Got Rolled by Mickey Mouse and Mom/Dad

[midwestbroker]

This is why I moved to the senior market...I have yet to have a client call me to cancel their Med Supp because they want a bass boat.

 

[Indiana_Adam]

Moonlight, no, they did not disclose they would be talking to her parents. In fact, she was all for getting insurance in place. The boyfriend is very cautious and wanted time to think about it. I told him that's great, lets get the ball rolling and if you change your mind when I deliver the policies, so be it. I genuinely believe they did not have a check on them. I don't carry checks on me and only keep them in stock to pay the mortgage. Otherwise, I'd not have them. In that situation, banks are closed, they don't have a check book, what do you do? Kind of against the wall as I didn't see anyway of obtaining the checking information.

I also realize people buy on emotions, not logic...which is why Mickey kicked my arse on this one. I didn't find the pain well enough. They believe is something were to happen to one of them, the parents would take over with their daughter and help with finances. I'm not giving up on them, they'll get a phone call every 6 months to touch base.

 

[Mattschmidt]

Their parents are a prime example of the idiots out in this world...I would simply tell them that when they become Financially Mature, that you would be there for them...Until them, they are putting their family's financial future at risk.

 

[FEX Quotes]

Their parents are a prime example of the idiots out in this world...I would simply tell them that when they become Financially Mature, that you would be there for them...Until them, they are putting their family's financial future at risk.

What a great response! This message can be couched several ways depending on the situation, but definitely conveys we are financial professionals and not merely salesmen..

 

[Crabcake Johnny]

Filled out 3 policies on young, unmarried couple Saturday evening, had everything but checking information, !

IMHO, you never had anything. Move on.

 

[scagnt83]

I know a former manager from RBC, who once had an agent who was a bit over the top with his response to "no".

After an hour at the dinner table going over life policies, the prospect said they needed to save for their vaca instead of taking on more payments for something "they probably will never need"...

The agent said "ok", then walked over to the kitchen light switch and turned it off and said "thats what you just did to your family"...

The manager said the prospect kicked them out... but then called the office back a week later and bought a policy from another agent... lol.
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IMHO, you never had anything. Move on.

x2.

An app really means nothing until you have check to go with it...

Young term prospects are very fickle... thats why I left that market.
It just kills me to watch someone who is un/under-insured and has a family, debate on whether or not they can fit a small $30/$40 per month premium into their budget...

They get an email app and I tell them "email it back to me when your done". Thats about all the time I dedicate to small term policies these days.

 

[GeminiGroup]

The above 'kitchen light' switcher is MY KING of dude.......

You can't fix 2 things:

1) Stupid as f__k,
Especially when it's generational (The grandparents 'recommended' that these azz clowns NOT protect 'their' GRANDKIDS.....
Think about that for a sec.....you can't 'work' with stupidity that strong.
They told, this young, unmarried dumb couple that $16/wk stood in the way of the young family's coverage AND going to Disney.
They obviously, hadn't given them the 'best' parental guidance most of their lives or they wouldn't be where they are today, now would they?

2) BROKE as F__k
Many broke people see life differently, especially when it's generational. If these 'type' of folks are used to living on a wing and a prayer...that's what they know (e.g. 'their parents') and that's what they'll teach and how they SEE the world. Even if you 'sell' 'em later...it'll be a 'loan in the field' cause it's a charge-back waiting to happen.

You, my friend 'dodged' a bullet...
____________________________________________________

scagnt83....said the above agent went "over the top" with his response.
I say go ahead and LET' EM HAVE IT, their not gonna buy from YOU anyway
but as in his case he 'helped' the client get a policy within a week.

If I'm not getting the commish, from the "broke 'n stupid"....
I might as well 'blow up' the house on the way out...makes my 'time' worthwhile (I already PAID for it, right?).

 

[Baconfat]

I do not mean derail this thread but thought it might be relevant to the OPs post. i just had a young couple like you describe. Young, just married, looking for excuses not to get insured, etc. The wife's paramed exam came back with a table four rating. It's kind of a sad situation because they both look very very healthy and the premium they were expecting for her just quadrupled

 

[VolAgent]

I just had a young couple like you describe. The wife's paramed exam came back with a table four rating. It's kind of a sad situation because they both look very very healthy and the premium they were expecting just quadrupled

You pay more, we pay quicker.

Courtesy of someone on here, BNTRS I think? Your commission just quadrupled, go place that thing.

 

[scagnt83]

I do not mean derail this thread but i just had a young couple like you describe. Young, just married, looking for excuses not to get insured, etc. The wife's paramed exam came back with a table four rating. It's kind of a sad situation because they both look very very healthy and the premium they were expecting for her just quadrupled

2 things:

1- Shop it. Find out why it was rated and find a carrier thats favorable to that condition. The carrier can tell you why it was rated.

Maybe the current carrier is best, but always double check. It could save your client money, and could possibly save the case if the rating is putting it at risk.


2- When I started at NYL our trainer had a "talk" for presenting a rated policy:
" Well Mr. Client. The good news is that "ICs name" approved you for coverage.
And it turns out you are just like the majority of people who obtain coverage; your health rating is not perfect, but its definitely not the worst.
Usually 90% of clients receive a health rating thats less than perfect.
In your case, the rating increased your premiums by only ..... "

It lets the client know they are not being singled out, which is a feeling that often expresses itself.


Also, this is where field underwriting and proper quoting comes into play.

I almost never quote super preferred, and always give a range for the premium.