Which Carrier Would You Choose?

diesel14

Expert
37
I am looking at picking up a new carrier and I'm looking at American General Life Insurance Company, Banner Life Insurance, Saving Bank Life Insurance Company of MA, and Ohio National Which would you pick based on ease of placing a case and rates?
 
IF you're in a state where Ohio National operates as an independent, they have as good a term product as there is - fully convertible to any permanent product in their line at the time of conversion, solid whole life line, good current assumption UL, and a DI line on the same level as Principal.
 
Banner --- true brokerage company....no direct sales (like AIG), no multiple distribution channels (although they are in some financial institutions and wirehouses - but without a point of sale force)....in other words, they value GA relationship....really only use them for term, but their UL is actually not bad....they also do a good job with AppAssist program, to your point about ease.
 
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I would pick Protective Life above those companies.... I compare Protective with Banner every day.... Difference to me, Protective has more convertible products than Banner, better or equal rates, and more commission than Banner....

Simple math 'PROTECTIVE'... Second would be ONL on Product alone, but comp is not great especially if you are in OH.
 
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I would pick Protective Life above those companies.... I compare Protective with Banner every day.... Difference to me, Protective has more convertible products, better or equal rates, and more commission than Banner....

Simple math 'PROTECTIVE'... Second would be ONL on Product alone, but comp is not great especially if you are in OH.

Second Protective. If he had put Protective in the list I would have picked them as well. Not because of the conversion products, there I would have picked ONL. I use Protective to beat price based competitors regularly. One underused value with them is the DT at the end of the term period over the huge sticker shock at the end. Being able to dial down their UL is important as well many people's needs do not fit in neat 20 or 30 year blocks. Also a dialed down UL will issue at higher ages than many term plans. And if the UL is the Advantage it has a rolling target. Which can mean 50-100% more comp. :yes:
 
skipper whats comp at protective on there 30yr level term?

I have been contracted with them since 1987 and they have been my most consistent carrier on underwriting, competitive pricing and agent commission.... To me that says a lot.

Street is 85% or 90% (30yr term) depending on the BGA/IMO.... With proof of production there is always more..... For the Lurkers... it is a term policy built on a UL policy with decreasing face amount after the initial term period (10,15,20,25,30)

Many BGA's have value added services for the 5-10 apps per year term guys and you will see them at the 85% level.

Underwriting is fair and predictable. They follow most carriers that reinsure their business.... Compared to Transamerica, which has easier underwriting and high retention limits, they would be tighter....

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Second Protective. If he had put Protective in the list I would have picked them as well. Not because of the conversion products, there I would have picked ONL. I use Protective to beat price based competitors regularly. One underused value with them is the DT at the end of the term period over the huge sticker shock at the end. Being able to dial down their UL is important as well many people's needs do not fit in neat 20 or 30 year blocks. Also a dialed down UL will issue at higher ages than many term plans. And if the UL is the Advantage it has a rolling target. Which can mean 50-100% more comp. :yes:

I love that DT at the end of the initial policy term (Decreasing Term for the peanut gallery)...... They find ways for policy holders to keep their coverage....

A conservative company with creative product design.
 

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wino what do you mean rolling targets?How's protective under writing?how's there gul?

If the premium paid in the first year is is lower than the commissionable target it rolls over to year two till the target is reached. Example of one Target is $7,375 Monthly premium is $384. This was a male age 76 plan to age 90. oh, and renewals.

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On underwriting, I believe they still underwrite out of two manual, so best offer. And unlike some companies you can talk to the underwriter.
 
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