California FE Agents - Senior Sales Presentation Disclosure Form

cainsurancelady

New Member
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Hi Gang...need some help.

With regard to California agents that sell Final Expense plans...When seeing clients in their homes (doesn't apply to telephone sales or if they come to meet you in an office, coffee shop, etc.), how do you handle the Senior Sales Presentation Disclosure Form that we are required to send to them within 24 hours of the meeting (Senate Bill 620)?

(Example: Got their info from a lead card that they filled out and mailed back).

If we talk to them and schedule a meeting for the next day, and have no prior relationship with them, how are we to get these forms to them in time (obviously email is an option, but it's not for a lot of seniors)? I know we could send email to their kids, etc. but let's say for this discussion we can't.

I know a lot of FE agents do "Drive by selling" meaning showing up at the house with the lead card, how are they doing this without the disclosure form?

Thanks gang, I know this topic was brought up a few years ago in the Senior Forum, but never really answered. Am hoping to get some real CA agent feed back by agents that are doing face to face sales/door knocking/lead cards.
 
Im new, but my agency said (at least for the FE market) that if ever questioned that we just say they were given a 24hr notice with the lead card & to just fill it out while you're there....that's all Ive been doing!
 
Not in Cali but the law says :

· If the senior has an existing business relationship with an insurance agent and requests a meeting with the agent in
his or her home the same day, the notice shall be delivered to the senior prior to the meeting.


I would think that the lead reply card would establish an "existing business relationship" since they requested you call.
 
SB 590 created an exemption for agents selling burial or funeral expense life insurance policies. All others apparently require the 24 hour notification.

SB 590 Senate Bill - Bill Analysis

SUMMARY For the specially licensed line of life insurance for funeral and burial expenses, would exempt sales in a senior's home from an advance notice requirement if the policy's initial face amount is $15,000 dollars or less, it includes a "free look" period of 60 days during which the purchaser can cancel the policy and be refunded all payments, the seller provides an equivalent notice at the time of the sales meeting, a signed copy of which is retained, and also provides a post-sale notice of the purchase, and a form suitable for use in exercising the right of cancellation, to the buyer, their family and other interested parties specified by the buyer.

SB 590 Senate Bill - Bill Analysis
 
Something tells me that this won't cover final expense policies.

1)Provides that a person selling life insurance to a senior does not need to deliver a written notice 24 hours prior to the initial meeting in the senior's home when the sale is for life insurance to pay funeral and burial expenses, and the life insurance policy has an initial face amount of $15,000 or less. These policies are known as pre-need life insurance policies.

590 does specify pre-need life insurance. This is a bit outside of my area so maybe one of you life gurus can explain what if any difference there is between pre-need and final expense.

Item one of the summary:

SB 590 Senate Bill - Bill Analysis
 
590 does specify pre-need life insurance. This is a bit outside of my area so maybe one of you life gurus can explain what if any difference there is between pre-need and final expense.

Item one of the summary:

SB 590 Senate Bill - Bill Analysis

It varies by state. In MOST states Preneed is required to have an exact statement of what they are paying for and is tied to a specific funeral homes general price list (a legal requirement of all funeral homes.) it must be sold by a licensed funeral director (in some states) or signed off by a licensed funeral director (all other states). There are a lot of rules governing the sale of Preneed insurance that are specific to the funeral industry. In most states the policy must come with a written price guarantee on the funeral for life. The funeral home owner or a managing funeral director must sign off on that.

Final expense insurance is not Preneed insurance. It is simply simplified issue life insurance.
 
Thanks everyone for all the replys and good information. I was unaware of the amentment to that bill and that helps very much. Plus good info regarding the seniors filling out the lead cards. Thanks again & I appreciate the quick feedback.
 
Not in Cali but the law says :

· If the senior has an existing business relationship with an insurance agent and requests a meeting with the agent in
his or her home the same day, the notice shall be delivered to the senior prior to the meeting.


I would think that the lead reply card would establish an "existing business relationship" since they requested you call.

Well a reply card is not considered a prior business relationship in regards to the DNC list so why would it in this instance.
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Your Legislature must be a full time job.....Just what laws Ross't California have....Heard on a radio station yesterday that everything is illegal in California its just that no one is able to remember all the laws to charge people.
 
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Any recent updates on this topic? Do you guys ignore the notice period? Do you send you the notice prior to running an appointment? Do you bring the notice with you?
 
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