Replacing Policies You Wrote in the Past

[nfl72]

This is a good question for some of you guys who have been around the block way more than I have. Your advice is greatly appreciated.

I wrote a policy on a lady on 3/15/2011. She has Systemic Lupus as is taking all the meds for it. I wrote her a $10,000 policy through Genworth and it was modified. She called me and told me she would like to increase her coverage from ten to maybe 20 or 25K.

My dilema is this. I think I can get her bought graded with Foresters at 20K. If i replace the Genworht and write her one new policy will GEnworth be pissed at me? Based upon what I expct to see that would be the best way to go for the customer .

What would or could Genworth do to me? I do like them and use them when meds are an issue. But I do not want to burn any bridges. Would you guys reccomend that I leave the 10K at Genworth alone and just write a separate new policy with Foresters? Or replace the Genworth with one bigger new policy?

thanks in advance for your input.

 

[TDFnCali]

This is a good question for some of you guys who have been around the block way more than I have. Your advice is greatly appreciated.

I wrote a policy on a lady on 3/15/2011. She has Systemic Lupus as is taking all the meds for it. I wrote her a $10,000 policy through Genworth and it was modified. She called me and told me she would like to increase her coverage from ten to maybe 20 or 25K.

My dilema is this. I think I can get her bought graded with Foresters at 20K. If i replace the Genworht and write her one new policy will GEnworth be pissed at me? Based upon what I expct to see that would be the best way to go for the customer .

What would or could Genworth do to me? I do like them and use them when meds are an issue. But I do not want to burn any bridges. Would you guys reccomend that I leave the 10K at Genworth alone and just write a separate new policy with Foresters? Or replace the Genworth with one bigger new policy?

thanks in advance for your input.

Maybe since Im new Im missing something....but since u are appointed by Genworth & Foresters, and u also want to do right by the customer, do a separate policy on the lady for an additional 10 or 15k. Im assuming u cant go any higher on the Genworth product, so leave that 1 alone & give her another 1, esp since it's going to be graded & not full FA for 2yrs.

PS- I wrote a Genworth term in April, just got approved today since it had to have a paramed & all that...but at over $200/mo prem., Im not complaining!

 

[NCAgent]

I think you'll be fine as long as genworth doesn't have a reason to suspect you are abusing their appointment. A client needs more coverage and it makes sense to go with one carrier for 20k than 2 carriers for 10k each.

Just don't abuse the system and you'll be fine. Many people doing their job don't have problems, it's people who try to be slick that usually get in trouble.

 

[Norwayguy]

Most carriers do have a clause in the contract about terminating your appointment for systimatically replacing thier business. But they understand doing right by the client if its 1 here or there don't worry about it if its in the best interest of the client.

I recieved a call from one of my annuity carriers as I had been flagged for replacing 20 policies in a short period of time. The companies view is with guaranteed minimums being lower how is this in the best interest of the client.

My response was name a client and I started giving specifics of how the client benefitted after the third client he stopped and I haven't heard anything since.

You may want to ask Genworth about increasing the face amount on the existing policy just for cya in the file.

 

[jdeasy]

This is a good question for some of you guys who have been around the block way more than I have. Your advice is greatly appreciated.

I wrote a policy on a lady on 3/15/2011. She has Systemic Lupus as is taking all the meds for it. I wrote her a $10,000 policy through Genworth and it was modified. She called me and told me she would like to increase her coverage from ten to maybe 20 or 25K.

My dilema is this. I think I can get her bought graded with Foresters at 20K. If i replace the Genworht and write her one new policy will GEnworth be pissed at me? Based upon what I expct to see that would be the best way to go for the customer .

What would or could Genworth do to me? I do like them and use them when meds are an issue. But I do not want to burn any bridges. Would you guys reccomend that I leave the 10K at Genworth alone and just write a separate new policy with Foresters? Or replace the Genworth with one bigger new policy?

thanks in advance for your input.

I replace when it's in the interest of the client. If it's one that I previously wrote and things have changed, so be it.

I've had more complaints from companies that I'm appointed with when I replace their policies that someone else wrote. They seem to think I should leave their's alone as a holy grail or something since I now write for them.

Haven't had much problem even with those. Really only one company even made a comment.

I will do internal replacements of my own policies to save the client from having to pay two policy fees. Some companies frown on that and some don't seem to care. I still just go by what's in the best interest of the client. No one has a leg to stand on if they complain about your doing that.

 

[xrac]

Just do what is right by the client.

 

[nfl72]

the client is currently paying $59 per month for 10K modified. I can only get her 20K with Foresters graded. She wants as much as she can get and is willing to pay $125 per month.

It going to end up being a combo of both Genworth and Foresters I think 20K graded is about $88 per month. I will keep the remaining $37 per month with Genworth.

.


thanks for the input