Monumental Life Earnings
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I worked there for nearly 4 years and just went indi. Monumental has its good and bad. It's one of the only contracts out these days that offers a new agent a pre-existing book of business with a very generous service pay. This service pay will vary based on the size of your book, anywhere from $500-$1500/paycheck in my office(you're paid twice a month). The company offers great benefits, such as pension, a generous 401k contribution, and cheap group health insurance. The commissions are decent enough, considering the generous service pay and annual bonuses that you can receive. The downside to all this is that you will be micromanaged and ridiculed by your district manager if you are not performing up to par (and this varies based on what your manager considers "up to par"). For example, the agents in our local office were expected to write at least 2k a week, otherwise they were pulled out of the field into training sessions several times a week. The "training" that I received basically involved being beaten over the head about writing more production. To sum it up, if you have a competent district manager, you'll be fine. If you have a wannabe Omar Quaddafi, enough said. Sorry to ramble. Anyhow, I made between $60,000-$75,000 the years I was there and made all sales conferences.
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Is the final expense product the captive agents sell priced higher than the broker's version?
I had an appointment yesterday with a man that met with two MonLife agents the day before. They quoted him $5,000 and $10,000. they left their quote sheet.
I also quoted Monumental first at smoker rates (I wanted to make certain they quoted smoker rates) their rates were a few dollars higher.
Why are the captive agents priced higher? They didn't stand a chance of making the sale once he met me.
I had an appointment yesterday with a man that met with two MonLife agents the day before. They quoted him $5,000 and $10,000. they left their quote sheet.
I also quoted Monumental first at smoker rates (I wanted to make certain they quoted smoker rates) their rates were a few dollars higher.
Why are the captive agents priced higher? They didn't stand a chance of making the sale once he met me.
I had the same thing happen to me while I was there. A couple summers ago when I was doorknocking, an elderly woman with whom I sat down presented a direct marketing mailer quote from the home office that was about five dollars a month cheaper than what I offered at the time, same Monumental company and everything. I would only guess that the vast upline that one would see as a captive agent would influence the customer's higher premium quote.
The Enroller
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some good info here
I think the big draw to Monumental is the pre-existing book and service pay that they offer. It's probably what I miss most about it. However, you sell your soul for that service pay and are treated like a sweatshop worker. If you can't crank out nearly 2k a week every week, they don't want you. BTW, that pre-existing book of busines has been cherry picked and worked over by dozens of agents several times a year, or at least everytime they have a new agent come in, which is quite often.
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Monumental had a debit outfit here in TX a few years ago, they no longer do, but if you think about it, debit can be higher than what you offer as a broker, because, debit is direct monthly billing, brokers mainly offer bank draft from checking, which gets a discount. Look at the difference between direct monthly and bank draft, on a rate sheet sometime, if you have a company which offers both. It costs more to service direct monthly.
The reason that one agent's premium is higher than the other because they quoted 2 different plans. Monumental has a "Paid up at 99" and Paid up at 95". The career agents push the paid up at 95 while the broker agents push paid up at 99 which is cheaper. I interviewed with the district sales manager. I'm trying to decide rather I should go to the captive side or stay independent.
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