Beating Mass Mutual Whole Life

[LGilmore]

scagent?

Nope not directed at you at all.

 

[scagnt83]

scagent?

Nope not directed at you at all.

didnt think so, just wasnt sure since I had just mentioned higher dividends.


Another thing to point out in relation to your post. Is that most people who say "dividends are not guaranteed", compare WL to the market. And the market is 100% not guaranteed.... sure it has a 100+ year history of positive long term returns... but so does WL...

 

[LGilmore]

"didnt think so, just wasnt sure since I had just mentioned higher dividends. "

Nope, You have the detail down on whole life. There's things I never considered with the product. You are engineer detailed with the things you know.

Me? I just tell them they are a dumb sh it for not considering Whole Life.

It's much easier to remember and direct too. ')

 

[pfg1]

Me? I just tell them they are a dumb sh it for not considering Whole Life.

LOL

And I agree with you guys, selling PLI (WL or IUL - whatever your fancy) should never be about having a ledger war. If it is, I believe you have approached the sale all wrong.

 

[CFP83]

To go back to the Penn/ON/Mass comparison.....

In a few weeks Penn will be launching their new whole life product call "guaranteed choice whole-life." Penn's home office has been pretty darn excited about this products and it's potential as they state it will be the only whole life product available that allows you to choose your "guaranteed paid-up period", from 5 years to age 100. So for example you will be able to create a 7-pay, 13-pay, 27-pay, etc etc. Like their current whole life product, they say the new product will also have the ability to "blend" temporary term coverage, two paid up additions riders, the overloan protection rider.

In giving some of these illustrations a whirl, I think it just may sway me to show good ole "plain vanilla whole life" once again as an option when showing "rent/lease/own" during closing meetings.

 

[scagnt83]

as they state it will be the only whole life product available that allows you to choose your "guaranteed paid-up period", from 5 years to age 100. So for example you will be able to create a 7-pay, 13-pay, 27-pay, etc etc.

That is actually not true. NYL has had that for years now.
It is called the Custom Whole Life.
You can choose from 5-35 years; at the end it is completely paid up. It is also a pre maxed out overfunded policy.

 

[BNTRS]

That is actually not true. NYL has had that for years now. It is called the Custom Whole Life. You can choose from 5-35 years; at the end it is completely paid up. It is also a pre maxed out overfunded policy.

Yup. Not only does NYL already do this; Minnesota Life and National Life Group do as well.

I've reviewed the new product and unfortunately it won't be as great as the old. It will still be a top whole life product from our comparisons, but we'd prefer the old product (at least its fundamental design) stick around. To anyone who is on the fence, buy Penn now.

 

[CFP83]

Yup. Not only does NYL already do this; Minnesota Life and National Life Group do as well.

I've reviewed the new product and unfortunately it won't be as great as the old. It will still be a top whole life product from our comparisons, but we'd prefer the old product (at least its fundamental design) stick around. To anyone who is on the fence, buy Penn now.

Ah, I must have misunderstood the video I was watching regarding the product release and it being a industry first. I have only sold a few Penn whole life (or any companies whole-life for that matter) in the past few years, so i had not done a side-by-side of my own yet. Thanks for your input BNTRS & Scagnt83.

 

[aureo11]

Yup. Not only does NYL already do this; Minnesota Life and National Life Group do as well. I've reviewed the new product and unfortunately it won't be as great as the old. It will still be a top whole life product from our comparisons, but we'd prefer the old product (at least its fundamental design) stick around. To anyone who is on the fence, buy Penn now.

How did you manage to review the new Penn product already? Is it available for all Penn agents in their illustration software or did you get a sneak peek?

 

[scagnt83]

Ah, I must have misunderstood the video I was watching regarding the product release and it being a industry first.

I wouldnt doubt that they said it.... marketing departments like to pound drums first and fact check second.

You should go back and check to see if they do indeed say that. If so, contact them and let them know they are sticking their foot in their mouth.