Naa insurance scam - Where do I look for more information?

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PostPosted: Thu Sep 30, 2010 2:54 pm   Post subject: NAA  

NAA is not a scam, however I worked for them for about a week, and a long with the 5 other agents I worked under we left. The easiest way to explain it is they are a legal pyramid scam; they make money when you do. Would not recommend it they give minimal training to say the least and the leads they sell are pricey and for the most part not in good neighborhoods. I recommend finding an agent in your area and working a deal with him. He will actually see a person not a number.

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PostPosted: Sun Oct 03, 2010 12:08 pm   Post subject:   

Quote:
they are a legal pyramid scam




If it's a pyramid endeavor, or a scam, it cannot be legal.


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PostPosted: Thu Oct 07, 2010 6:48 pm   Post subject:   

In legal terms they are not a pyramid scam... however they get a piece of everything you sell

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PostPosted: Wed Nov 10, 2010 7:24 pm   Post subject: NAA  

I am in the process of taking my exam to become a independent agent with NAA their location is North Carolina and I was just wondering if it was a decent company to get started with.

Overall it does'nt matter who you work with or for the bottom line is you have to remember to be honest with your customers in showing them how they will benefit from the service you are providing be-friend your customers and the referrals will follow.


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PostPosted: Sat Dec 04, 2010 12:40 pm   Post subject: NAA Insurance  

Hello! A friend works for NAA and is making pretty good money at it. I'm considering it but being new to the insurance industry, I want to make sure NAA is a reputable company. I already see you can make $. My question isn't the leads or the commission rate. It's their reputation for client satisfaction. Does anyone know about this?


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PostPosted: Wed Dec 22, 2010 7:21 pm   Post subject: There are non scam companies  

If interested email me at drgllc1@gmail

But as many said before...stay away from NAA and PrimAmerica


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PostPosted: Thu Dec 23, 2010 3:54 am   Post subject: NAA Insurance  

Here is how they work. I saw job posting on Craig'slist,

"Leads,Leads, Leads, .. Mortgage protection... 60k-120k first year".. I called, the guy asked me if i was licensed, I said yes and that I was having problems getting clients underwritten, that I prospected through Netquote. I also expressed my concern was a lack of lead money due to this. His response was contract through NAA, they offer a simplified issue Life policy to people waiting for my call, their are almost a 1000 people in Tennessee that NAA doesn't have the man power to service. After a face to face meeting the story changed. Reality was, NAA takes about 50% of your commission to allow you the priviledge of buying their LEADS at $25 a piece. and they give you none of these upfront and no agent will go into the field with you to get you going (zero training). I said to this recruiter, "so what you are saying is that you want half of my earnings with absolutely no training in return, and you will sell me leads at $8 above market price? I can get Exclusive telemarketed Leads now for $17 each." This recruiter stormed off and hasn't spoken to me since.


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PostPosted: Thu Feb 10, 2011 8:17 am   Post subject: Bad advice  

Well I just relocated 2000 miles from home and sold real estate in my previous locale, so i have done business with many insurance agents over the years...and I will just say that the idea that you should never sell a product you wouldn't buy is bad advice. Certain products are tailored to meet the needs of certain clients. Its niche marketing.


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SellsAlot
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PostPosted: Thu Feb 17, 2011 12:30 am   Post subject: NAA is SO NOT a scam  

These posts appear to be old and some of this confusion has likely been cleared up, but I ran up on this discussion board by accident and wanted to put my two cents worth in for what it is worth.



NAA is NOT a scam for 100% sure. I personally know the owner - actually went to church with him and his family (wife and kids). I also happen to know several agents who are very successful in their businesses - one of whom is in my home almost every single night after he goes to appointments or "makes dials". Not only that, but I know extremely personally some of the people who work in the office. NAA is like any other business - if you do not work, you will not get paid. You have to make calls to clients off of the leads that you are given - sometimes it takes several calls before you get through to the people who expressed interest in a policy. The other thing is sometimes people cancel appointments - this can make the job a challenge, but NOT impossible to make money - and good money from what I know - not what I'm guessing.



The other thing that I am guessing could bring confusion is the fact that you make money by recruiting people under you, BUT you need to understand this is b/c these people are on your team and you make a percentage as a business owner off of what they sell. This should really make people WANT to be involved rather than call it a scam. The more people you recruit to your team, of course the more money you make. HOWEVER, if you are satisfied with making only what you are willing to write as an individual then you DO NOT have to have people working for you! You are FREE to stand alone and just make what you personally write in policies. Insurance sales has the potential to be HIGHLY profitable, but as with anything, it requires people willing to work hard and build their business. NAA is SO NOT A SCAM! I have absolutely NO personal investment in this company - I am actually a stay-at-home mom without any reason for writing this except to see people's names cleared - I just don't think people should be wrongly talked about without somebody taking a stand. You probably won't make a million dollars in a year, but the thing with this business is, it is up to you! You could EASILY make 100,000+ in a year though. It depends on your devotion to your OWN success!

And, to answer someone elses' comment, I KNOW FOR A FACT, because I know a person who actually gives out leads that NAA absolutely 100% for SURE gives leads to their agents while they are getting started until their business is off and running. And as far as the training, you have a mentor who is assigned to you as well who is completely available to you to train you. I don't think they actually go into the field with you, but if you can read and write, you shouldn't have any problem with the forms you have to get the clients to fill out in the homes. NAA is a company who is able to get you contracted with major companies like Forresters(sp), for example - I can't think of any others right now. It is their relationship you are riding on the coat tails of the reason they get part of your commission. I don't know the percentages, but I KNOW they are fair, and I also know they are enough for people to be doing extremely well financially from them alone. And one BIG thing that I can personally verify, is that the employees, recruiters, and mentors are of high character and integrity as well as professionalism. I am taking time to post on here, because it is usually only disgruntled people who take time to air their frustrations that can be birthed out of MANY different reasons. Sometimes when you talk about people, you reveal more about yourself than you do the other party!


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PostPosted: Thu Feb 17, 2011 11:24 pm   Post subject: NAA not a pyramid or a scam  

Okay, its me again - I didn't think I would be doing this bantering - at least it seems respectful though:)



I have to say that I do not agree that it is a "legal pyramid" scheme either. They are offering the relationship to a "supplier" and getting paid because of their relationship with people like Forresters - the actual people who offer the insurance. The insurance in this case is the "product" and they are the middle man who does all of the ground work with the people who actually cover the clients. You are paying for the relationship they have worked for if that makes sense. Some people call Mary Kay a pyramid scheme too, but it isn't anymore than NAA. Mary Kay has the product, the agents who sell for Mary Kay get the clients, but they still owe Mary Kay a percentage for her name - that's just business - not pyramid. The other thing is - I repeat what I already put in the last post - you don't have to have agents under you and build a business. If you want to be the ONLY one who writes policies - NAA doesn't care, but if you want to make more money then get people contracted under you - it is how many, many business work. The other person was right - it is not a pyramid scheme, because they are not legal. It is a business that is very intelligently run that everyone involved in can make a profit at if they will put their noses to the grindstone! Nothing in life is usually free! It takes hard work! If you work with NAA, you will make money. Pyramid schemes don't typically require work - that I know of anyway, but praise God I've never been involved in one to find out!



Have a good night - its a warm one here in NC:)


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Somebodysmom
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PostPosted: Fri Feb 18, 2011 6:08 pm   Post subject: Interested in your company  

I am looking at NAA but would lik eto here about your company.



Thanks ritzzy34


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Jim Is Broke
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PostPosted: Fri Mar 04, 2011 1:53 pm   Post subject: gross net  

NAA in not a scam but it might as well be. The lead cost and override is so much ... chargebacks come all the time... its a smoke and mirror game and before you know it, you are with them for a year or two and realize you are broke. all those income ring winners are broke... gross 150k... net 40k and you are always running to a gay meeting. Big people leave all the time. Shawn Meaikes team just had a big agency manager leave them and this guy was making money. Forgot his name but he was awared rookie agency manager of the year at the conference. Why would he leave? There are just way better opportunities out there. dont get sucked in. Managers saturate the market and then are almost forced to be shady to save on there lead bills and start charging you for leads and give them to other agents. God forbid you say anything about it ..... its like a cult.


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Steve S
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PostPosted: Sun Mar 13, 2011 2:08 pm   Post subject: Details  

Watch this post for details. I was an income ring earner. I will share step by step instructions as to how you can be "earning" a six figure "income" and actually go deep into debt with this "opportunity".



Here is a peak: Their definition of "income" is GROSS REVENUE before any expenses. Take away office expense, staff expense, travel expense, lead bills, lead bill roll ups, chargebacks, etc. and what is left?


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PostPosted: Sun Apr 17, 2011 10:11 pm   Post subject: NAA  

still trying to get information on this company. It seems most of the people just talk trash about NAA without knowing about it. The yhave been in business for a while....leads - if they are good, who cares as long as you are selling. I'm a hard worker and looking at the industry trying to find the best company to work for.....any help would be appreciated. I just don't want to hear from the haters who are lazy.

Thanks.


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PostPosted: Tue May 10, 2011 1:27 pm   Post subject: benistar IRS  

419 Life Insurance Plans and Other Scams – Large IRS Fines –

The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You?



October 13, 2010









Recently IRS raided Benistar, which is also known as the Grist Mill Trust, the promoter and operator of one of the better known and more heavily scrutinized of the Section 419 life insurance plans. IRS attacked the Benistar 419 plan, and one of its tactics was to demand the names of all the clients Benistar worked with — so they could be audited by the IRS, Benistar refused to give the names and actually appealed the decision to turn over the names. The appeal was unsuccessful, but Benistar officials still refused to give up the names. Recently, the IRS raided the Benistar office and took hundreds of boxes of information, which included information on clients who were in their 419 plan. In documents filed by Benistar itself, they stated that 35 to 50 armed IRS agents descended upon their office to seize documents.

IRS has visited, and is still visiting most of the other plans and obtaining names of participants, selling insurance agents, accountants, etc. They have a whole task force devoted to auditing 419, 412i and other abusive plans.

It’s important to understand what could happen to unsuspecting business owners if they get involved in plans that are not above board. Their names could be turned over to the IRS, where audits could ensue, and where the outcome could be the payment of back taxes and significant penalties. Then they would be fined another time under Section 6707A for not properly reporting on themselves.

Most 419 life insurance and 412i defined benefit pension plans were sold to successful business owners as plans with large tax deductions where money would grow tax free until needed in retirement. I would speak at national accounting and other conventions talking about the problems with most of these plans. I would be attacked by some attendees who where making large insurance commissions selling the plans. I would try to warn insurance company home office executives, but they too had their heads in the sand because of all the money these plans brought in. Then the IRS got tough and started fining the unsuspecting business owners hundreds of thousands a year for not reporting on themselves for being in the plan. The agents and insurance companies advise against filing. “This is a good plan. We have approval.” Not only were the business owners fined under IRS Code 6707A, but the insurance agents were also fined $100,000 for not reporting on themselves. Accountants who signed tax returns are even being fined 100,000 by IRS. Then the business owners sue the accountants, insurance agents, etc. I have been following these scenarios for a long time. In fact, I have been an expert witness in many of these cases, and my side has never lost.

Most promoters of 419 plans told clients that their plans complied with the laws and, therefore, were not listed tax transactions. Unfortunately, the IRS doesn’t care what a promoter of a tax-avoidance plan says; it makes its own determination and punishes those who don’t comply.



The McGehee Family Clinic, P.A. was recently hit with back taxes and a penalty under Code Sec. 666A in conjunction with a deduction to the Benistar 419 plan



Dr. McGehee's clinic took a deduction for a 419 plan (the Benistar plan) back in 2005. Eventually, the McGhee Family Clinic was audited. After the audit, the doctor was told that the deduction would be disallowed and that back taxes were due. Additionally, Dr. McGehee was hit with a 20 percent accuracy-related penalty under Code Sec. 6662A. Finally, the tax court sustained the IRS's determination that McGehee was subject to the increased 30 percent penalty, because its return did not include a disclosure statement indicating its participation in the Benistar Trust. I think that in addition to the aforementioned fines, IRS will now fine him, both on a corporate and personal level, another $200,000 or more, under IRC 6707A, for not properly disclosing his participation in a listed transaction. There was a moratorium on those fines until June 2010, pending new legislation to reduce them. The fines had been 200,000 per year on the corporate level and $100,000 per year on the personal level. You got the fine even if you made no contributions for the year. All you had to do was to be in the plan. So Dr. McGehee's fine would be a total of $300,000 per year for every year that he and his corporation were in the plan. IRS also says the fine is not appealable. His fine would be in the million-dollar range and it would be in addition to the back taxes, interest, and penalties already discussed earlier in this paragraph.

Legislation just passed slightly reducing those fines, but you still have to properly file to start the Statute of Limitations running to avoid the fines. IRS is fining people who report on themselves, but make a mistake on the forms. Now that the moratorium on the fines has passed, and so has the new legislation, IRS has aggressively moved to fine unsuspecting business owners hundreds of thousands. This is usually after they get audited, and sometimes reach agreement with IRS. Then another division or department of the IRS imposes a fine under 6707A. I am receiving a lot of phone calls from business owners who this is happening to. Unfortunately, some of these people already had called me. I warned them to properly file under 6707A. Either they did not believe me - it is unbelievable - or their accountant or tax attorney filed incorrectly. Then they called again after being fined.

If you were involved with one of these abusive plans, there are steps that you can take to minimize IRS problems. With respect to filing under Section 6707A, I know the two best people in the country at filing after the fact, which is what you would be doing at this point, and still somehow avoiding the fine. It is an art that both learned through countless hours of research and numerous conversations with IRS personnel. Both have filed dozens of times for clients, after the fact, without the clients being fined. Either may well still be able to help you.

And the right accountant, one with the proper knowledge, experience, and Service contacts, can help with the other IRS problems as well. I recall a case where a CPA I knew and recommended was able to get $300,000 or so in liabilities reduced to three thousand dollars and change. Do not count on a result like this, but help is available.



It’s not worth it!



Stay away from 419 and similar plans like Section 79 plans. Be very careful with 412i plans. Avoid most captive insurance plans.

It’s getting closer to the end of the year. This is when every scammer known to man/woman comes out of the woodwork to sell some fly-by-night tax-deductible plan to clients. Sometimes they come in the form of an accountant, insurance agent-financial planner, or even an attorney. I see this in all of my expert witness cases and when I speak at conventions. I have seen this since the 1990s. I wanted to remind readers that, if it sounds too good to be true, it probably is.









The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.

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