- 30,589
I was watching T.V. the other night and saw a Mass Mutual commercial for GI Final Expense. It must be profitable if the big boys are jumping in.
Mass Mutual's The Latest To Join The T.V. GI Crowd
- Thread starter goillini52
- Start date
- 3,247
Thats good to know, they are a solid company, I will inquire about this and see what my upline says about this...
Every company is doing its best to take the local agent out of the picture. I sold a $25,000 WL to a 64 year old in lower AL and he called me last week and said he found coverage much cheaper. I went by and saw him and it was a simplified issue GUL from Minnesota Life that he had bought over the phone. Guaranteed to age 101. They just happened to call him so I assume they were soliciting that area. I called the company because I sell their term products. It is an in house deal and outside agents cannot sell the product.
- 634
That is crazy because their stance, not long ago, was to DQ any app that said FE on it or had the look of FE.
Anybody have the link that shows Mass Mutuals Gi products rates? So every big company has a Gi product. Pru.Met,Moo,Ny life and on and on. The reason they don't sell thru agents is they know many ship who could get a Si product will call in and buy the Gi. Were agents will only place very sick unhealthy people with this. I'd love to see Gerbers claim ratios with direct client call in business versus agent business. I bet agent originated Gi business has much higher claim ratios.
- 19,663
He bought an inferior product to what you sold him. Surely you can go back and explain that?
- 17,077
Here's the link. Looks to be way higher than Gerber. A little lower than Settlers Bronze/NGL. https://www.massmutualdirect.com/?a...ernalReferenceId=1441805615727&TFN=8883831725
Here's what I found,
On Aug. 31, MassMutual will introduce Guaranteed Acceptance Life Insurance (GALI)*, a new non-participating (not dividend eligible), guaranteed issue whole life insurance policy to help pay for the rising cost of final expenses such as funeral costs, outstanding medical bills or other consumer debt.
GALI will be sold direct to consumer from MassMutual and not through agents, as it is designed to be sold online or through tele-sales call centers. It will be marketed primarily via direct-response television advertising as well as email and other digital medium, and sold through CM Life Insurance Company (49 states) and Massachusetts Mutual Life Insurance Company (in New York only).
The introduction of GALI and MassMutual's acknowledgement of final expense as an insurance purpose for specific fully underwritten whole life policies underscores the company's strategic priorities to grow and strengthen distribution to reach a broader customer base, Fanning said.
According to LIMRA, in 2014, final expense life insurance was projected to account for $1.25 billion of total industry new premium and almost six million policies.** The final expense market is forecast to be worth $4 billion by 2018, according to CSG, and thus represents an enormous opportunity for the company.
The direct GALI product will be available to consumers age 50 to 75 and will initially launch in 38 states and eventually in all 50 states. Minimum GALI face amounts are $2,000, and maximum face amounts are $25,000.
The application for the new direct product will be handled online over a dedicated website, MassMutualDirect.com, or by phone:
There will be no medical questions, exams or underwriting.
Premiums can start at less than $10 per month and service for policies will be handled through a third-party vendor.
This policy has a graded death benefit. During the first two policy years, the death benefit for natural causes will be limited to 110 percent of the premium paid.
This is not for a funeral or burial contract. The policy's death benefit will be paid to the policyowner's designated beneficiaries. The policy does not guarantee that the death benefit will be sufficient to pay for any particular goods or services nor that those goods or services will be provided by any particular provider.
Exclusive CAS referral line
In conjunction with the company's public media and advertising outreach regarding Guaranteed Acceptance Life Insurance, MassMutual has established a referral line for producers who may wish to direct consumers to purchase Guaranteed Acceptance Life Insurance. They can also give the number to clients or prospects who ask about the product and want to learn more.
Furthermore, agents may also be able to help clients who were declined after applying for fully underwritten policies meet their final expense needs with GALI. When these existing customers call the exclusive CAS line provided to them, they will be acknowledged as a valued MassMutual customer.
MassMutual will monitor referral volume as a way to gauge interest and determine if the product may be beneficial for career agents to sell in the future.
Preview the website at www.massmutualdirect.com. Note: GALI officially launches on Aug. 31; policies will not be available for purchase on the website until that date
On Aug. 31, MassMutual will introduce Guaranteed Acceptance Life Insurance (GALI)*, a new non-participating (not dividend eligible), guaranteed issue whole life insurance policy to help pay for the rising cost of final expenses such as funeral costs, outstanding medical bills or other consumer debt.
GALI will be sold direct to consumer from MassMutual and not through agents, as it is designed to be sold online or through tele-sales call centers. It will be marketed primarily via direct-response television advertising as well as email and other digital medium, and sold through CM Life Insurance Company (49 states) and Massachusetts Mutual Life Insurance Company (in New York only).
The introduction of GALI and MassMutual's acknowledgement of final expense as an insurance purpose for specific fully underwritten whole life policies underscores the company's strategic priorities to grow and strengthen distribution to reach a broader customer base, Fanning said.
According to LIMRA, in 2014, final expense life insurance was projected to account for $1.25 billion of total industry new premium and almost six million policies.** The final expense market is forecast to be worth $4 billion by 2018, according to CSG, and thus represents an enormous opportunity for the company.
The direct GALI product will be available to consumers age 50 to 75 and will initially launch in 38 states and eventually in all 50 states. Minimum GALI face amounts are $2,000, and maximum face amounts are $25,000.
The application for the new direct product will be handled online over a dedicated website, MassMutualDirect.com, or by phone:
There will be no medical questions, exams or underwriting.
Premiums can start at less than $10 per month and service for policies will be handled through a third-party vendor.
This policy has a graded death benefit. During the first two policy years, the death benefit for natural causes will be limited to 110 percent of the premium paid.
This is not for a funeral or burial contract. The policy's death benefit will be paid to the policyowner's designated beneficiaries. The policy does not guarantee that the death benefit will be sufficient to pay for any particular goods or services nor that those goods or services will be provided by any particular provider.
Exclusive CAS referral line
In conjunction with the company's public media and advertising outreach regarding Guaranteed Acceptance Life Insurance, MassMutual has established a referral line for producers who may wish to direct consumers to purchase Guaranteed Acceptance Life Insurance. They can also give the number to clients or prospects who ask about the product and want to learn more.
Furthermore, agents may also be able to help clients who were declined after applying for fully underwritten policies meet their final expense needs with GALI. When these existing customers call the exclusive CAS line provided to them, they will be acknowledged as a valued MassMutual customer.
MassMutual will monitor referral volume as a way to gauge interest and determine if the product may be beneficial for career agents to sell in the future.
Preview the website at www.massmutualdirect.com. Note: GALI officially launches on Aug. 31; policies will not be available for purchase on the website until that date
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GUL has guarantees just like WL as long as you pay the premium. The only difference is no cash value. It is a good product for someone just interested in death benefit. How do you explain that to be inferior? I would sell it all day long if a company offered the product in small face amounts.
