Training or Products

[insurancemet]

So here is my question, I would venture to guess most agents here like MassMutual products better than say Monumental Insurance when it comes to whole life products...So say Mass Mutual agency and Monumental has the same level of training but one pays you much less 55% as oppose to 100% commission, which would you choose? Also if one does care about their clients and not just the money..would going to Monumental be disservice if one feels Mass Mutual products are better.. My other question is when would buying a whole life product from a company like Monumental be better than buying it from a mutual company like Mass Mutual? And I know I have heard the client doesn't care or know but I do and I reallyl want to know the answers to these questions..again if the training is equal..which would you choose?

 

[hammerken]

Just because both Mon and MM sell Whole Life they are not in the same business. Both are very strong companies but if you went after Monumental's target market with MM products you would starve and Vice Versa. My suggestion to you is read these forums and research the companies. Then decide which will be a fit for what your business plan is.

 

[seller88]

That almost sounds like a trick question. Do you sell what is best for you or what is best for the client?

 

[Newby]

So here is my question, I would venture to guess most agents here like MassMutual products better than say Monumental Insurance when it comes to whole life products...So say Mass Mutual agency and Monumental has the same level of training but one pays you much less 55% as oppose to 100% commission, which would you choose? Also if one does care about their clients and not just the money..would going to Monumental be disservice if one feels Mass Mutual products are better.. My other question is when would buying a whole life product from a company like Monumental be better than buying it from a mutual company like Mass Mutual? And I know I have heard the client doesn't care or know but I do and I reallyl want to know the answers to these questions..again if the training is equal..which would you choose?

Mass Mutual would NEVER be able to compete with Monumental on small WL policies on seniors with a few health problems like previous heart attacks, strokes, COPD, etc.

Monumental couldn't compete on large WL policies on young healthy people. But Royal Neighbors would mop the floor with them if the applicant is more concerned with guarantees than dividends.

This is why an independent broker will always be more competitive than an agent who is captive or "career" to a company.

 

[Ann H]

The best independent agents now the products that fit best in niche markets, and use whichever one works best for the client's situation.

 

[pahealthquotes]

you can have the best training and the best products but without Prospects you're DOA. Knowlegde and Product are very important but dont forget to develop a sound marketing strategy that works.

 

[insurancemet]

Thanks to all who responded special thanks to you Newby. That is what I was looking for, some specific, direct answers to my questions. At least now I know why there are the different markets.. When you gave the example of the different needs the 2 separate company would better meet. Which specifically the company has more edge on; in which cases. I appreciate it.
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Also independent is the ideal. But I was wondering in this scenario, if it was just someone new who needed more hands on training.

 

[VolAgent]

Do you have the ability to talk to white collar professionals and small business owners? Can you get in front of them and speak their language? If so, Mass Mutual. The more successful agents will narrow that down to just white collar or just business owner with the only crossover being those that own a white collar business.

Do you have the ability to talk to blue collar, working class or seniors and of course the ability to get in front of them? Then Monumental is the way to go.

Yes, if you are independent then you can sell any of it, but you are better off picking a market and focusing on it.

 

[insurancemet]

Thanks VolAgent. I see based on what Newby shared how Monumental would fit better for seniors. However, I am still confuse in regards why the blue collar, working class would best be met by Monumental rather than Mass. Is it because Mass is more expensive in general?

 

[VolAgent]

Mass is focused on people who can plow some money into bigger policies, often for the cash accumulation which can then be used to supplement retirement, pay for college or a multitude of other uses. Also, Mass has a good DI policy, but it is targeted to white collar professionals. Finally, Mass will want you to get securities licensed. You'll need people with investable assets to make any money in securities.

Expensive is relative. It depends on if the value is there for what you can get. But Mass is definitely going to be higher premiums.