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Reply to Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?     
Old 11-01-2016, 01:34 PM   #11
ATM
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by ///MJay View Post
MNL has a 1% higher cap rate.

The rest are some comparison I found between the companies in general when I was looking.

NA starts 10% higher comp to the agent. But without bonus opportunity.

North American only allows Term Conversion to age 69, not age 75 like Midland…

North American does not allow non-underwritten approval for Accelerated Benefits (ABR) in the first 5 years of a Term conversion like Midland does…

North American only includes the ABR benefits on policies issued up to age 75, not age 80 like with Midland…

On North American ABR, they do not waive policy charges like Midland does on the Chronic Illness rider…

Midland pays total GA Compensation with Bonus Money up to 135% and N/A only pays what the IMO gives you… Typically Street Level plus a little extra based on how much you produce annually..

Midland provides Convention, Co-op Money and Deferred Compensation qualification access and N/A does not…

Midland provides a fully supportive and experience Regional Office in US and North American relies on the support of the IMO support who also deal with dozens of other carriers
Midland renewal comp and comp on excess premiums is much higher. I did the comparisons back when I was looking and all rolled together Midland paid much better, plus I deal directly with them and don't have to screw with an IMO.

As to products they will perform nearly identically. However in most cases Midland performs a few dollars better in cash values or a couple bucks lower in premium on GUL type sales.

Most of the other agents I have who use NA don't like them very much. Most MNL agents do. I know lots of them after having been on their trips over the past 10 yrs or so. I think that's funny because NA and MNL are in the same building and sit side by side. I'm pretty sre the NA agents don't know that they don't like their IMO rather than the insurance company.
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Old 11-01-2016, 01:56 PM   #12
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by TevisVerrett View Post
A massive thank you MJay. The IMO's keep us ignorant. I have been exclusively writing NA Builder IUL 7. . . now I am a bit pissed.

How does one get (direct) to Midland?
You can contact them directly - joinmn.com

I was looking into them, but I am not impressed with the first year compensation on IUL. In fact, the commission on selling Option B is 85%, which is 10% less than Option A, which I simply do not understand.

That makes it a deal-killer for me, unless I can get higher through an IMO.
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Old 11-18-2016, 06:03 PM   #13
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by wfs View Post
You can contact them directly - joinmn.com

I was looking into them, but I am not impressed with the first year compensation on IUL. In fact, the commission on selling Option B is 85%, which is 10% less than Option A, which I simply do not understand.

That makes it a deal-killer for me, unless I can get higher through an IMO.
that's just to start.. the more you prooduce the more you make... now if you don't plan to write a lot go through an IMO and contract with NA ... that's why they have both tiers...
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Old 11-19-2016, 09:27 AM   #14
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by wfs View Post
You can contact them directly - joinmn.com

I was looking into them, but I am not impressed with the first year compensation on IUL. In fact, the commission on selling Option B is 85%, which is 10% less than Option A, which I simply do not understand.

That makes it a deal-killer for me, unless I can get higher through an IMO.
Option B comp is 10% less than option A but pays an extra .5% on excess and pays an .25% asset based trail. If you are writing a decent amount of business and keep it on the books then you will probably decide like I did that option B is a much better deal for building your business and building the value of your business.

The thing that made the decision easy for me, besides dealing direct which I would never give up, is that the production bonus MNL pays is also paid on excess premiums. If you do 50k with them you get a 20% bonus so the 1st yr 85%/95% goes to 105%/110%. But the excess goes from 4%/3.5% to 5%/4.5%.

At 100k of production the bonus is 25% and at 250k, which is where my agency is, we get 30% and the increase on excess is another 1.5%. There's also another 5% bonus they after 2 or 3yrs if you keep production at least equal to the year before.

So I'm getting 35% on top of the 85% option B comp (120% first year), plus 5.5% on excess and 25bps trail paid on cash values. Or could take 130%, 5% and no trail.

Products are good and I know my underwriter and talk to her all the time. That to me is worth a whole heck of a lot and I know it makes me more money.
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Old 11-20-2016, 09:02 AM   #15
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
For a steady producer, Midland will be the better contract. For someone who writes 1 or 2 cases a year, go with North American.

After factoring in the production bonus, persistency bonus, and the asset based bonus; Midland is a much better contract for someone producing decent business.

Some people dont look past the first column of numbers.... others are just bad at math.
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Old 11-20-2016, 09:58 AM   #16
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
To ypu guys who have both oon the books.. Which one of ypur policies have been faring better
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Old 11-20-2016, 10:21 AM   #17
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by jboussea View Post
To ypu guys who have both oon the books.. Which one of ypur policies have been faring better
They have been about the same for the most part. Its hard to compare exactly since it is rare to have 2 policies that are exactly the same.

Caps are usually the same and the policies are almost identical. Midland usually has a higher DB and a slightly higher CV on paper, including Guaranteed Values. So in real life that is going to be true as well... to an extent at least. That difference is a lot more prevalent on large policies or single pay policies.

Ive also found that Midland gives better service to agents and clients. Much easier to deal with from my experience.
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Old 01-07-2017, 09:19 PM   #18
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
How is Midland with the underwriting .. cause NA sucks.. going through an IMO unless they're hands on ... the underwriting process is as good as your IMO I guess..
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Old 01-07-2017, 09:37 PM   #19
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
Originally Posted by jboussea View Post
How is Midland with the underwriting .. cause NA sucks.. going through an IMO unless they're hands on ... the underwriting process is as good as your IMO I guess..
UW is exactly the same I think for both. They loosened up UW a bit last year. I would not consider them as strict on UW as many other players in the CV Life Insurance market. The Rapid Builder product table shaves, I think up to table 2.

Not sure what you are trying to say with the second part of your post. UW process is based on NAs UW Guidelines. You can go online and download the basic UW guidelines so you can prescreen clients yourself. If your IMO is not able to give you accurate estimates for NAs UW, then find an IMO that can... plenty of fish in the sea. Its not the IMO making the decision, its an underwriter as NA who is following their published guidelines.
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Old 01-07-2017, 09:49 PM   #20
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Which One is Better for Midland CV4 IUL or North America Builder IUL7 ? Re: Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?
LOL - I'm going back to SIWL, GI and Term . . .

Gonna leave the UL stuff to you guys.

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