Got my first death claim

[DHK]

And i feel terrible about it. One, because of the death of a nice person, and two, because the clients mother in law said she didn’t know the policy only paid return of premium plus 10% interest within the first 3 years. Did I explain this while I was in their home? Maybe, maybe not, I don’t remember as it was over 2 years ago. This was one of my first couple of policies sold, so its possible I didn’t even know. Feels bad man.

Just venting.

He had cancer but went into remission after treatment which is why it was ROP. He was in remission for about 2 months before I met him and wrote the policy.

It’s a learning experience that I will ever forget, and will be checking to make sure I cover this every time in the future.

I'm sure you've already helped them handle the claim by now.

Regardless of the actual product sold (and much of the advice in this thread was that there were other companies with better contract provisions that would've created a better outcome in this case), we simply have to have the emotional discipline to simply explain how the contract worked, the health status at the time he enrolled for coverage, and that this is the scheduled benefit.

After all, what if he died within the first year of coverage and he had a better policy, but not yet eligible for full coverage? You'd still need to have the same kind of conversation.

So, let's honor him for making a good decision to get coverage that he was eligible for, and we explain how the policy worked and we move from there.

 

[Bob L]

I'm sure you've already helped them handle the claim by now.

Regardless of the actual product sold (and much of the advice in this thread was that there were other companies with better contract provisions that would've created a better outcome in this case), we simply have to have the emotional discipline to simply explain how the contract worked, the health status at the time he enrolled for coverage, and that this is the scheduled benefit.

After all, what if he died within the first year of coverage and he had a better policy, but not yet eligible for full coverage? You'd still need to have the same kind of conversation.

So, let's honor him for making a good decision to get coverage that he was eligible for, and we explain how the policy worked and we move from there.

Good advice. And if nothing else, his beneficiary certainly got a better return than if the money were put in a bank, that's for sure.

 

[ValeRosso]

I'm sure you've already helped them handle the claim by now.

Regardless of the actual product sold (and much of the advice in this thread was that there were other companies with better contract provisions that would've created a better outcome in this case), we simply have to have the emotional discipline to simply explain how the contract worked, the health status at the time he enrolled for coverage, and that this is the scheduled benefit.

After all, what if he died within the first year of coverage and he had a better policy, but not yet eligible for full coverage? You'd still need to have the same kind of conversation.

So, let's honor him for making a good decision to get coverage that he was eligible for, and we explain how the policy worked and we move from there.

Great point that I didn’t think of. Thank you for this.

 

[ValeRosso]

Good advice. And if nothing else, his beneficiary certainly got a better return than if the money were put in a bank, that's for sure.

Yeah true, I did mention this to them as well.

 

[rousemark]

I had State Mutual for Med Supps 20 years ago. Never knew they had FE.

Which State Mutual? Indiana or Rome Ga?

 

[goillini52]

Which State Mutual? Indiana or Rome Ga?

Rome, GA.

 

[rousemark]

Rome, GA.

I wrote tje, years ago. They had a great dividend record.. I used their WL with an ELP rider which was a decreasing term that the dividends was supposed to keep level using the paid up additions At the time interest rates were high and then they plunged and the dividend wasn't enough. My daughter's $50K policy is now $36K. Back then they didn't sell anything but life. Then they got out of the life business and moved to Med Supp. I think they also added a burial plan for a while.