Haven Life/ Mass Mutual

[New kid]

Hello,

My wife (34y/o) just bought Haven Life 30y Term ($650k) without medical exam for a great price . The app process took 7min and she received policy in the email shortly after.

I sell Medicare supplements and I also have life ins license. I would like to expand my agency and offer this product. Can I get contracted with them as an individual agent and what's your experience?

Thank you.

 

[Allen Trent]

Last I knew, they do not appoint agents nor do they even allow their own mass mutual agents to sell Haven. But maybe that has changed.

 

[Tahoe Ray]

Hello,

My wife (34y/o) just bought Haven Life 30y Term ($650k) without medical exam for a great price . The app process took 7min and she received policy in the email shortly after.

I sell Medicare supplements and I also have life ins license. I would like to expand my agency and offer this product. Can I get contracted with them as an individual agent and what's your experience?

Thank you.

I don't believe that they contract agents but you can contract with Ethos, Bestow, or Plum and find similar pricing/application process.

 

[billyb]

My brokerage entered into an agreement with Bestow and had a meeting last week. I sent in contracting and will see how it goes.

 

[pfg1]

I saw Penn has one now also, through a subsidiary company. Its called Fabric I think. I have not looked into it. These carriers are capitalizing on internet traffic which is smart.

 

[Allen Trent]

My brokerage entered into an agreement with Bestow and had a meeting last week. I sent in contracting and will see how it goes.

They have laid off a pretty decent number of their employees they just hired just last fall. I believe like 15% of total workforce. Sounds like sales are not happening as quick as startup money can be burned.

Also hearing from reinsurers that the algorithms are not panning out quite as good as predicted compared to traditional underwriting & higher number of recissions happening during spot audits

 

[billyb]

I don't think my brokerage would have brought them to us if they were not solid. Also looks like North American would not have made a deal with them if their were issues.

 

[Allen Trent]

I don't think my brokerage would have brought them to us if they were not solid. Also looks like North American would not have made a deal with them if their were issues.

I am not saying they are not solid. Just telling you that it sounds like it is not performing to expectations, causing bad underwriting & mortality currently. Otherwise, tell me how Bestow raised hundreds of millions recently, hired tons of employees & just earlier this year announced they would hire 200+ employees, only to actually layoff 15% of it's workforce just a couple months later. My prediction is if North American sticks with it, they will tighten up the UW risk qualifiers and/or raise rates to offset the worse than expected results to date

 

[Tahoe Ray]

I am not saying they are not solid. Just telling you that it sounds like it is not performing to expectations, causing bad underwriting & mortality currently. Otherwise, tell me how Bestow raised hundreds of millions recently, hired tons of employees & just earlier this year announced they would hire 200+ employees, only to actually layoff 15% of it's workforce just a couple months later. My prediction is if North American sticks with it, they will tighten up the UW risk qualifiers and/or raise rates to offset the worse than expected results to date

That's why they started contracting brokers/imos.

Bestow is already middle of the road for pricing. It has to be distribution that has them under the gun at this point.

Fine by me. I've had the contract most of this year and they're super easy to write and pay competitively.

 

[billyb]

The sale is done by the consumer with no agent getting involved. I just have to figure out how to drive them to me.