Lost my 3 Biggest Cases this Week

[UW Guy]

Yeah, as NorwayGuy pointed out, do you have another life reinsurer or brokerage you can go to with your carrier? If they don't as a captive agent it would be smart to find a broker you can refer cases like this to. Keeps your client happy (and their other business with you) and meets their need.

Also, do you know what they go rated for?

 

[pfg1]

Selling big premiums is one thing but I have to wonder why all 3 of them were 10 Pay?

The only value in being a captive agent is the training and the hand holding that comes with it. If someone is teaching you to sell 10 Pays to clients with rateable health conditions, then you might just be with the wrong agency.

Insurance sales should feel like a career, not a job.

Work ethic and good support along with competitive products and a proven sales system will be your only chance of success. If you're missing one piece of the puzzle, you'll be out in no time.

This is a good post...

 

[Newby]

Selling big premiums is one thing but I have to wonder why all 3 of them were 10 Pay? The only value in being a captive agent is the training and the hand holding that comes with it. If someone is teaching you to sell 10 Pays to clients with rateable health conditions, then you might just be with the wrong agency. Insurance sales should feel like a career, not a job. Work ethic and good support along with competitive products and a proven sales system will be your only chance of success. If you're missing one piece of the puzzle, you'll be out in no time.

Sounds like they are selling for cash build up (like bank on yourself) or something like that. Not for death benefit.

Seems like when you sell life insurance for things other than death benefit a lot of them would fall off before being placed. They have to really buy in to that whole concept.

 

[DHK]

The only other thing I think about with rated cases is this: "You pay more, we pay quicker!"

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Seems like when you sell life insurance for things other than death benefit a lot of them would fall off before being placed. They have to really buy in to that whole concept.

I disagree. When you're focused on the cash values and not the death benefit, then all you have to do is lower the death benefit to match the premium commitment. The strategy is still valid, but it's just not the same level of death benefit protection.


But when you're selling death benefit only... and then it comes back rated (at say 3x the premium quoted)... you've got a hard sale ahead of you.

 

[Larry Tew]

Sounds like they are selling for cash build up (like bank on yourself) or something like that. Not for death benefit.

Seems like when you sell life insurance for things other than death benefit a lot of them would fall off before being placed. They have to really buy in to that whole concept.

I don't find that to be the case. There's no competition between living benefits versus death benefits. They both matter depending on the case. But... selling "DB only" as a philosophy is a much simpler proposition. Selling cash value in all its facets require greater communication and client education (sometimes re-education).

 

[WinoBlues]

I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

We have all been there and will be there again. The good news is it sounds like you are doing a great job. Probably a combination of you and your assets along with some solid training. With time and confidence it gets easier to save some cases. It also gets easier to know when to shake them off and let them go. A full pipeline cures a lot of disappointment.

 

[BNTRS]

Sounds like they are selling for cash build up (like bank on yourself) or something like that. Not for death benefit.

Seems like when you sell life insurance for things other than death benefit a lot of them would fall off before being placed. They have to really buy in to that whole concept.

I think that more happens when an agent/broker does a terrible job at field underwriting. Many choose to ignore their prospects health situation and this can be a brutally tough lesson learned.

I once had an agent come to me looking for assistance with a case where a young prospective client had been declined by several carriers for a positive CDT. I asked what I think would be the most reasonable questions that come up in the face of this information and received mostly hand-waving responses from the agent. So I defaulted to the usual suspects for lenient underwriting. When the app came to me (less than half filled out ) the applicant noted what I would consider some pretty heavy alcohol use on a very regular basis.

 

[rousemark]

Sounds like they are selling for cash build up (like bank on yourself) or something like that. Not for death benefit.

Seems like when you sell life insurance for things other than death benefit a lot of them would fall off before being placed. They have to really buy in to that whole concept.

Either that or they have a manager like the one I had when I started. He claimed a company would be more lenient with the underwriting on a ten pay because the premium was higher than a life pay.

 

[trevleffingwell]

Good news, Paul; you're not alone. We're all just like you, or have been at one point. Hopefully, you're a fast learner and you'll not do this again. If not, you're going to keep writing posts like this because you refuse to treat this like a true business. If you don't have at least one appt set for tomorrow, and the next day, and the next day, you're out of business. Keep your pipeline full, my friend, and you can let cases like these fall through b/c you've got ten others you're working on!

 

[WinoBlues]

Good news, Paul; you're not alone. We're all just like you, or have been at one point. Hopefully, you're a fast learner and you'll not do this again. If not, you're going to keep writing posts like this because you refuse to treat this like a true business. If you don't have at least one appt set for tomorrow, and the next day, and the next day, you're out of business. Keep your pipeline full, my friend, and you can let cases like these fall through b/c you've got ten others you're working on!

I have one set for tomorrow morning. Then I am taking the family to brunch. Not sure if I have another physical F2F meeting the rest of the week. I have made it a couple years already so hope O can make it a couple more.