Northwestern Mutual Smokers Rates

[Arookaria]

So on term 4 sale NWML keeps coming up as the cheapest for male smokers. Isn't there any company out there for independents that can beat their smoker rates? I have a friend 46 M smoker needs some 20 year term

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[tlmarketing]

Why does Nwml only offer a 10 year conversion privilege on a 20 year term?
Why can't you renew nwml policy after age 66?

 

[CFP83]

Why does Nwml only offer a 10 year conversion privilege on a 20 year term?
Why can't you renew nwml policy after age 66?

Has nothing to do with best interest of the client.....has everything to do with getting the writing agent to convert the term sooner rather than later. I am a major fan of term conversions....being a nml agent for 5 years, I just don't like how NML goes about it. Term should be convertable for the entire term.

 

[scagnt83]

Has nothing to do with best interest of the client.....has everything to do with getting the writing agent to convert the term sooner rather than later. I am a major fan of term conversions....being a nml agent for 5 years, I just don't like how NML goes about it. Term should be convertable for the entire term.

I would have to disagree on their intent. (or at least partially)

Yes, that is partially true... but there are other reasons imo.

NML has a AAA rating, and you better believe the convertability clause plays a big part of that.

If NYL & MM changed their term to convertability only on the first half of the contract, I would bet they would be AAA rated too... longer conversion period means more risk, which means more $$$ that has to go into Reserves.

Both NYL & MM are big on conversions, and have a higher rate of conversion than most companies. And I would bet that it is the same or close to NML conversion rates.

Imo & in my experience, clients convert because an agent initiates it.
Sure the shorter conversion period helps a little to encourage agents to encourage clients to do it sooner rather than later.
But the real catalyst is agents being taught to do this via training.

jmo

 

[CFP83]

Dont disagree with your thoughts, but you didnt address how the shorter conversion period is good for the client? You stated that you didnt entirely agree with me stating "shorter conversions arent in the clients best interest" but didnt state why you think the shorter conversio n is a good thing.....?

If nml went to coversion option for all 20 years...then that would be in the clients best interest. If it takes nml's comdex from a 100 to a 98 who cares?

 

[scagnt83]

Dont disagree with your thoughts, but you didnt address how the shorter conversion period is good for the client? You stated that you didnt entirely agree with me stating "shorter conversions arent in the clients best interest" but didnt state why you think the shorter conversio n is a good thing.....?

If nml went to coversion option for all 20 years...then that would be in the clients best interest. If it takes nml's comdex from a 100 to a 98 who cares?

My agreement is that I believe that part of their intent is to encourage conversions.

However, I do not agree that their intention is a good thing for the client. It clearly is not.

And I would take a 95 Comdex with full conversion privileges over a 100 with half the conversion privileges and day. (assuming the 95 had good options to convert to)

 

[VolAgent]

I would have to disagree on their intent. (or at least partially)

Yes, that is partially true... but there are other reasons imo.

NML has a AAA rating, and you better believe the convertability clause plays a big part of that.

If NYL & MM changed their term to convertability only on the first half of the contract, I would bet they would be AAA rated too... longer conversion period means more risk, which means more $$$ that has to go into Reserves.

Both NYL & MM are big on conversions, and have a higher rate of conversion than most companies. And I would bet that it is the same or close to NML conversion rates.

Imo & in my experience, clients convert because an agent initiates it.
Sure the shorter conversion period helps a little to encourage agents to encourage clients to do it sooner rather than later.
But the real catalyst is agents being taught to do this via training.

jmo

Not so fast...

Perhaps it has changed, but at one time, MM's term was only convertible for the first two years. I know mine is. Perhaps the new series fixed that.

 

[scagnt83]

Not so fast...

Perhaps it has changed, but at one time, MM's term was only convertible for the first two years. I know mine is. Perhaps the new series fixed that.

I thought it was. If not my mistake, I have sold MM WL but never term. That surprises me though. Plenty of other fully convertible options.

 

[VolAgent]

I thought it was. If not my mistake, I have sold MM WL but never term. That surprises me though. Plenty of other fully convertible options.

First ten years only. And it was 10 years, not half the level period. So some were fully convertible, but the 20 year was not.

I once saw that first hand. I had an orphan, at first we were just going to apply for new policies, but it turned out their medical records had a different opinion of their health. We had to ask an exception from the Home Office as they were outside the conversion window but it was still in the level period. Apparently Mass had issued some Term/ULs back in the 90s, because it was a UL but they allowed conversion.

 

[Arookaria]

So could anyone respond to my original post and tell me which carrier is competitive with them for male smokers on term?

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