Good Whole Life Carrier?

[agentinsouth]

Now that the brawl, I mean football game is over, back to work. I am a P&C guy selling more and more life policies.I mainly sale term and UL through Mutual of Omaha and Transamerica. Unfortunately, neither one has a decent whole life product. Who should I look at for good whole life products? Also, I need training to assist me in explaining how whole life is a good investment product. Any suggestions on where to look?
Thanks!

 

[DHK]

For whole life, I'd look into Ohio National and Lafayette Life. I also like Assurity Life, primarily because they offer a broad range of products, not just whole life.

For training, I wholeheartedly recommend the Insurance Pro Shop. Start with their members only site for $25/month and watch the training videos available there... then you can buy their systems, etc.

 

[YourFamilyBank]

For whole life, I'd look into Ohio National and Lafayette Life. I also like Assurity Life, primarily because they offer a broad range of products, not just whole life.

Start with their members only site for $25/month and watch the training videos available there... then you can buy their systems, etc.

Hey DHK - tried to PM you with a direct question about Assurity but couldn't. Could you share why you threw them out here? Just curious as I haven't seen them added to anyone's list here when discussing whole life carriers to go to.

Assurity popped on our radar screen recently and at first I dismissed them almost, but after doing some comparing I've been quite shocked. For example, today we ran an illustration showing a loan scenario vs a major "non-direct recog" carrier with the same parameters and even though Assurity is "direct recog", they won out at 15,20,25 and on ... in cash and DB.

If you need to PM if reasons are private please do so. Thanks.

 

[DHK]

I can't keep up on PMs, and so it's just better to keep everything in the open so others can benefit too.

You're right - Assurity is still a "direct recognition" carrier. However, as I've done loan illustrations, it's easy to show how the loan interest payments are added back into the policy along with the current base premiums still being paid.

It's also very easy to do a maximum CV illustration.

I also like being able to bundle up to $3,000 "own occ" monthly disability income benefit in the policy.

But like you, I've compared Assurity with other carriers, and they're only slightly different. As Ben Feldman said "They just have a different future estimate than this other company does."

Something else I like, is that Assurity has a broad range of products. Whenever possible, it makes the most sense to pool your production with as few carriers as possible, so there's another "plus" for Assurity.

Oh, their standard UL ain't bad either!

I have two negatives about Assurity.

1) Is that they are an A- carrier... but that's fine for E&O purposes. It's easy to explain too - because they have a lot of disability, critical illness, accident, and other plans that have a higher frequency of claims than most other life insurance carriers offer.

2) The VER rider (Value Enhancement Rider) isn't covered under disability waiver of premium. I doubt any company covers that rider for future contributions, but it's one reason why I've been liking an IUL with a stipulated waiver of premium.

Hope this helps!

 

[agentinsouth]

Funny - I got a call from them yesterday.

 

[heynow5]

Who was the major non-direct? Just curious and it would save me the time..

 

[david_lewis]

I know this is a little late, but no one really answered the non-DR question so hopefully this helps someone else with the same question:

MassMutual: Their 10-pay, 20-pay, and Life @ 65 are all great products and if you choose the variable rate loan option at issue, it's non-DR.

 

[heynow5]

Actually the question was what non-direct carrier lost out to Assurity in his comparison. I doubt Assurity would illustrate better than Mass but I have not compared them so I could be wrong.

 

[DHK]

Not everything is based on illustrated dividend scales and values. Remember that any additional rider added to the policy will reduce the cash value accumulation.

And no, I wouldn't say that Assurity would "illustrate better" than Mass. However, Assurity has DI riders and other things that make them competitive in my book - along with higher compensation than Mass pays.

But... if you're always looking for the company that "illustrates better"... what happens if and when they lower their dividend scale? Will you just 'jump ship' and find another company?

Find a couple of companies that illustrate well and/or have competitive riders and stay with them until you find a solid reason not to.

 

[WinoBlues]

Not everything is based on illustrated dividend scales and values. Remember that any additional rider added to the policy will reduce the cash value accumulation.

And no, I wouldn't say that Assurity would "illustrate better" than Mass. However, Assurity has DI riders and other things that make them competitive in my book - along with higher compensation than Mass pays.

But... if you're always looking for the company that "illustrates better"... what happens if and when they lower their dividend scale? Will you just 'jump ship' and find another company?

Find a couple of companies that illustrate well and/or have competitive riders and stay with them until you find a solid reason not to.

Value over Price and Illustrations.