people to get life insurance. You have to find people who want to get life insurance. That’s where the leads come in. It seems like Family First Life is using a third-party service to sell you leads. Those leads cost a fuckton of money. It’s a few hundred dollars. And you have to pay at least $1500 a week for leads. In a month, you’ve already spent $6000 just on leads. Leads aren’t always going to pan out like you’d hope. Sometimes those leads have already bought insurance policies from a different person or maybe they didn’t have the money to buy insurance at that time.
Compared to the other multi-level companies, the life insurance MLMs are a lot more risky to be a part of. You’re spending thousands of dollars just to find people who might be interested in buying the insurance policies you’re selling. There’s just something about that feels so terribly wrong. I’m opposed to any kind of MLM scheme, but this one really takes the cake. I can’t really imagine how hard the first few months of being an independent contractor for an insurance IMO is like, especially with First Family Life. You’re definitely putting more than you should be on a thing that you don’t really know would work out. And since you’re an independent contractor, you don’t really get paid until you make the quota needed to earn money.