150 Man Group - Need to Replace AGLAchoice Index Plus with Possibly Either NYL or MM

[hayley10186]

I am in serious need of advise. I have been in the insurance industry for 3 and a half years now. I have been only contracted with Aflac up until recently. I have a client with 150 employees that wants me to replace the AGLA life insurance that was written there. They trust me completely to do whatever needs to be done and offer whoever I want to offer. I am looking to contract with another Life carrier to offer them competitive rates in TL and WL with only one carrier. I have contracted with Standard Life but, of course, they only have TL unless you are 50-80yrs old, so I am going to pass on that for this group. I thought I had narrowed it down to NYL because of their Guaranteed Issue WL, however, after meeting with the local manager today and finding out that with a broker contract I will only be compensated 55% for TL and 50% for WL without renewals and I have to write these cases directly with a NYL agent and split the business, I am not so sure I want to go that way anymore. I want to do what is best for my client but I don't want to screw myself over either. I want what is best for both of us. I have considered Mass Mutual because I have read so good threads about them but can I get a broker contract with them and if so, how does it work? Also, do they offer a competitive TL and WL for a 150 man account? If not, what is my best option.....please help.

 

[BNTRS]

Contact me here:

Professional Contact

MassMutual is a good option on the whole life side, term rates may not be all that competitive and if you're looking to do this on a guaranteed issue basis, term products will most likely be a no go for Mass.

Doesn't make them a bad choice, as their whole life is great and absolutely available on a guaranteed multi-life issue basis.

I can get you in touch with the right people, be it Mass or someone else.

 

[Mattschmidt]

Search for PicNic on here. He would get you pointed in right direction and you cant say enough positieves about him and pinney insurance

 

[hayley10186]

Thanks BNTRS...NYL is guaranteed issue in WL but not TL. Guaranteed issue is not an necessary but would be a plus. I am just trying to figure out which company is the best option for a group that size for the rates in both WL and TL and I need to do it fast as this was very recently placed in my lap to change from AGLA. I need to get on making my decision in the next 24 hours. Do you know what company (NYL/MM/or other) is the absolutely very best to work with on a payroll deduction basis for the client and then the best to work with on the commission/contract side with the agent?

 

[smokin goose]

Doesn't trans have GI term and WL for worksite?

 

[hayley10186]

I just checked their website and yes they do...but my next questions is....how quickly can I get appointed with them and how easy are they to work with. I need to get my hands on products to write ASAP... getting Broker'ed with NYL is like an act of congress.

 

[BNTRS]

I just checked their website and yes they do...but my next questions is....how quickly can I get appointed with them and how easy are they to work with. I need to get my hands on products to write ASAP... getting Broker'ed with NYL is like an act of congress.

You don't want Trans' whole life product, their term product is fine, but not their whole life product. Mass would be far superior. You could also look at Guardian or Penn Mutual for whole life. Guardian would be super attractive from a client benefit point of view on what will likely be smaller whole life policies, but comp for you won't be great.

Mass would still be my top pick for multi-life whole life here.

 

[smokin goose]

I just checked their website and yes they do...but my next questions is....how quickly can I get appointed with them and how easy are they to work with. I need to get my hands on products to write ASAP... getting Broker'ed with NYL is like an act of congress.

I have a friend in Cali that has a broker contract. He could probably get the ball rolling tomorrow. PM me if you want his number.
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You can't PM yet. Just shoot me a text.

270-668-6951

He has some other broker contacts as well and may even have a better solution than trans. I just thought of them because I've heard people talk about them issuing a lot of GI life.

 

[hayley10186]

You don't want Trans' whole life product, their term product is fine, but not their whole life product. Mass would be far superior. You could also look at Guardian or Penn Mutual for whole life. Guardian would be super attractive from a client benefit point of view on what will likely be smaller whole life policies, but comp for you won't be great.

Mass would still be my top pick for multi-life whole life here.

Okay, so Mass Mutual is the best suggestion for a 150 man account and they will do payroll deduction accounts?

Also, do they have GI WL then TL available as well?

How do I get appointed with them (directly through the company or find a broker)? And how quickly can I make this happen?

What is the compensation like?

I had a brokerage suggest using Cinncinati Life... thoughts on this?

Also, what would be the benefit of offering Penn Mutual as opposed to MM?

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I have a friend in Cali that has a broker contract. He could probably get the ball rolling tomorrow. PM me if you want his number.
- - - - - - - - - - - - - - - - - -
You can't PM yet. Just shoot me a text.

270-668-6951

He has some other broker contacts as well and may even have a better solution than trans. I just thought of them because I've heard people talk about them issuing a lot of GI life.

Is the friend that you are referring to able to get me contracted with MM?

 

[AllGold]

A few thoughts in no particular order...

I don't know much about your situation, but I don't think making a hasty decision within 24 hours is a good idea. Maybe it's just not possible but I suggest talking to the business and let them know you want to do it right and that will require some time.

If you have 150 lives, the insurance companies should be more willing to work with you. Call them directly.

It could be my ignorance in the group market but when you say you have a 150 life group and you want GI, the first thing that comes to mind are the typical players in the group market like Colonial, Unum and yes, even Aflac.