Lafayette Life Vs Columbus Life

[yellowbirdnj]

Now granted, I know that they are sister companies, but what makes them different from one another? I went to the Columbus website and they claim to be a producers company. Can someone explain what a producers company is to me? Why would someone write with Columbus over Lafayette anyway?

 

[Golfnut2112]

I use both. Columbus life has UL based products and Lafayette has participating whole life. Both have term and annuites with Lafayette having one that is indexed. Lafayette also goes down to $5,000 on whole life and they also have a good final expense product. I use both companies but my larger cases are with Columbus.

 

[yellowbirdnj]

Great answer; it explained a lot!!! But now what makes it a producers company? Why would an indie pick this company over others to do business with?

 

[Larry Tew]

Great answer; it explained a lot!!! But now what makes it a producers company? Why would an indie pick this company over others to do business with?

"Producer's Company"? It's just an advertising hook. I don't know why an indy would pick them over other established indy companies like Ohio National, Lafayette, Mutual Trust (too small) or even Penn Mutual in certain instances.

The important thing is to know how you want to do business and match the company with that. For example, if you need very small face amounts, Ohio National won't work as well as Lafayette. But if you do large face amounts with term followed by a structured conversion strategy to whole life or UL, nobody touches Ohio National.

 

[WinoBlues]

"Producer's Company"? It's just an advertising hook. I don't know why an indy would pick them over other established indy companies like Ohio National, Lafayette, Mutual Trust (too small) or even Penn Mutual in certain instances.

The important thing is to know how you want to do business and match the company with that. For example, if you need very small face amounts, Ohio National won't work as well as Lafayette. But if you do large face amounts with term followed by a structured conversion strategy to whole life or UL, nobody touches Ohio National.

I apologize for going off topic.

Larry, could you explain that a bit more.

Thank you,

Lee

 

[Larry Tew]

I apologize for going off topic.

Larry, could you explain that a bit more.

Thank you,

Lee

Sorry Lee, I'm having a "senior moment". What exactly do you want me to clarify?

 

[WinoBlues]

Sorry Lee, I'm having a "senior moment". What exactly do you want me to clarify?

structured conversion strategy.

 

[Larry Tew]

structured conversion strategy.

Ok. My objective is to place as much face on each adult as the company will issue... usually a multiple of income based on their age. They have to want that much but once they go through the planning process they see how long what they already have will last and how much it would take to replace all the income they want replaced.

I almost always have this initially issued as term because we may not know exactly where the premium is coming from for the permanent. We continue on in the planning process to find money they can use for savings. Some are obvious, others require some work and time, such as a refi or reduction in their qualified plan beyond a healthy match.

I structure a time frame for future conversions of their term (I refer to their term as "inventory") based on when we think we will have more cash flow to work with. We might convert some term only a month or two from issue or it could be a year or more out.

i mentioned Ohio National working well for that because they have great term rates and conversion to any permanent product in their line at the time of conversion (assuming you use their PLUS option).

 

[WinoBlues]

With the exception of the EDIT:<Damn phone> month out conversion, I do similar. Term is a great tool.

Ok. My objective is to place as much face on each adult as the company will issue... usually a multiple of income based on their age. They have to want that much but once they go through the planning process they see how long what they already have will last and how much it would take to replace all the income they want replaced.

I almost always have this initially issued as term because we may not know exactly where the premium is coming from for the permanent. We continue on in the planning process to find money they can use for savings. Some are obvious, others require some work and time, such as a refi or reduction in their qualified plan beyond a healthy match.

I structure a time frame for future conversions of their term (I refer to their term as "inventory") based on when we think we will have more cash flow to work with. We might convert some term only a month or two from issue or it could be a year or more out.

i mentioned Ohio National working well for that because they have great term rates and conversion to any permanent product in their line at the time of conversion (assuming you use their PLUS option).

Got it.

Thanks and I agree with the great conversion options with ONL.

 

[Tahoe Ray]

Ok. My objective is to place as much face on each adult as the company will issue... usually a multiple of income based on their age. They have to want that much but once they go through the planning process they see how long what they already have will last and how much it would take to replace all the income they want replaced.

I almost always have this initially issued as term because we may not know exactly where the premium is coming from for the permanent. We continue on in the planning process to find money they can use for savings. Some are obvious, others require some work and time, such as a refi or reduction in their qualified plan beyond a healthy match.

I structure a time frame for future conversions of their term (I refer to their term as "inventory") based on when we think we will have more cash flow to work with. We might convert some term only a month or two from issue or it could be a year or more out.

i mentioned Ohio National working well for that because they have great term rates and conversion to any permanent product in their line at the time of conversion (assuming you use their PLUS option).

This is a dying breed...even ING is not really viable here anymore. I focus on Met for these cases. Besides ONL, who is favorable here?