Penn Mutual Independent Financial Network

[Encrypted0502]

I was checking out Penn Mutuals IFN. Does anyone know what the deal is around this setup? And Ohio Nationals PPGA? Are they similar. Advantages/Disadvantages?

 

[BNTRS]

I was checking out Penn Mutuals IFN. Does anyone know what the deal is around this setup? And Ohio Nationals PPGA? Are they similar. Advantages/Disadvantages?

Both are direct appointments (i.e. no IMO needed).

With Penn you'll be appointed as a broker through a regional sales office (whatever one is closest to you). You'll submit business through that office.

With Ohio National you are appointed as a Producing General Agent which means you have some ability to appoint sub producing agents (probably not beneficial, but it exists). You'll submit business directly to Ohio National and have better immediate contacts at the Home Office.

ONL's compensation structure is more robust and will certainly pay you more for higher amounts of production with them.

Penn doesn't really have much of a compensation schedule, but compensation is generally around the same of all brokers.

Logistically speaking Ohio National is much easier to work with. They issue business much faster and their process is much more streamlined.

Penn has a definite underwriting advantage. They are much more lenient and much friendlier to larger cases.

Product wise, Penn has the better whole life product for cash accumulation/retirement income situations and and a much more robust universal life portfolio.

Ohio National has better offerings in low premium whole life options and much cheaper term insurance rates.

Ohio National has a disability insurance product, Penn Mutual does not.

Penn has a more comprehensive annuity portfolio.

I would potentially consider contracting with both since they tend to have products that aren't really in direct competition with one another.

 

[pfg1]

Both are direct appointments (i.e. no IMO needed).

With Penn you'll be appointed as a broker through a regional sales office (whatever one is closest to you). You'll submit business through that office.

With Ohio National you are appointed as a Producing General Agent which means you have some ability to appoint sub producing agents (probably not beneficial, but it exists). You'll submit business directly to Ohio National and have better immediate contacts at the Home Office.

ONL's compensation structure is more robust and will certainly pay you more for higher amounts of production with them.

Penn doesn't really have much of a compensation schedule, but compensation is generally around the same of all brokers.

Logistically speaking Ohio National is much easier to work with. They issue business much faster and their process is much more streamlined.

Penn has a definite underwriting advantage. They are much more lenient and much friendlier to larger cases.

Product wise, Penn has the better whole life product for cash accumulation/retirement income situations and and a much more robust universal life portfolio.

Ohio National has better offerings in low premium whole life options and much cheaper term insurance rates.

Ohio National has a disability insurance product, Penn Mutual does not.

Penn has a more comprehensive annuity portfolio.

I would potentially consider contracting with both since they tend to have products that aren't really in direct competition with one another.

Good info and comparison. Other than being significantly larger, how does Mass compare with ON & Penn along those same parameters you listed?

 

[Encrypted0502]

Both are direct appointments (i.e. no IMO needed).

With Penn you'll be appointed as a broker through a regional sales office (whatever one is closest to you). You'll submit business through that office.

With Ohio National you are appointed as a Producing General Agent which means you have some ability to appoint sub producing agents (probably not beneficial, but it exists). You'll submit business directly to Ohio National and have better immediate contacts at the Home Office.

ONL's compensation structure is more robust and will certainly pay you more for higher amounts of production with them.

Penn doesn't really have much of a compensation schedule, but compensation is generally around the same of all brokers.

Logistically speaking Ohio National is much easier to work with. They issue business much faster and their process is much more streamlined.

Penn has a definite underwriting advantage. They are much more lenient and much friendlier to larger cases.

Product wise, Penn has the better whole life product for cash accumulation/retirement income situations and and a much more robust universal life portfolio.

Ohio National has better offerings in low premium whole life options and much cheaper term insurance rates.

Ohio National has a disability insurance product, Penn Mutual does not.

Penn has a more comprehensive annuity portfolio.

I would potentially consider contracting with both since they tend to have products that aren't really in direct competition with one another.

Perfect! Thanks for the details!