My wife, the brain tumor, and buying & selling the best insurance

[MaxReaver]

So,

I am getting back into production after a little hiatus. I've been a licensed producer for over 15 years and have sold everything from cheap term, to whole life, and disability.

This past year I had a very eye opening experience--something we spend a lot of time talking to our clients or prospects about. My wife was diagnosed and treated for a brain tumor at 47 years old - emergency surgery and 6.5 weeks of radiation!

Luckily, because I was fortunate enough to be educated in these matters, I had Guardian term and disability on her. Suffice it to say, Guardian has been amazing the deal with. They have been paying her DI out of the gate, and I was able to increase her life insurance (with more increase options coming) all the while all premiums are being waived! Suffice it to say, nobody knows the value of quality insurance better than my family!

The reason I tell you this is that, in my newly planned production, I have little to no interest in selling the cheap stuff (except for people that can't qualify for the good stuff). I have a very good full time job and that pays well. I have no intentions of leaving (most likely). My commissions are discretionary income. I would really like to focus on doing right by people and put them into the best convertible term and WL products and getting them to understand the need to buy quality when it comes to life & DI.

Do any of you have any advice here? Any feedback? I know the commissions are lower on these products compared to cheap carriers, but it isn't as much about the $$$.

 

[DHK]

Why not get some E&O and get a broker contract with Guardian to sell their products? Your story will carry a lot of weight in your interactions.

 

[rousemark]

A higher premium does not necessarily equal a better product. Also, many smaller companies will equal or better the service of the "name brand" carriers such as the Guardian.

 

[MaxReaver]

A higher premium does not necessarily equal a better product. Also, many smaller companies will equal or better the service of the "name brand" carriers such as the Guardian.

You make a good distinction. Thank you. It has nothing to do with premium for sure. I am talking about contract provisions.

I am talking about real convertibility for 20-30 years to a quality life product (not some junk-policy a carrier makes available for conversion purposes only), being able to increase coverage every few years for a person that is medically uninsurable without any underwriting, and waiving premiums on those increased coverages all along the way. I am all ears for a contract that can do these things other than Guardian. I fully admit the possibility, but I would be willing to bet there aren't many options out there.

As far as DI, Guardian has (or at least had in 2014) a true own occ plan (one of the few). My wife will most likely never be able to return to her previous medical profession but may be able to work in another occupation - Guardian will allow her to keep her disability benefits tax free to age 67 with cost-of-living increases every year even if she can do something else.

Again, I am open to other carriers who may offer such robust terms. For now, I know of no others...

 

[DHK]

The best other GIO policy I know of, is MassMutual. A child can get a maximum of $100,000 at issue, and then buy an additional $100,000 at various ages 6 more times? So the child can eventually have $600,000 (or more?) of coverage even if they became uninsurable.

As far as compensation, it will be similar to Guardian.

If you're looking for permanent life on children, I don't think you'll find anything better than MassMutual.

 

[xrac]

Mass and Guardians are both great companies with great products.

 

[LGilmore]

To the OP, The "cheap" stuff might need to be sold at times. Make them a client first. Then you can educate them better along the way.

Not everybody is going to do what is best for themselves for lots of reasons some valid, some stupid. At least make sure in either situation they have a good agent.

I too am somewhat similar straights as your wife. I am a recent amputee and have been struggling with healing completely. Good quality health insurance is important, my life insurance had WP and I had disability policies for both my office and myself. I was hospitalized in one way or another for about a year and I am still trying to heal, but did return to work. Everything worked as it was supposed to.

I am so glad I made good choices as a younger man. My insurance was the least of my worries.

 

[pfg1]

You might look at Ohio National also. Great term and perm life products, with excellent conversion options, and they have a great DI product too. Happy to hear your prep paid off and everything is going smoothly. Hopefully your wife will continue to progress.

 

[Tahoe Ray]

You might look at Ohio National also. Great term and perm life products, with excellent conversion options, and they have a great DI product too. Happy to hear your prep paid off and everything is going smoothly. Hopefully your wife will continue to progress.

Thumbs up.......(on mobile)

ON is your best combination of what you're looking for in my opinion as well.