Monumental Life

[insurancemet]

Hello,

I am seriously thinking of joining them. Can anyone tell me anything about them as a company , their products, how they stand/compete in the market?

 

[SKQuinn]

I worked for Monumental for six months. They were an ok company to work for, but not the best. It depends on what you're looking for in insurance sales. They offer a book of business and it's your job to collect premium and write new. You have to do both! They offer health benefits to their agents.... so if you want or need that security, then it may be the place for you. One thing I didn't care for is their whole life policies don't earn interst. So when people bought a 5k policy 20 years ago to pay for their funeral, it's still worth only 5k and funerals have gone higher than that today. Any other questions?

 

[insurancemet]

Thank you. They now have a broker p/t noncaptive contract and I really like the manager but also speaking to a Mutual of Omaha and they said they are also non captive, leaning towards Mutual of Omaha although I'm still in the interview process with them. I just want to make sure I make the right choice, I believe with either of them, if you decide to leave, the book of business would belong to you. As far as products go, do you recommend Mutual of Omaha or Monumental? say with life and term products?

 

[bill3173]

Thank you. They now have a broker p/t noncaptive contract and I really like the manager but also speaking to a Mutual of Omaha and they said they are also non captive, leaning towards Mutual of Omaha although I'm still in the interview process with them. I just want to make sure I make the right choice, I believe with either of them, if you decide to leave, the book of business would belong to you. As far as products go, do you recommend Mutual of Omaha or Monumental? say with life and term products?

If you are serious, you may want to think harder about going with Monumental, unless you have a lot of extra cash.

I never worked for Monumental, but I knew some guys that did, and they were flat broke when they went to work, but between the book they give you and the salary guarantee and office support, you can make a living and plan for the future. Some of those guys are still with them, and that was 5 years ago. They have wives, cars, children, they work their behinds off, but still...

MOO is a great company, but mainly for people that already have a good bit of experience and some $$ to go with it.

 

[Newby]

If you are selling final expense I belive you will find Monumental is priced lower than MOO and also pays higher commissions and has additional benefits. But why not have both?

If you are an independent I can give you a good contract with Monumental. It doesn't matter if you already have MOO.

And Monumental does ALSO have a funeral insurance policy that does gain 4% annual gain on the death benefit as inflation protection. But like most funeral policies it has to be sold in co-operation with a funeral home.

The standard FE policy does not have the inflation protection BUT it does have good rates, 10-year paid up option, nursing home rider, critical illness rider, very liberal underwriting and is a very good all around FE policy all from an A+ rated company.

Let me know if I can help you with it.
- - - - - - - - - - - - - - - - - -

I worked for Monumental for six months. They were an ok company to work for, but not the best. It depends on what you're looking for in insurance sales. They offer a book of business and it's your job to collect premium and write new. You have to do both! They offer health benefits to their agents.... so if you want or need that security, then it may be the place for you. One thing I didn't care for is their whole life policies don't earn interst. So when people bought a 5k policy 20 years ago to pay for their funeral, it's still worth only 5k and funerals have gone higher than that today. Any other questions?

Have you found a whole-policy that has an inflation protection (increases the death benefit) that you can sell outside of a funeral home? I'm not aware of any that allow monthly payments.

All the companies I know of that have those policies require a funeral director to sign off on them (Forethought, Monumental, NGL, Homesteaders, FDLIC, Cincinnati Equitable, Lincoln Heritage etc.) A few of them will allow single pays or 12 month pays but most require a funeral director to be involved for longer payment plans.

 

[insurancemet]

But for term/life which company would you recommend as an independent between those two companies.
Also since both will be noncaptive as I understand, for training purposes which one would you recommend. I am not interested in the career side of Monumental but they also train if your noncaptive, also MOO as I understand, they said they are not captive but they also have a brokerage side where you can sell other lines of products.
As for final expense, would that be considered term? I just haven't really looked at it.

 

[arnguy]

FE is never term insurance.

 

[SportsNut]

FE is never term insurance.

Tell that to AARP and Globe Life. Two who peddle term to older folks for FE.

 

[Newby]

But for term/life which company would you recommend as an independent between those two companies.
Also since both will be noncaptive as I understand, for training purposes which one would you recommend. I am not interested in the career side of Monumental but they also train if your noncaptive, also MOO as I understand, they said they are not captive but they also have a brokerage side where you can sell other lines of products.
As for final expense, would that be considered term? I just haven't really looked at it.

For term you would usually want Protective, Banner, West Coast and all the companies that have the lowest rates for it.

I agree that FE is never term. I don't think AARP and the others that hawk term products on unsuspecting seniors ever call it final expense or indicate that it's for permanent needs. They are more clever than that.

 

[SKQuinn]

I wasn't aware that MonL was uncaptive. When I was there I was a captive agent, except that they also partnered with Assurant and Golden Rule/UHC and I was appointed with both of them. The book of business I had stayed with them when I left. I don't know how it works with them if you're independent, I'd ask.

I currently work for a funeral home selling for Lincoln Heritage. Because of the conflict of interest I am a Limited Life holder. That's what happens when you sell for a funeral home. I do know that LH also has a side that sells FE as an independent, but it doesn't involve any funeral home or director. It's a flat death benefit that is sold as a FE. It doesn't have the same benefits as the policy that I sell for LE and the funeral home.