Beneficial Financial Group

JRoot · 01-09-2008, 09:34 PM

Anyone familiar with Beneficial Financial Group?

I had one of their regional reps pitch me today and it sounds like they could be a value add to my life business. Currently, I sell predominately term- Pru, West Coast Life, Genworth, AIG etc. With some UL in the mix. All through a GA.

With them, I can run my own ledgers (which I havn't done since NMFN) but he guaranteed the cheapest UL product on the market because the agent is able to lower commission, lenient underwriting etc. Also, the whole life product he put in the top 3 with NYL.

He was frank and said they'll never have the lowest term rates. They don't write DI, LTC etc. Just life and annuities.

There's nothing out of pocket, just an annual $18,000 commission minimum for independent agents.

Just curious if anyone sells them, has come in competition with them or even heard anything about them. I've never heard of them until a few weeks ago when a referral source of mine suggested I meet with this guy.

somarco · 01-10-2008, 07:10 AM

Their website indicates they have career opportunities. It also indicates they have LTC & DI.

Maybe those products are only available to career agents.

What do they bring to the table that you are missing now?

Offering the "cheapest UL" on the market is a smoke & mirror pitch.

djs · 01-10-2008, 10:19 AM

Originally Posted by somarco

Offering the "cheapest UL" on the market is a smoke & mirror pitch.

Ditto! Heck, I don't even know what that statement means. With term policies, that is a statement, with UL policies, it's a 'huh???' and has to have a whole conversation behind it.

Dan

JRoot · 01-10-2008, 12:48 PM

Their LTC and DI is through DIBroker.com :: Disability and Long Term Care Products and Services :: Disability Protection for Life. They have career agents in their office like a NYL or NMFN.

What they bring to the table (that I don't have now) is a UL and whole life product I can tweak myself, my own Kettley Publishing Company software to set up proposals. Also, renewal commissions and training for any agents we take on.

I know a "cheap" UL product pitch sounds a bit deceptive. He was referring to how they can tailor it to a lower premium outlay by doing things such as getting approval from underwriting to move up table ratings for unhealthy prospects, tweak your commission to less 1st year and more renewal etc. Actions they say alot of companies won't do to get the business.