Monumental Life Earnings

[Newby]

Why would they make their captive agents sell the higher priced product? That's a deal killer if they get shopped.
I don't think theirs had the nursing home/critical illness rider either.

 

[Staggs]

The career agents are only allowed to sell the fully underwritten product. Indy's sell the simplified issue. 2 different products 2 different rates.

 

[Newby]

The career agents are only allowed to sell the fully underwritten product. Indy's sell the simplified issue. 2 different products 2 different rates.

It doesn't seem like the fully underwritten would cost more than the simplified issue.

Anyway I made the sale yesterday and the client couldn't wait to tell me a funny story about the other MonLife agent.

He said the agent called him back and said he was just leaving a lady's home who was a client of his and he wanted her to talk to him a minute. Then a lady got on the phone and starts a full sales pitch that he didn't want to sit through. He hung up. He said it was real obvious she was an insurance agent and they were insulting his intelligence.

 

[jdmiii]

The captive agents can sell both the fully underwritten and the simplified issue products. They can also sale Transamerica and Columbian Life products. They are all under the Aegon group.

 

[EB34]

The simplified issue product for a captive agent is the "easy acceptance", which is a 2 year graded death benefit. Although captive agents can sell Transamerica and Columbian life products, they must do so as a subagent through the company. For example, my commission rate for Columbian as an independent is 105%, where I would only be making 50% as a subagent captive through Monumental. Also, neither Columbian Life products or Transamerica products help validate your contract quotas as a captive agent of Monumental. Also, if you leave, Monumental owns all residuals earned through Transamerica, Columbian, and any other companies you write through their subagent contract. The only positive for being a career agent is the service pay, which is obtained only by existing Monumental business on the books, not Transamerica or other companies.

 

[jdmiii]

From what I remember, there are really no underwriting requirements for low face amounts, such as $25,000. Also, from what I've been told, Monumental is going to brand themselves into Transamerica and all the products will be merged on the same app.

 

[EB34]

There are no underwriting requirements for $10,000 and below face amounts if the individual is under 50 years of age. At age 50 and above, all face amounts of $5000 and above must have a urine sample collected from the individual. Again, I'm not sure the procedure for independents, as I was a career agent. I've heard that Transamerica is merging the Monumental products together too. From my understanding, however, the Transamerica products do not provide the nice service pay that Monumental career agents have become accustomed. For example, I had a $480,000 book of existing Monumental business that paid me about 6% service pay. I've heard that new Transamerica placed business does not offer this kind of service pay. However, I no longer work there and could be completely wrong.

 

[Staggs]

Everything sold as a captive agent with monumental is fully underwritten. Even the Easy Acceptance can only be offered after a application for the standard rate has been declined by underwriting.

The rates are cheaper on the indy side. My opinion is they are trying to phase out the captive agents. Probably sick of paying service pay and benefits.

 

[EB34]

My feeling exactly, which is why I left. They seemed to be muscling out their captives by increasing their monthly placement quotas and slowly witteling down service pay.

 

[jdmiii]

From my understanding, the easy acceptance can be offered upfront. It can be noted on the standard product app that the client is willing to take the easy acceptance which allows for a quick issue.