Mass Mutual's The Latest To Join The T.V. GI Crowd

[GreenSky]

Says who? Some do not know what they do not know. How is it temporary?

Because JD says it is.

If you notice, he never answered my questions.

Rick

 

[WinoBlues]

Yeah, but if one payment is missed on a GUL (GUL's dirty little secret), all the premium guarantees go out the window and will not be a part of any re-instated policy. Kind of a dicey proposition for the FE crowd, don't you think? A nice little built-in bait and switch. Pretty slick, they got both the public and the agents fooled. No wonder they don't want good agents selling it! No matter how you slice it, those products are cheaper for a reason.

p.s.- Obviously, another reason it's cheaper is because of the two year wait. I know people like to try and roll the dice and beat the house. But if that's your mentality, why pay for insurance at all? Every bit as guaranteed? Is that a joke?

That missed payment was said here a lot, especially by a couple of the uninformed "experts". Misinformed statement by some, others that say they know are just trying to say what they need to say to sell their story.

On lapses, bet it stays on the books longer than some FE written by an agent known for churning their book.

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Well there you go. You gave me a reason. Something the self-appointed god of FE didn't bother writing.

I don't know what the premium differential might be, but couldn't a GUL be funded at higher than minimum and potentially avoid the "trap?" If so, would it then lose the premium advantage over WL?

Again, I don't sell FE and really don't want to work that market. But I am curious about this.

Of course, I also wonder if JD would tell the DOI that only WL is permanent and GUL is temporary.

Rick

I wonder if a RNA policy err I mean certificate has the same guarantees as say a participating Whole Life with non guaranteed dividends. Or GUL for that matter.

 

[PA Bill]

Well there you go. You gave me a reason. Something the self-appointed god of FE didn't bother writing.

I don't know what the premium differential might be, but couldn't a GUL be funded at higher than minimum and potentially avoid the "trap?" If so, would it then lose the premium advantage over WL?

Again, I don't sell FE and really don't want to work that market. But I am curious about this.

Of course, I also wonder if JD would tell the DOI that only WL is permanent and GUL is temporary.

Rick

I guess you could do a lot of things. But now you're getting into variables and complicating things, which goes against the whole reason for this particular market. FE is about being simplified and guarantees. Want to know what to stress in your presentation? Watch Alex Trebek. He's all about simplicity and guarantees and sells more FE than anybody.

 

[billyb]

The Minnesota Life contract that I mentioned was for $25,000 at a quarterly premium of $250.06. Mutual of Omaha's GUL Express is $307.11. Sagicor is less, but then you have to argue ratings, ML is A+ Superior. It states in the contract that the coverage is guaranteed until age 101 as long as premiums are paid and if you do it has a catch up provision. So I am supposed to convince him that he might miss a premium some day so he should pay an $50 more monthly for WL just in case he does. I am pissed because ML don't let agents sell it, but they will let me sell some of their other products.

 

[souldeux]

I guess you could do a lot of things. But now you're getting into variables and complicating things, which goes against the whole reason for this particular market. FE is about being simplified and guarantees. Want to know what to stress in your presentation? Watch Alex Trebek. He's all about simplicity and guarantees and sells more FE than anybody.

FE is about providing a solution with simplified underwriting to individuals who need insurance for their burial expenses and cannot pass traditional underwriting. It exists as a convenience to the client that cannot qualify for better coverage - not as a convenience to the agent who doesn't know how that better coverage works.

 

[GreenSky]

I wish I wasn't on a diet and could have popcorn. I'll have to make pork rinds instead.

Rick

 

[PA Bill]

The Minnesota Life contract that I mentioned was for $25,000 at a quarterly premium of $250.06. Mutual of Omaha's GUL Express is $307.11. Sagicor is less, but then you have to argue ratings, ML is A+ Superior. It states in the contract that the coverage is guaranteed until age 101 as long as premiums are paid and if you do it has a catch up provision. So I am supposed to convince him that he might miss a premium some day so he should pay an $50 more monthly for WL just in case he does. I am pissed because ML don't let agents sell it, but they will let me sell some of their other products.

Of course it's hard to convince him of something you don't believe yourself. And why are you pissed you can't sell a bogus FE product going forward? You need to take a step back. You have a fundamental lack of belief in, as well as knowledge of FE products and the people they serve. If you had the requisite conviction and knowledge, this possibly could have been avoided.

 

[billyb]

What is more simple than filling out an application that you received in the mail and returning it to them and being issued a policy with guarantees. This guy had a history of cancer so I thought this might cause a decline, but they only asked about the last 4 years and his last occurrence was 6 years ago. Some people who buy mail order policies lie on the application. I looked his over and he did not.

 

[GreenSky]

Of course it's hard to convince him of something you don't believe yourself. And why are you pissed you can't sell a bogus FE product going forward? You need to take a step back. You have a fundamental lack of belief in, as well as knowledge of FE products and the people they serve. If you had the requisite conviction and knowledge, this possibly could have been avoided.

One could take the other side and say you need a belief in solving a problem rather than selling a WL to every client. (And I'm not saying you do this).

That's my biggest issue with FE. I know it's a different market than other life insurance but it seems that most agents are simply order takers. "You need a burial policy? Here's one at a good price."

It appears to me that many (not all) seem to forget they're selling life insurance and hopefully providing the solution that's best for the client, not best for the agent.

Or could it also be that WL pays 120% and GUL 90-100% of a lower premium?

Maybe I'm completely wrong because I'm not in this market but that's the impression I get reading the FE forum.

Rick

 

[PA Bill]

FE is about providing a solution with simplified underwriting to individuals who need insurance for their burial expenses and cannot pass traditional underwriting. It exists as a convenience to the client that cannot qualify for better coverage - not as a convenience to the agent who doesn't know how that better coverage works.

Wrong church, wrong pew. I know exactly how life coverages work. This is the FE forum. I am not talking about whatever life insurance planet you happen to sell on.