Mutual of Omaha - Living Promise

[Pete Cormie]

Have not looked at the product but your description is of a ROP not Graded policy. A graded policy pays a percentage of death benefit such as 30% year 1 70% year 2 and 100% year 3.

Every insurance company has its "quirks", but this one bother me. A ROP, or Modified Benefit, is not the same at a Graded Benefit. Now that I'm venting about it, are these terms not defined somewhere? The way companies use these terms interchangeably makes it a challenge to train folks who are new to the biz. I just wish we could all spreak the same language.

 

[jdeasy]

Every insurance company has its "quirks", but this one bother me. A ROP, or Modified Benefit, is not the same at a Graded Benefit. Now that I'm venting about it, are these terms not defined somewhere? The way companies use these terms interchangeably makes it a challenge to train folks who are new to the biz. I just wish we could all spreak the same language.

Yep, graded is used to describe ROP all the time by agents and by the companies. Presidential's client brochure called their product "graded" when it was actually ROP.

Personally I define graded as AmCon's 40%-75%-100% plan. And the rest non immediate plans as ROP.

Doesn't seem there is a standard definintion.

 

[Newby]

Every insurance company has its "quirks", but this one bother me. A ROP, or Modified Benefit, is not the same at a Graded Benefit. Now that I'm venting about it, are these terms not defined somewhere? The way companies use these terms interchangeably makes it a challenge to train folks who are new to the biz. I just wish we could all spreak the same language.

Actually any return of premium plan is actually a version of a graded plan. Graded just means they get a portion of the ultimate death benefit if they die during a pre-defined time. The death benefit is increasing with each premium they make. They don't really get their premiums plus interest back (or the interest would be taxed.) they get a death benefit that is equal to the premiums plus interest.

We agents call the ones that are a percentage of face, graded plans and the ones that are premium plus, ROP plans. They all fall under the category of graded plans though.

 

[Norwayguy]

Actually any return of premium plan is actually a version of a graded plan. Graded just means they get a portion of the ultimate death benefit if they die during a pre-defined time. The death benefit is increasing with each premium they make. They don't really get their premiums plus interest back (or the interest would be taxed.) they get a death benefit that is equal to the premiums plus interest.

We agents call the ones that are a percentage of face, graded plans and the ones that are premium plus, ROP plans. They all fall under the category of graded plans though.

There you go being all technical with us

 

[Pete Cormie]

Actually any return of premium plan is actually a version of a graded plan. Graded just means they get a portion of the ultimate death benefit if they die during a pre-defined time. The death benefit is increasing with each premium they make. They don't really get their premiums plus interest back (or the interest would be taxed.) they get a death benefit that is equal to the premiums plus interest.

We agents call the ones that are a percentage of face, graded plans and the ones that are premium plus, ROP plans. They all fall under the category of graded plans though.

You sound so sure of yourself I almost believe you!

 

[Newby]

You sound so sure of yourself I almost believe you!

I'm pretty full of horse droppings but I'm right on this one.

 

[Pete Cormie]

I'm pretty full of horse droppings but I'm right on this one.

I won't disagree with you on either point.

Sure would be nice, especially for newbs, if the industry used standard terminology for these plans. Although, in the grand scheme of things, tain't no big thang. More of a pet peeve.

 

[Norton]

I regularly use Living Promise for my final expense policies, and am also contracted with RNA, UHL, Americo so I have them available... MoO's product is my favorite because I personally like their underwriting process (it just feels user-friendly to me, simple requirements for the most part, and responsive UW team) and it's typically a bit lower priced than my others. (and I'd make slightly higher commissions with RNA or Americo, but just prefer writing MoO for most business)

Issues 45-85 and allows up to $40k level/immediate or $20k graded/ROP, also nice.

 

[gordon112]

I have used MOO product this past couple months and so far they have been solid on all fronts. MOO might end up being my go to company over some others, and as for now I am writing about 50% MOO.

As many mentioned, it has a solid offering with competitive premiums, covers insulin diabetes immediate, and has a very liberal weight scale.

I also like the fact that you can write up to 40k.

One of the best parts about selling MOO is the name recognition. So far, I haven't found a client that hasn't heard of them. You are selling a well performing name like Andretti..(hopefully the company performs well though or its out of the bag).

 

[Todd King]

I'm getting more and more agents using them for this very reason.

I have used MOO product this past couple months and so far they have been solid on all fronts. MOO might end up being my go to company over some others, and as for now I am writing about 50% MOO.

As many mentioned, it has a solid offering with competitive premiums, covers insulin diabetes immediate, and has a very liberal weight scale.

I also like the fact that you can write up to 40k.

One of the best parts about selling MOO is the name recognition. So far, I haven't found a client that hasn't heard of them. You are selling a well performing name like Andretti..(hopefully the company performs well though or its out of the bag).