Million Dollar Whole Life Declined :-(

[Lainey]

UW will send this info to him and/or his Dr. upon written request.

He said he would find out why and let me know but he also told me he would email me a copy of his paramed results several weeks ago and I haven't received them yet either. He's always on the go and I'm guessing I'm not too high on his list of priorities, especially now that he knows he was declined. lol

----------

Your positive attitude is refreshing. These things do suck! Maybe it will work to your benefit somehow in the long run. What carrier is the decline with? It isn't good obviously, but not the end of the line either. My biggest disappointment came from a case I worked on for a year and a half. $10M on a 71 that had been declined twice for prostate cancer. I got him approved placed with the annual premium and he free looked it with 2 days to go... The accountant shopped with my contract as leverage. Not only did I lose my commission I had to pay taxes as it was placed in December and free looked in Jan! I was devastated.

Wow! That's even worse. I would have been devastated too if it played out like that. Ouch! I was already a little nervous about having such a big premium paid so far in advance (he wanted to pay 5 years in advance, though I never even found out if it would be allowed). A charge back on something that big could be catastrophic!

----------

Never quit.

Keep searching for another carrier. (It would be extremely helpful first to know the precise reason for the decline.)

I contacted 12 carriers for a 71 YO female with Alzheimer's and living in an assisted care facility. I located 7 who carried the product I needed. I wasn't appointed with any of the carriers but split the case with an agent who was.

It wasn't as important to be appointed as it was to close the case with a policy as the owner of the policy is a very influential individual in a school district. Having access to that possibility of future business is the mountain.

I post a lot of stuff on my Pinterest page and some may help you stay positive. You can access that page via my website.

Keep going!

Thanks! I'm considering other options. I really need to find out why they declined him. Hopefully I can get that soon. I'll check out your pinterest page too.

 

[///MJay]

Damn, that's brutal...double whammy

OP - you need to find out why it was declined and if another company will look at it. What company did they apply with?

Yep. Target premium was $325k! I had negotiated a 100% contract on it. Put me "out of business" for a bit. Twas a rough few days.

 

[Lainey]

Murphy's law states the more the client wants the plan, the least likely the stars will line up to grant it.

Sorry, experienced situations like this before as well. Unfortunately with the people types of insurance (health, life, Disability) it is usually after something happens that many "want" it more than the agent.

I actually welcome a little hesitation from a prospect. IF they agree too quickly, 90% something from underwriting is going to come back on them. While I like to believe I am a good agent, when they agree before the conversation, you should be a bit concerned.

My best clients are the ones who took about a month to two months to decide. Those plans work for them and they stay in force.

He was super easy, now that you mention it. He actually saw a co-worker's name badge in Zaxby's and asked about it. I really thought he was BS-ing, but a local political candidate was with him who vouched for everything he was telling us. He was also on top of correspondence and expediting anything he could to get the deal done. Guess maybe there's more to the story.

 

[scagnt83]

He said he would find out why and let me know but he also told me he would email me a copy of his paramed results several weeks ago and I haven't received them yet either. He's always on the go and I'm guessing I'm not too high on his list of priorities, especially now that he knows he was declined. lol

Ive never not been told by the carrier why a client was declined. Call the carrier or go online and look at the case notes. The reason is there and you are more than able to find out why all on your own. Its your job to tell the client... not the other way around.

Id suggest that you get the paramed. If you ordered it yourself (or if your IMO did), then you can get the results without the client sending it to you. Look at his numbers and look at what carrier will take him. NEVER rely on the client to get you info on a policy that YOU are selling them. You an do it all yourself, just go online or pick up the phone.

 

[Lainey]

Ive never not been told by the carrier why a client was declined. Call the carrier or go online and look at the case notes. The reason is there and you are more than able to find out why all on your own. Its your job to tell the client... not the other way around.

Id suggest that you get the paramed. If you ordered it yourself (or if your IMO did), then you can get the results without the client sending it to you. Look at his numbers and look at what carrier will take him. NEVER rely on the client to get you info on a policy that YOU are selling them. You an do it all yourself, just go online or pick up the phone.

Hmmm ... I've always been told I couldn't get the details because of privacy issues, that the client was the only one who could. I've called UW in the past to find out specifics about declines but was told they couldn't give me that information. Is this not the norm??? The only thing online was that it was declined due to medical history. I spoke with the paramed who did his exam and she said she would look into it and get back to me to let me know his results but I haven't heard from her yet.

 

[pfg1]

Ive never not been told by the carrier why a client was declined. Call the carrier or go online and look at the case notes. The reason is there and you are more than able to find out why all on your own. Its your job to tell the client... not the other way around.

Id suggest that you get the paramed. If you ordered it yourself (or if your IMO did), then you can get the results without the client sending it to you. Look at his numbers and look at what carrier will take him. NEVER rely on the client to get you info on a policy that YOU are selling them. You an do it all yourself, just go online or pick up the phone.

I was thinking the same thing. I've only ever had a few declined, and they told me why. Not sure what carrier was used here, maybe that is their standard process. ?

 

[Tothetop]

They told him why he was declined. However, they won't tell him what in the medical history led to a declination. They are not suppose to do so due to HIPAA privacy laws if an APS was ordered and it was something in his health records.

 

[Ksutton]

How do you even get started on cases like this?

 

[scagnt83]

Hmmm ... I've always been told I couldn't get the details because of privacy issues, that the client was the only one who could. I've called UW in the past to find out specifics about declines but was told they couldn't give me that information. Is this not the norm??? The only thing online was that it was declined due to medical history. I spoke with the paramed who did his exam and she said she would look into it and get back to me to let me know his results but I haven't heard from her yet.

There are certain things that they cant tell you.I dont think they can tell you about certain diseases like HIV. Its also state specific to a degree I think. But that is not the norm in my experience. I just had a case rated up, and in their email to me (and in the case notes online) it said it was due to a poor HDL reading.

I still remember the first decline of my career (Cinci Life), they told me it was due to build.

 

[///MJay]

How do you even get started on cases like this?

I started with collecting everything I could relating to the condition he had been declined for previously. Then I put together a very detailed cover letter including the pathology report and recent labs. Then I personally called the "large case team" in UW for 50 companies got 4 possible candidates. Applied with the 2 best. Got an amazing offer for the circumstances. Got free looked for a company that straight up told me no in my initial search. Which I could not duplicate the contract with that carrier software. They bought the business and my offer was still better. But somehow the client was duped. Oh well by now it has either blown up or tripled in premium. But it was fun while it lasted.