Group Guarantee Issue Whole Life Carriers

Discussion in 'Life Insurance Forum' started by makeithappen, Apr 6, 2015.

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  1. makeithappen
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    makeithappen New Member

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    If anybody can help, thanks in advance.

    I'm looking for a group whole life insurance carrier for a 250 employee company.

    I know AFLAC, Colonial, Boston Mutual.

    Any other carriers?
     
  2. smokin goose
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    smokin goose Guru

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    I'm thinking Cinncinnati life has something. Maybe TransAmerica too.
     
  3. DHK
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    DHK Guru

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  4. scagnt83
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    scagnt83 Guru

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    Cinci Life has a great product. You can offer GI WL/UL/10yT/15yT/20yT on groups with 3 lives and over. The WL is my favorite, it has a Reduced Paid Up feature that makes it a very easy sell. It is individual GI policies on a list bill, so they are completely portable when an employee leaves. Also the GI term is convertable.

    Guardian also has an excellent GI individual group product (GI for enough lives, your case would count as long as participation is enough).
    They offer bundling discounts for groups, so if they use Guardian for other benefits too the premium gets a very nice reduction. After 3 or 4 products you wont beat their rates.

    Mass, NYL, Trans, Met all have group WL too. A group that large would be GI with NYL... not sure about the other 3.
     
  5. kgmom219
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    kgmom219 Guru

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    2nd vote for Guardian.

    And they "do" group so its not re-inventing the wheel. NYL can do it, but they don't have the group expertise.
     
  6. scagnt83
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    scagnt83 Guru

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    NYL used to be pretty heavy in the group market. The were competitive in the very large group space and not so much the small group market. Over the years they have not remained that competitive and do not have the technology infrastructure for groups that guardian does. But from what I was told NYL at one time was the innovator & leader among the big mutuals in the group market. Of course times change!

    I just recently started writing group benefits again. Guardian has been great to work with. And once you get one guardian product in, it is easy to get others in because of the bundled discount.
    You can say "the life insurance will average $30/m by itself... but if you utilize guardian for dental & vision the average life premium will reduce to $25/m" (as an example). Or you can just wait until the next years open enrollment to pitch the bundle idea once you have established trust.

    And Guardian pays a level comp. You get less upfront, but it adds up to a lot more down the road vs. cinci life.
     
  7. makeithappen
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    makeithappen New Member

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    Scag, kg, dhk and smokin,

    Thank you for your guidance. I'll keep you informed on the results.
     
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