Sounds to me like a giant waste of time if she's not a current client. How much are you going to make off of a $100k possibly preferred policy on a female?
Conversion Question Transamerica
- Thread starter Lakshmi
- Start date
If he gets the case, if the client agrees, if the "FA" agrees, etc. That's a lot of "iffy" conversations for possibly making $900 if everything goes well. Since he's not currently the agent on the policy, what's going to happen when they call TA about their options? Is TA going to drive them to his door? Of course not, it's all a Big waste of time.
- Thread starter
- #14
She is a current client. Since 2006, very nice lady.
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Thank you Lewis. That's what i was thinking also about highly suggesting she do it.
And thanks again to everyone else who chimed in and tried to help.
One thing about Transamerica is Term that was not Fully Underwritten (ParaMed, Blood, HOS) is not available to convert to any product. Only the Guaranteed Conversion Whole Life Plan with a Cap of $50,000 face would be available.
You really need to look to the Term Policy itself. Trans used to only allow a non-med term conversion to any permanent plan (TransACE was not eligible) for only 5 years.
TransACE CV, TransNavigator IUL, or the Accumulation UL would not be available if this was a Non-Med or simplified issue term product that was sold.
You will find that most companies that sell Non-Med Term or SI Term will be hard to convert. Also, this is why you need to look carefully at your company's conversion options when you sell term insurance.
The original agent may have an E&O issue if he/she was like most agents and said it was convertible when in fact it was only partially convertible.
Skipper
You really need to look to the Term Policy itself. Trans used to only allow a non-med term conversion to any permanent plan (TransACE was not eligible) for only 5 years.
TransACE CV, TransNavigator IUL, or the Accumulation UL would not be available if this was a Non-Med or simplified issue term product that was sold.
You will find that most companies that sell Non-Med Term or SI Term will be hard to convert. Also, this is why you need to look carefully at your company's conversion options when you sell term insurance.
The original agent may have an E&O issue if he/she was like most agents and said it was convertible when in fact it was only partially convertible.
Skipper
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- Thread starter
- #16
Thank you...that's Interesting and informative, skipper. I was/am the original agent.
Never thought about worrying about an E and O claim.
So far all I know is it's convertible. Will finally get options the 23rd.
Hopefully at least the original benefit will be offered. Ouch if it's only $50,000...that would definitely be partial conversion...whole other story then.
I'll post the answer when I find out 23rd.
- 8,707
5 days has passed since initial post there is no more info the OP needs to see the policy or move on.
Maybe next time you'll read the contract before you have someone else sign it.
- 24,968
I have done hundreds of conversions. Used to be a lot easier primarily Because companies wanted conversions and provided stronger options. Term was more of a place holder till conversion. Today many see it as adverse selection. This case is a good example of that. I have done the same many times.
- Thread starter
- #20
lol at Bill...come on now. Won't even entertain that one.
It turned out I did it right the first time, with the quoting software for conversion, without the help from TA. I wish they would've just told me that I had it right from the first phone call...but, no, I had to wait quite a few days.
Her option is Whole Life Conversion, $100,000 $165 per month--standard rating.
Just another learning experience. Thanks all who tried to help. Moving on now.
It turned out I did it right the first time, with the quoting software for conversion, without the help from TA. I wish they would've just told me that I had it right from the first phone call...but, no, I had to wait quite a few days.
Her option is Whole Life Conversion, $100,000 $165 per month--standard rating.
Just another learning experience. Thanks all who tried to help. Moving on now.
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