A Follow Up on the Whale

[nfl72]

Some of you guys might remember back in August I wrote a $50,000 policy on a 67 year old man with severe diabetes including amputation of a few toes etc. All around his health was quite bad. I replaced 3 of his existing policies which all were graded with a 2 year wait. HIs new payment was $635.00 per month.

A few guys were suggesting it would cancel or get replaced and it could end up a huge chargeback. Well, I got the letter on Saturday saying he sent in a surrender form. I called the company and they never got a replacement of any kind.

I called the client and it turns out an agent in Arizona replaced it over the phone, with a $25K policy for $332.00 per month. I did a back door kind of call and found out it had a 2 year wait.

In Dec he did call me and want to cut his payment in half so I called the company and they sent him the necessary form to accomplish that. It turns out he never sent it back in.

I just got back from a 2 hour drive to get his surrender form rescinded. We cut it from 50K to 25. I think that is the first time ever I worked FE on a Sunday.

 

[jdeasy]

Some of you guys might remember back in August I wrote a $50,000 policy on a 67 year old man with severe diabetes including amputation of a few toes etc. All around his health was quite bad. I replaced 3 of his existing policies which all were graded with a 2 year wait. HIs new payment was $635.00 per month.

A few guys were suggesting it would cancel or get replaced and it could end up a huge chargeback. Well, I got the letter on Saturday saying he sent in a surrender form. I called the company and they never got a replacement of any kind.

I called the client and it turns out an agent in Arizona replaced it over the phone, with a $25K policy for $332.00 per month. I did a back door kind of call and found out it had a 2 year wait.

In Dec he did call me and want to cut his payment in half so I called the company and they sent him the necessary form to accomplish that. It turns out he never sent it back in.

I just got back from a 2 hour drive to get his surrender form rescinded. We cut it from 50K to 25. I think that is the first time ever I worked FE on a Sunday.

Well, at least you got a new story to tell.

I had one from yesterday. I don't work Saturdays usually and I can't remember the last time I did. But I got a lead on a guy last summer that I called several times. He works out of town during the week and everytime I called he wasn't gonna be available the next day.

I called him about 10 times over 3 months and never was able to meet with him. Then a month ago I get another lead card from him. I called him when I was in that area not realizing I still had his old lead card. Once I started talking to him I realized I had spoken to him before. So I reminded him that I had talked to him last summer and asked why he sent in another card. He said he really wanted to meet up and it was just a scheduling problem.

Then he asked if I worked Saturdays. I told him I didn't but I could if he was truly interested and that's the only time available. He's about an hour drive from me.

I knew I would have some time yesterday so I called him Friday and set up an appointment. I get there yesterday and he lives down on the Cumberland River. Real nice guy, so it seemed, fairly healthy 61 year old smoker. He health qualified for KSKJ and said he wanted to sign up and asked if I brought an application with me. Well of course I did. I pulled it out and started to fill it out. He said, no, he didn't want me to fill it out. He wanted me to leave the application and he would fill it out and mail it to me. I told him it didn't work like that and he went berserk!! Told me to get the hell out of his house. Just completely flipped his switch.

I did tell him as I was leaving to throw away anymore of those cards if he got them in the mail.

That's our people!!

 

[Baseball7]

So you have half of a major charge back or a full one just not yet?

 

[WinoBlues]

So you have half of a major charge back or a full one just not yet?

He probably hit the company max advance anyway. Cutting the face should just affect comp from the change date forward.

 

[John Galt]

This is why during a presentation if a prospect throws out $100 month I back them down. Obviusly if I am replacing it could go higher but they would have to prove to me they had been paying consistently on the policy being replaced, pick and chose your battles with deadbeats or get bit.

 

[sirherbie]

Bingo we got a winner . 90% of the people I'll back down big time. Fe people are were there at for a reason. I remember I delivered a policy with a husband- wife of $110 and $73 a month. When delivering the husband was hooking a camper up and I said were are you going. He said to pawn it . Got a sick feeling and sure enough to 3 months later it lapsed.

 

[WinoBlues]

This is why during a presentation if a prospect throws out $100 month I back them down. Obviusly if I am replacing it could go higher but they would have to prove to me they had been paying consistently on the policy being replaced, pick and chose your battles with deadbeats or get bit.

I understand what you are saying. I backed an appointment down to 50% of what he was wanting.

However, there are $500, $1,000 and higher monthly premiums out there. Not every day, but out there. Just Saying.

----------

Bingo we got a winner . 90% of the people I'll back down big time. Fe people are were there at for a reason. I remember I delivered a policy with a husband- wife of $110 and $73 a month. When delivering the husband was hooking a camper up and I said were are you going. He said to pawn it . Got a sick feeling and sure enough to 3 months later it lapsed.

Mr Herbie, do you get many deals where a child or children own and pay the premium?

 

[nfl72]

my post might have been confusing. I drove to his home to save the deal. My policy was full coverage from day one. The one that was going to replace it was not, it was ROP. He is all set with me again and is now good to go.

Because of the advance amount the company was paying me as earned. I did have to cut it to $320 per month to save it.

 

[WinoBlues]

my post might have been confusing. I drove to his home to save the deal. My policy was full coverage from day one. The one that was going to replace it was not, it was ROP. He is all set with me again and is now good to go.

Because of the advance amount the company was paying me as earned. I did have to cut it to $320 per month to save it.

I understood it. You made comp on the larger amount for the larger amount for about 6 months, now will get the balance at the reduced amount. No charge back. Good save.

 

[PA Bill]

Well, at least you got a new story to tell.

I had one from yesterday. I don't work Saturdays usually and I can't remember the last time I did. But I got a lead on a guy last summer that I called several times. He works out of town during the week and everytime I called he wasn't gonna be available the next day.

I called him about 10 times over 3 months and never was able to meet with him. Then a month ago I get another lead card from him. I called him when I was in that area not realizing I still had his old lead card. Once I started talking to him I realized I had spoken to him before. So I reminded him that I had talked to him last summer and asked why he sent in another card. He said he really wanted to meet up and it was just a scheduling problem.

Then he asked if I worked Saturdays. I told him I didn't but I could if he was truly interested and that's the only time available. He's about an hour drive from me.

I knew I would have some time yesterday so I called him Friday and set up an appointment. I get there yesterday and he lives down on the Cumberland River. Real nice guy, so it seemed, fairly healthy 61 year old smoker. He health qualified for KSKJ and said he wanted to sign up and asked if I brought an application with me. Well of course I did. I pulled it out and started to fill it out. He said, no, he didn't want me to fill it out. He wanted me to leave the application and he would fill it out and mail it to me. I told him it didn't work like that and he went berserk!! Told me to get the hell out of his house. Just completely flipped his switch.

I did tell him as I was leaving to throw away anymore of those cards if he got them in the mail.

That's our people!!

I used to give it right back to clams like that in my younger days. Now? It's like a broken record. You've seen one of those chumps, you've seen 'em all. "Whatevs" as the kids say. Good on you for keeping your cool.