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Discussion on Is anyone going to the dahammm Convention (National Agents Alliance) (NAA) within the Life Insurance Forum, part of the Insurance Agents and Brokers Forum category.
gone....because I am p u s s y AND EVERYONE MADE ME MAD.......... |
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Views: 77227 - Replies: 1164
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11-22-2006, 09:46 AM
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#222
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Guru
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Originally Posted by flatfive
Sti,
Are you one of those naive newbies who thinks they are actually doing the "right thing" just because they have the cheapest price? Or are you one of those old farts that thinks they have more integrity than everyone else? In either event, thank god there are more realistic agents that go behind you and provide protection for the people you couldn't get approved.
I don't know how you can sleep at night knowing how many people you have left uninsured.
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flatfive,
How do you know how many people Sti has left uninsured? You make some grand assumptions. I am one of those that sells very little non-med. Why? Because I can generally find coverage much cheaper. A good agent is familiar with the underwriting of several carriers. This way, he can lead the client down the right path.
I'm not opposed to non-med. Just those that sell non-med as a first choice ALL THE TIME. They walk into a house with a 30-something healthy couple with a $200k mortgage and they only offer the non-med with DI. And it's only for the amount of the mortgage. They don't even mention that they could save hundreds of dollars per year if they are willing to have a simple exam. Nor do they do a needs analysis to determine what an appropriate amount of coverage would be (just covering the mortgage is not appropriate). To me, that's putting your needs and wants ahead of the customers. The agent simply wants the quick commission.
So now the statement is reversed. I don't know how you can sleep at night knowing the majority of your agents are selling an overpriced product just so they (and you) can get a quick commission.
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11-22-2006, 09:49 AM
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#223
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Guru
Join Date: Sep 2006
State: 
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Quote:
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Originally Posted by flatfive
Sti,
Are you one of those naive newbies who thinks they are actually doing the "right thing" just because they have the cheapest price? Or are you one of those old farts that thinks they have more integrity than everyone else? In either event, thank god there are more realistic agents that go behind you and provide protection for the people you couldn't get approved.
I don't know how you can sleep at night knowing how many people you have left uninsured.
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No....I am a insurance agent that sells like I would like to be sold if I was on the other side of the fence....BTW.....every life contract I have written has been placed and kept.....except for this one guy that got popped by the MIB for coming up pos. for coke on a life application 6 mo. before I got to him(he even passed my para~med).... dang...should have had him call NAA......daham I HATE people that lie to me.......
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11-22-2006, 10:01 AM
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#224
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Guru
Join Date: Sep 2006
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I'm not a big fan of anything remotely deceptive. The NAA mailers are deceptive because most people think their mortgage company is recommending the product. It's also not "mortgage protection" - it's "life insurance." That's like me calling health insurance "medical protection." These companies want to take the word "insurance" out of the presentation because if people know when they get the mailers it's just life insurance almost none would reply.
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11-22-2006, 11:35 AM
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#228
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Guru
Join Date: Sep 2006
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Quote:
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Originally Posted by flatfive
If the word insurance is such a turn off, then why not stop using it?
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yea....and I know agents that thought selling whole life insurance as a retirement plan (but not telling the client it was life insurance )was also a good idea .....
http://www.findarticles.com/p/articl...04/ai_n8897960
Agent sells life insurance to woman seeking retirement plan: Fraud: Violation of consumer sales practices act: Postverdict settlement
Doe v. Commercial Union Life Ins. Co., Ohio, Summit County C.C.P., No. 97 03 2893, Sept. 13,1999.
Doe, 43, hoped to retire early and attended a "retirement planning" seminar presented by Commercial Union Life Insurance Company and its agent, Barnett, a life insurance salesman. She then consulted with Barnett in her home and purchased two "retirement plans" at a cost of approximately $100,000. Six years later, she learned these plans were life insurance policies that were unsuitable for her needs.
Doe sued Commercial Union and Barnett, alleging negligence, fraud, and violations of (1) the Consumer Sales Practices Act, Ohio Rev. Code Ann. 1345.01 et seq., and (2) state regulations governing the sale of life insurance, Ohio Admin. Code ch. 3901-1. Plaintiff claimed Commercial Union had instructed its agents to market life insurance as an investment or retirement plan. She argued this tactic resulted in the sale of life insurance to those who had no need for it. Plaintiff also claimed that by using about $100,000 to buy insurance policies, she lost more than $110,000 in growth on her savings.
Defendants countered that plaintiff knew or should have known she was buying life insurance and the policies she bought were a suitable savings vehicle for retirement.
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11-22-2006, 11:48 AM
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#229
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Guru
Join Date: Sep 2006
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Quote:
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Originally Posted by flatfive
Hey, if someone doesn't want to take the paramed I'm not there to convince them otherwise.
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if they are that adamant about a paramed then I don't want to be thier agent....and I can do this because if I don't make this sale my family still eats.......
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Originally Posted by flatfive
EVERY CONTRACT YOU'VE WRITTEN HAS PLACED??? Come on! Unless you've only written 10 applications, that statement has no credibility whatsoever.
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We you have to understand that not all my income comes from writing life insurance.....so when I write one I have already written their health insurance and know their options...
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Originally Posted by flatfive
The ironic thing is that the placement ratio on non-med apps is way higher than on fully underwritten policies.
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and I am sure that all these non~meds were giving a choice ....
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11-22-2006, 12:33 PM
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#232
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Guru
Join Date: Sep 2006
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Quote:
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Originally Posted by flatfive
Sti,
That has nothing to do with what we were talking about in the least. Retirement Plan is a know term that suggests many features that life insurance cannot offer.
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The question was "If the word insurance is such a turn off, then why not stop using it?".........whether you are shading it as a Retirement Plan or Mortgage Protection......
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Originally Posted by flatfive
Tell me - what is Mortgage Protection misconstrued to mean? What do they think it is?
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I know what it is....but 75% of the population doesn't (mostly your low income family's like your market)....hell they know the word aflac but still have no idea of what it does .......
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Originally Posted by flatfive
I tell my clients "in the event of death this plan would pay $120,000 directly to your beneficiary.
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Well thats nice.....thats what your suppose to do......
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Originally Posted by flatfive
They could use that money to pay off the mortgage, but that is not a requirement. If you want to be sure that the money is ONLY used to pay off the mortgage you need to do that with the help of a lawyer and a will." Is that deceptive? Does that not define life insurance to a T without having to use the word insurance?
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You could be selling me an annuity,a mutual fund a lottery ticket...they need to be told it is life insurance.....and most people do associate life insurance with a physical....
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Originally Posted by flatfive
If someone asks me "what is mortgage protection anyway?" I tell them "it is simply life insurance designed to address the needs of a mortgage holder. The reason we call it Mortgage Protection is that we typically match the face amount to the loan amount and we match the term to the length of the loan. Also, some people like a separate plan for their mortgage so they can make adjustments to other plans of insurance as needed without affecting the plan that protects their mortgage.
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Hey how about this ....INCOME replacement....if you have the right amount of life insurance and you lose a loved one wouldn't it be nice to have the right amount to to put into a fund and draw the interest each month to replace his income and have a nest egg for retirement that you will lose if your husband dies.... and if you take a hard look at your way if they do not have any other life insurance then you are screwing them....and if they did they would be calling their health agent , life agent or auto agent and you would not be in the room ....and if they do get the death claim the LAST thing you want to do is pay off a5%to7% loan...sooooooo........would it be better to spend the $60 a month on a $750,000 to $1,000,000 STRAIGHT TERM POLICY or for a $120,000 non~med rop so you can make a non underwritten quick issue buck......
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11-22-2006, 12:34 PM
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#233
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Guru
Join Date: Sep 2006
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Quote:
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Originally Posted by flatfive
Sti,
So if a client tells you they would really prefer not to have to take a medical exam if given a choice, you would tell them you refuse to do that? So in other words, you INSIST that they take a medical exam and deprive them of their full range of options. Is that correct?
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Never had a client tell me that.......
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11-22-2006, 02:12 PM
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#235
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Guru
Join Date: Sep 2006
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Quote:
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Originally Posted by flatfive
And let's have a specific example of a client profile where they can get $1M for the same price as $120,000 non-med where the straight term product is at standard premium.
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but it will not be a standard prem. because they WENT THROUGH AN EXAM AND UNDERWRITING....
$1,000,000 ON A 29 MALE
Banner Life Insurance Company A+ OPTerm 30 - 30 Year Term Preferred Plus Non-Smoker
64.75
West Coast Life Insurance Company A+ Focus Term 30 - 30 Year Super Preferred Non-Tobacco
64.75
MetLife Investors USA Insurance Company A+ Guaranteed Level Term 30 Elite Plus Nonsmoker
67.41
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