- 25,060
OK, just got off the phone with an AOR'd client's niece.
She has a $10,000 WL FE policy issued over two decades ago. She is over 80 years old now.
She sends in a card. Per the niece that was there she was concerned she needed more insurance. Agent from Visalia runs the lead. So far so good. Now, instead of this weak ass DBag just quoting her an extra few thousand of coverage he has her call for the surrender value on a policy she is paying under $30mo on. Not even the non forfeitures, just the SV. Then goes on to try to replace the whole thing. For >$130mo.
His tactic was using the companies AM Best rating being lowered. Said that "when" the company goes into receivership they will "need to get that money from somewhere". Implying the Cash values / Death benefit. Again, This is a Whole Life Policy. Then he proposes Foresters. I asked the niece if he covered the contestability period, No. Since he brought up the what if of receivership I asked if he covered that what if with Foresters (Maintenance of Reserves), No. Now, was he saving her money? No, and Foresters, was not even the lowest company he has.
He gets all the way down to quoting just a few thousand that would bring her to a total of about $8,000. The CV plus the new policy. Quotes a money purchase of $60mo for about $4,300. He could have at least used one his other companies and got her more insurance and covered the what if of company insolvency by using a policy.
The guy has been an agent for ten years. Per the companies he has he sell traditional as well. Does all of this crap for $720 of AP?!? Dude?
BTW, I make or lose zero if they stay or surrender.
End of rant, switching to decaf.
She has a $10,000 WL FE policy issued over two decades ago. She is over 80 years old now.
She sends in a card. Per the niece that was there she was concerned she needed more insurance. Agent from Visalia runs the lead. So far so good. Now, instead of this weak ass DBag just quoting her an extra few thousand of coverage he has her call for the surrender value on a policy she is paying under $30mo on. Not even the non forfeitures, just the SV. Then goes on to try to replace the whole thing. For >$130mo.
His tactic was using the companies AM Best rating being lowered. Said that "when" the company goes into receivership they will "need to get that money from somewhere". Implying the Cash values / Death benefit. Again, This is a Whole Life Policy. Then he proposes Foresters. I asked the niece if he covered the contestability period, No. Since he brought up the what if of receivership I asked if he covered that what if with Foresters (Maintenance of Reserves), No. Now, was he saving her money? No, and Foresters, was not even the lowest company he has.
He gets all the way down to quoting just a few thousand that would bring her to a total of about $8,000. The CV plus the new policy. Quotes a money purchase of $60mo for about $4,300. He could have at least used one his other companies and got her more insurance and covered the what if of company insolvency by using a policy.
The guy has been an agent for ten years. Per the companies he has he sell traditional as well. Does all of this crap for $720 of AP?!? Dude?
BTW, I make or lose zero if they stay or surrender.
End of rant, switching to decaf.
