Simplified Issue or Fully Underwritten?

[WinoBlues]

I don't steer. I present. If it works for both of us, I see no problem. In the case of permanent insurance, even if the premium is lower, they will have lost a full year. As I assume you know, it takes time for a policy to accrue significant cash value (CV). If it's in their best interest to switch them, it's better then than later. It's not up to me. It's up to the client. I hope that helps.

Oh, BulShite!

I present what I feel is their best option. In the end I let them decide but I would be a liar if I said I did not steer them more toward what I felt was the best solution. I am an agent it is part of my job to show a solution to the problem. And yes I look at what is good for me as well. I do not work for free.

Let me say that I sell a fair percentage of SI plans including Term, UL and Whole Life. And sometimes it is to someone that could qualify for a FU plan. However, that is not my lead, My blanket product. That would make me more in line with a Primerica agent that sees the solution to all ills as 20 year (primerica) Term with an inflation rider.

>>"In the case of permanent insurance, even if the premium is lower, they will have lost a full year."

What?

 

[UW Guy]

On the other hand, if someone applies for a fully underwritten policy and is declined or rated, that is automatically entered into the MIB. The client is scarred for life by that information.

Anyone want to comment?

Scarred? For a medical impairment or lay issue that somebody else might want to be clued into and could price (if necessary) in future? Like the lady who decided not to tell us she was diagnosed two months ago type II diabetic with a hemoglobin A1c of 11%? I should just let her walk right back out the door and burn some other carrier, huh? If she wants to pay for the compromises in SI, be my guest.

I can see the ads now: "I was going to protect my family, but I was scarred by third party reporting on my treatment for hypertension and my build"

 

[Agentguy5]

I don't steer. I present. If it works for both of us, I see no problem.

Wow, you just made it so easy that I'm thinking anybody can sell insurance. Have you ever had a client tell you that they have to think about it? If so, what do you tell them?

 

[insuresu]

I'm new here and not one looking to start trouble whether or not I'm new.

I do my best to shoot straight.

I detect skepticism toward me and I can accept that but I can do without the sarcasm. I prefer to correspond respectfully as peers, which is why I'm here, or not correspond at all. We may not agree. I'm ok with that.

As for the difference in premium, I'm not sure I can accurately answer that as there are so many companies and the range in premium can vary widely. It really depends on what company(ies) are being compared and the client's situation. Some companies are more forgiving about certain things than others. Some companies have several preferred ratings. With that being said the cost difference in premium between an SI and the lowest cost FU policy can be dramatic.

It's not all about price, although I realize price is a factor. In my original post I tried to make it clear that the most important element of an SI policy is that it protects the insurability of the client.

I don't have access to every company's numbers. I have access to several and I am happy to share the numbers with the client of what I have to offer. Having said that, usually it is about 10-15%. In some cases the difference is negligible, especially for a smoker with health issues. It depends on the companies and the client as I have said.

As for the difference in commissions, I have found that many of the companies that do not offer SI policy pay much higher commissions.

At the end of the day, it's about doing what is best for the client--period.

 

[scagnt83]

Lets cut the BS. It is easier, it is quicker, it pays a higher comp. That is why agents push SI over FU when a prospect can pass UW.

Any other reasons listed are nothing but piss poor excuses.

Screw the client in order to make an easy sale... and the OP has the balls to start a different thread about his ethics and why people dont like life insurance agents... What a joke.

If a client is dead set against a paramed then go SI. But VERY few are. I sell maybe 4 or 5 SI policies a year, and maybe 1 or 2 are because people are unwilling to do a paramed.

 

[WinoBlues]

I'm new here and not one looking to start trouble whether or not I'm new.

I do my best to shoot straight.

I detect skepticism toward me and I can accept that but I can do without the sarcasm. I prefer to correspond respectfully as peers, which is why I'm here, or not correspond at all. We may not agree. I'm ok with that.

As for the difference in premium, I'm not sure I can accurately answer that as there are so many companies and the range in premium can vary widely. It really depends on what company(ies) are being compared and the client's situation. Some companies are more forgiving about certain things than others. Some companies have several preferred ratings. With that being said the cost difference in premium between an SI and the lowest cost FU policy can be dramatic.

It's not all about price, although I realize price is a factor. In my original post I tried to make it clear that the most important element of an SI policy is that it protects the insurability of the client.

I don't have access to every company's numbers. I have access to several and I am happy to share the numbers with the client of what I have to offer. Having said that, usually it is about 10-15%. In some cases the difference is negligible, especially for a smoker with health issues. It depends on the companies and the client as I have said.

As for the difference in commissions, I have found that many of the companies that do not offer SI policy pay much higher commissions.

At the end of the day, it's about doing what is best for the client--period.

This is an agents forum. Unvarnished and direct. Trust me we are not really banging on you. It an be worse. But the I do it for the client bs does not fly when we know better.

I think SI is an important tool. But it is what it is. I have sold Traditional life for 30 years, SI for 20. A couple of guys that I respect quite a bit sell much more SI. But this whole MIB, decline bs is for your benefit not the client. Is there a place for SI? Absolutely.

I believe you mentioned mortgage protection. While i get why the salesman would use SITerm it is not for the average clients best interest.

That said, I would like a list of the "best" SIterm plans. I do run into uses for them.

Lee

 

[scagnt83]

I believe you mentioned mortgage protection. While i get why the salesman would use SITerm it is not for the average clients best interest.

That said, I would like a list of the "best" SIterm plans. I do run into uses for them.

Lee

I can get behind SI term for mortgage protection. Especially if the bank is requiring the coverage and you have a time crunch. The premium difference is much smaller vs. SIWL as well. You also do not have the issue of a level DB vs. an increasing DB... its funny how many SIWLs I have replaced where the client was never told they could buy a policy with an increasing DB...

15%-20% declines? Not in my book of business... I know how to read & field underwrite...

 

[insuresu]

I'm not here to argue or defend. I believe in what I say. You don't have to. It's obvious we don't all agree and there's a lot of judgment. Tough crowd here.

 

[scagnt83]

I'm not here to argue or defend. I believe in what I say. You don't have to. It's obvious we don't all agree and there's a lot of judgment. Tough crowd here.

Educated crowd here. We call out BS. If you believe in what you say then you are uninformed on how to ethically sell life insurance.

 

[sman]

I'm not here to argue or defend. I believe in what I say. You don't have to. It's obvious we don't all agree and there's a lot of judgment. Tough crowd here.

It is hilarious that you started this thread and then started one about the perception of agents, but can't seem to see the correlation.