Monumental Life

[Newby]

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.

Yes, Monumental has the final expense as an independent broker product. No quotas, no obligation, no hassels.

Lincoln Heritage has independent final expense products available also. They don't allow the product you sell (the Funeral Plan) to be sold without a funeral home involved.

 

[TDY418]

As a career agent with MoO I have been very pleased I do agree you should have an emergency fund for the first 90 days to hold you over. You are not captive but under the contract you should put atleast 80% of your business with them. FE I would have a few additional contracts for the prospects that just need a smaller policy. If you're 1099, no health benefits to me that means I am not captive. When you receive that weekly salary and a book most companies will not let you take that book when you leave. Go Independent!

 

[SKQuinn]

Lincoln Heritage has independent final expense products available also. They don't allow the product you sell (the Funeral Plan) to be sold without a funeral home involved.

Yes, that's what I just said!

 

[SportsNut]

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.

But how many times have you found the insured didn't understand that they owned term insurance... about to expire in a yr or two...? Thankfully everyone that I have found was still insurable. I'm sure that is not the case with all, and some of these folks out live their ins policy. Shameful.

 

[insurancemet]

The monumental noncaptive contract started just a few months ago, I believe Nov 2008, they still have the captive contract as well, you just have an option now which to pick.

 

[Newby]

But how many times have you found the insured didn't understand that they owned term insurance... about to expire in a yr or two...? Thankfully everyone that I have found was still insurable. I'm sure that is not the case with all, and some of these folks out live their ins policy. Shameful.

100% of the time.

I've never ran into anyone that had the AARP policy that understood a thing about it.
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The monumental noncaptive contract started just a few months ago, I believe Nov 2008, they still have the captive contract as well, you just have an option now which to pick.

I've had the Monumental non-captive for several years. And it was around before I had it.

 

[arnguy]

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

OMG, SportsNut, how do they get away with that?

 

[xrac]

OMG, SportsNut, how do they get away with that?

Like bandits!

 

[IvyLane]

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.

Great info..does anyone have a ballpark of what the salary guarantee is?

 

[Pawnature]

Great info..does anyone have a ballpark of what the salary guarantee is?

This is what I was just offered from Monumental. $800.00 week for the first 15 weeks. After the 15 week guarantee I will be given a book of business that will pay around 2000+ per month or about 450 a week. Plus what I have sold during My initial 15 weeks. Your sales commissions are put into some sort of pool to draw on. I'm not sure how that works yet.