Whole Life Recommendations
- Thread starter Rook
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- whole life
- 188
Mass Mutual, Penn Mutual, Ohio National.
- 11,273
Let me throw a shout-out to Assurity as well for their Disability Waiver of Premium.
Most other companies have "own occupation" for a minimum period of time. Ohio National is 2 years, then any occupation up to age 60. I believe Guardian is 5 years of "own occupation".
Per Assurity's product guide for whole life on page 8 regarding the definition of "Total Disability":
"Total Disability" is the insured's ability to work at a job he or she is educated or trained to do resulting solely from a covered injury or sickness requiring a doctor's care.
Based on the description above, "Total Disability" with Assurity IS "own occupation" and it covers premiums up to age 60 for as long as the insured is considered "totally disabled" and unable to work at a job they are educated and trained to do.
Assurity also has a DI rider up to $3,000/month as well as no medical required up to $149,999 of face amount.
Most other companies have "own occupation" for a minimum period of time. Ohio National is 2 years, then any occupation up to age 60. I believe Guardian is 5 years of "own occupation".
Per Assurity's product guide for whole life on page 8 regarding the definition of "Total Disability":
"Total Disability" is the insured's ability to work at a job he or she is educated or trained to do resulting solely from a covered injury or sickness requiring a doctor's care.
Based on the description above, "Total Disability" with Assurity IS "own occupation" and it covers premiums up to age 60 for as long as the insured is considered "totally disabled" and unable to work at a job they are educated and trained to do.
Assurity also has a DI rider up to $3,000/month as well as no medical required up to $149,999 of face amount.
DHK, that is NOT an own occupation definition. It makes no mention of occupation. It's a very standard definition only mentioning "education and training". That's the default definition for the carriers you mention after the own occupation period expires. That being said I believe the longest own occupation for waiver of premium is 5 years. I know MassMutual has it.
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Rook, how are you using 100k WL policies? I'm assuming you're not overfunding. Are you just using them like a final expense? Is the criteria you're looking for basically lowest premium, highest death benefit? Cash value would be secondary then, right?
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Rook, how are you using 100k WL policies? I'm assuming you're not overfunding. Are you just using them like a final expense? Is the criteria you're looking for basically lowest premium, highest death benefit? Cash value would be secondary then, right?
- 11,273
You're absolutely right. It's not a true "own occ" definition.
Compared to what? Most DI WOP after the "own occ" definition for a limited period usually mention being able to do ANY occupation.
For example, here is ANICO's Benefits and Riders brochure on their life applications. On page 7 it states:
I may be splitting hairs here, but I think there's a slight difference between the two.
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- #6
How does an independent get access to Mass?
Most people will probably tell you to contact your local office and get contracted through the GA. They'll contract you but they'll probably try to put you on an agent contract and/or contract you at 55%. Your best bet is to work with a good BGA (Brookfield Partners has a top MassMutual contact) so that you can get competitive comp.
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- #8
Not final expense. Mostly term customers who are starting to ask about life permanent life insurance. Most my customers are in their late 30's or to late 40's
One couple specifically asked about cash value and the other was more concerned about a life time solution and would be looking for the lowest premium.
For lowest cost permanent, I'd look at gul.
- 158
Just curious, how would a companies rates like MOO or UHL look VS Mass or ANICO? Are they that much higher?
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