Getting Cash Value and Death Benefit

[wingateexpress]

For once in my career, I couldn't make a sale.

The prospect was adamant that his whole life policy accrued cash value and when he passed away he'd receive the death benefit AND the cash value.

No policy around so we left a message for the writing agent.

Anyone ever seen a traditional whole life insurance policy like this?

 

[Deepsea]

I think this was sold buy a female agent, and if I remember correctly, her name was MARY POPPINS.

 

[Newby]

For once in my career, I couldn't make a sale. The prospect was adamant that his whole life policy accrued cash value and when he passed away he'd receive the death benefit AND the cash value. No policy around so we left a message for the writing agent. Anyone ever seen a traditional whole life insurance policy like this?

There is no such whole life policy.

 

[peteybear]

No but he might have been confusing it with paid up additions

 

[Newby]

No but he might have been confusing it with paid up additions

They always are. But the agent needs to explain it properly.

 

[Josh]

He could be confusing this with permanent insurance and it could be a GUL. Well, I guess it could be UL of any flavor, but that's what it sounds like it is.

 

[rousemark]

No but he might have been confusing it with paid up additions

Or, an Option B UL. .

 

[LGilmore]

So, you were trying to replace an established whole life policy and you want support?

Sorry, no.

Sometimes prospects have really good insurance BEFORE you walked in the door. I know this is a hard concept for some to understand but sometimes the most professional thing to do is tell the truth to the client. "looks like this is a good policy you've got going here." Then it becomes a matter of "do you need more?"

 

[pfg1]

What were you trying to sell to replace what they had?

 

[DHK]

So, you were trying to replace an established whole life policy and you want support?

Sorry, no.

Sometimes prospects have really good insurance BEFORE you walked in the door. I know this is a hard concept for some to understand but sometimes the most professional thing to do is tell the truth to the client. "looks like this is a good policy you've got going here." Then it becomes a matter of "do you need more?"

Excatly! Never argue with a prospect. Even if you can't verify what they said is true, just accept what they say as 'fact'. You can verify later.

Your #1 job with any prospect is this: make them a client. You can't make them a client if you're debating or arguing semantics. Whether they get the death benefit and cash value, or just the death benefit... is a moot point. At least they have some coverage!

Some coverage is better than none.

More is better than less.

A "bad policy" will still pay out a death benefit.

Try to never replace any coverage a person has, if at all possible. Why? Because if you replace, you're telling that person that they made a bad decision. Don't reinforce that idea... ESPECIALLY if they aren't your client.