Illinois Mutual... Who selling it?

AgentPipeline · 03-23-2008, 12:45 PM

We've recently started working with Illinois Mutual and I'd like to get some feedback from agents that are already selling it. Is everything as good as it looks or are there some hidden problems?

Any feedback on commission, rates and underwriting would be helpful.

Thanks!

jaguar99 · 03-23-2008, 03:47 PM

I am in the process of having my second policy go through underwriting with them, though I have dealt with their underwriting department and their life an disability insurance support staff as well. I'm very new to the business, and have only had dealings with a few companies, so take my feedback for what it's worth.

This is the first company that did not require long waits on hold when dealing with anyone in the company. They answer all e-mails and return your phone calls promptly. So far, underwriting is very quick. Commissions are paid on the first and 16th of the month upon policy approval. They pay renewal commissions on term policies as well. They do not provide leads nor do they advance commissions.

Regarding Term Rates:
They are not the cheapest place around (but they're not the most expensive, either), so internet sales have been difficult for the best customers, but male smoking rates are very competitive.
They do accept some impaired risk, and their rates are competitive in that area.

I got involved with them because they offer several good whole life products. In fact, their Whole life is VERY competitive now.

Overall, I like them, but I wish they did advances, since I'm still a newbie.

Hope this helps.

David C · 03-23-2008, 07:57 PM

They will advance, it depends on your contract.

CHUMPS FROM OXFORD · 03-24-2008, 12:07 AM

I have been licensed with them for quite a while. I ONLY use them for disability cases that the major carriers won't quote competitively (such as truckers, homemakers etc...)

jaguar99 · 03-24-2008, 10:42 AM

Quote:

Originally Posted by CHUMPS FROM OXFORD

I have been licensed with them for quite a while. I ONLY use them for disability cases that the major carriers won't quote competitively (such as truckers, homemakers etc...)

Why is this?

CHUMPS FROM OXFORD · 03-24-2008, 06:00 PM

That's their niche market and they are quite good at it.

Newby · 03-25-2008, 08:43 AM

Quote:

Originally Posted by CHUMPS FROM OXFORD

I have been licensed with them for quite a while. I ONLY use them for disability cases that the major carriers won't quote competitively (such as truckers, homemakers etc...)

Chumps,

Who should I look at for disability for myself and my wife? I'm an insurance agent and she's a CPA. Both in good health (standard not prefered)

I just recieved a mailing from the NAIFA which has it through AIG but it's an increasing premium plan. I think I would rather have a level premium to age 65.

CHUMPS FROM OXFORD · 03-25-2008, 09:52 AM

In no particular order...John Hancock, AIG, MetLife, Principal...and perhaps Mass Mutual.

Delta76 · 04-03-2008, 12:29 PM

I like there voluntary short term product for the small blue collar groups I write. No underwriting, but there is a 12 month pre-existing condition exclusion. Easy to write and understand.

wildcat · 04-03-2008, 11:38 PM

I would but they are not in Calif. I could sure use them here. Standard is my Blue & Grey collar carrier.

schealthagent · 04-15-2008, 10:46 AM

Just a refresher question for you experts out there - for construction trades, would you recommend IM? What kind of verification of income will they accept?

Delta76 · 04-15-2008, 05:35 PM

Disability depends on definitions and this can be very hit or miss depending on each occupation. I suggest partnering with source that is knowledgable and will give you access to all the major carriers. That being said, Illinois Mutual may be the best choice.

As far as income documentation, it depends on what source the income came from. An employee would use a W-2 whereas a sole proprieter may use a there 1040 return.

schealthagent · 04-17-2008, 11:02 PM

Thanks, I am looking for someone now who I think I can trust. In the mean time i did fill out an appointment app with im today and called in for some advice to their sales support team. The rep I spoke with was great and very much willing to help me through the process.

WBunch · 05-22-2008, 01:08 AM

I do have IM in the stable for use with my agents clients who are blue collar. I can tell you this. They are one hell of a company when it comes to service. Every time there is an app submitted we either recieve a phone call or email thanking us for the business. Can't say the same for some other carriers considering the volume of business I send them.

David C · 05-22-2008, 06:34 PM

I agree Wayne. Service is beyond what I expect.

Delta76 · 05-25-2008, 03:13 PM

I mostly write their voluntary STD plan for small groups and some individual DI in the blue collar market, but I too was blown away by how helpful they have been. They are pleasant to speak with on the phone (wish I could say the same about the health companies I work with) and they are proactive. For example, I remember the first time I ran a DI quote online and the next morning I got a phone call asking how they could help. I also ran a life quote online a few weeks back just to see how competitive they were and in my email inbox the next morning were different variations of the same quote someone had run for me (without being asked).