Anyone ever work for Monumental Life?

[cadylou]

maybe this is a dumb question

I haven't been in the business long, so John, I wanted to know what you mean by "washing the apps". I'm just not familiar with the phrase or what it means. thanks!

 

[Crabcake Johnny]

It mean omitting health information from the application.

 

[cadylou]

ok

thanks

 

[WBunch]

Well I can speak from experience. I used to work for monumental when I was in college and for 2yrs after college. I would work the days I didn't have class and work in the afternoons and evenings. I made decent money while in college. All through college I made 35-40k which was decent. When I got out of college and had full time to devote i made 85-90k my last 2yrs. Since then I have branched off and became and indy and make way more than that and work alot less(collections).

 

[Wprice]

Exactly, Monumental is amazing to start, and if you want benes and such, I highly suggest it. I work P&C and sort of miss it except the collections.

 

[Cenla Agent]

They seem to have a full line of business, even though I hear they are out of the LTCi yet they seem to still have it? You have Term, WL, UL, Final Expense, Supplements for seniors don't know if its competitive or not? Simply don't know why you couldn't? What commission are they offering on their Term? Is it greater than 75% or less?

If they do issue supplements, it's not in all states. I think they are selling United World here. They also have focused heavily on cancer policies in the past and have the whole range of life policies.

 

[senior-advisor-indiana]

I am interested in seeing how monumental works.

 

[Cenla Agent]

I worked for them for a couple of months about 4 years ago and unwisely took another non insurance position that promised far more than it delivered.

Others here mentioned collections, but the office I worked in did not collect. Maybe this varies from office to office, but my manager said he'd actually rather have the business lapse than have to collect it and he would complain if he found out that someone was collecting. They basically wanted bank draft business. Several years ago Monumental bought out Commonwealth Life Ins. which was HQ'd in Louisville. They were a debit company, so I guess they may still collect in some areas but they stopped it here.

With Monumental, (unless things have changed) you are assigned a book of business that covers a particular geographic area. It's basically your own agency. IIRC for the first 90 days you are paid a training salary of somewhere around $2000 per month that will vary a little based on your prior experience, whether you have a college degree, etc. Like other companies, the quality and extent of your training is going to depend on your manager. Once you come out of training, you are paid "service pay" based on what's on the books in your agency plus commission and maybe some bonuses. (Sorry, but I can't remember anything about commission). The service pay is not for collecting but is pay to service the account. The company wants you to see every client at least once a year and evaluate their needs, etc. If something lapses, your service pay goes down. Write new policies, it goes up. The book of business is your #1 source of prospects. They didn't do a Project 100 or anything like that since you should have enough people to see from your agency that you wouldn't need to do much outside prospecting, at least not to start. Depending on the agency you are assigned, you will likely have a lot of clients that have policies with only a very small face value, like $500 or $1000 that typically is paid up and has been on the books for 30 years or more, and so there is a big opportunity with many of them to write final expense, write their kids, get referrals, etc.

Also, unless things have changed, going captive with Monumental probably won't be possible for an independent agent who has been in business for a while because they will not hire you if you have been appointed with too many life insurance companies in the past. IIRC the limit was 3. The main reason for this rule is probably to guard against agents coming in and flipping business from company to company every couple of years, especially with them giving you the keys to the cookie jar by assigning you the book of business.

So if it's basically the way it was in 2002-03, it is a good opportunity for someone new to the business or who maybe has been captive with another company, but it is probably not an option for someone who has been independent and appointed with several life companies.

This is not a bad opportunity, especially for someone new to the business or for someone who isn't that good at cold calling and other similar forms of prospecting but who doesn't mind calling existing customers to set appointments. But it's not a position where you can just sit back and collect your service pay (not enough for most people to live on anyway) and fiddle around. Of course some of this is going to depend on the particular Branch Manager, but mine told me he treated it like a football team. If he found an agent he wanted to hire, he'd start looking for a reason to let one of his poor performing agents go. A branch will only have a certain number of agencies (maybe 5-7), so a manager can't hire someone unless there is an open agency.

 

[Bryson]

Guru gave you his friends contact info that works with Monumental. What does his friend say about them? Does he call and set appointments with the leads he gets from Monumental, or just go to the lead without calling first? I've talked with some people who say this is the way to go who work with Monumental. Have you been told this? I've always called for the appointment but this no call way sounds like it might be better? Thanks for your imput.

 

[bigcockroach]

Have anybody had any problems with Senior-Life services of Vero Beach,Florida and Penn Life Senior Solutions?What about Conseco? Sign bigcockroach of tampa,florida