he alleges that his hiring by bankers life was part of a pyramid scheme in which bankers life hires more agents than it needs in order to exact the fees it charges new. 5 days ago · bankers life has an overall rating of 3. 5 out of 5, based on over 2,577 reviews left anonymously by employees. 59% of employees would recommend working at. jun 29, 2016 · no it is not a pyramid scheme. It is a major insurance company's way of using new recruits to weed out potential customers so the managers and those above. Former employee, less than 1 year. You learn a lot about life. Former contractor, more than 3 years. Pyramid scheme, horrible managers.
