4 Recent Claims, Will I Get Canceled?

[djs]

Thats okay.
A lot of life agents don't know much about life insurance either.

And NO company is consistently the best deal. Life would be easier if that would happen.

dan

 

[VolAgent]

VolAgent - I think you are starting from a mistaken premise. Most P&C carriers life products are reasonbly priced at a lower death benefit. If you get over $1M in term, you might have a case, below that, probably not so much (does vary, but $1M is a reasonable point).

As a P&C agent, I haven't seen it tie clients down near as much as you are implying. Yes, it is a bit more emotional to change, but clients still do.

I can't tell you how many state farm clients I have written even though they had a small life policy with State Farm. I just got them a better deal.

Dan

Reread what you posted. You stated that the discount on the home and auto for having the life makes it real cheap. I simply stated that if you switch companies, suddenly its not so cheap any more.

Also, I don't know how well it ties them to the carrier, but we know darn well that the tie-in is the purpose of the carrier doing it. I've heard the statistics from State Farm agents about how much longer they keep clients for which they've written life insurance. There is some validity to it.

Additionally, I do have access to a few P&C companies life products, their rates are nothing special. Perhaps I didn't have the right companies, but even as smaller face amounts I could do better with a traditional life company.

 

[cqljohn]

My advice is to quit turning in chickenshit claims.
Also go shop your life insurance rates with a real life insurance company. Don't buy life insurance from a company that sells car insurance.

Hmmm, so I buy insurance, but shouldn't use it? Go figure, I thought that was the ideal behind getting insurance and the deductible thing? I have a $100 deductible for a reason, and pay for that option. If you read the full original post, you would have noted that I went at least 6 years without any type of claim, then all the ones I filled were just back to back, a little run of bad luck. Also, my life insurance policies were just purchased to get multiple discounts. When I was looking for a homeowners insurance, the agent explained to me, that he could probably do my auto, as well as 2 life policies, cheaper than the homeowners by itself. I had him run to numbers, and he was correct, I ended up getting 4 policies cheaper than the one I asked him to quote, so he ended up will all my insurance needs. The life insurance is Term Life for $100k and was purchased only for the multiple discount reason, and is NOT my primary life insurance. Now, I'm not an agent, and not very well educatuated on insurance, but my logic at the time was I'm getting more for less, so why not. Please feel free to inform me if I'm really screwed up in my logic.

 

[cqljohn]

Farm Bureau of Tennessee is not exactly the most competitive company out there. Also, a number of their agents sell UL policies and tell people its WL.

Over the years, I've had the same coverage quoted a few timed by other companies. No one come close to the prices I currently pay (the main reason I started this thread, don't want to loss them).

 

[xrac]

Over the years, I've had the same coverage quoted a few timed by other companies. No one come close to the prices I currently pay (the main reason I started this thread, don't want to loss them).

Farm bureau is a good competitive company in the rural areas. I used to have them when I lived in Kentucky. However, there are good independent companies that are every bit as competitive. With a good driving record like you have companies will fight over you. My buddy has FB and it is cheap but the problem is after my independent agent look at his coverage he found him under insured in several ways (auto and home).

 

[VolAgent]

Over the years, I've had the same coverage quoted a few timed by other companies. No one come close to the prices I currently pay (the main reason I started this thread, don't want to loss them).

Everytime I've competed against them for new business or a recent policy, I've won. Now if you've had your policy a number of years, no one is going to get you a lower price. Let's just say you bought the policy 10 years ago, well you were 10 years younger then and now you are 10 years older. Unless you were unhealthy and that has changed, getting a person 10 years older a cheaper premium pretty much doesn't happen. But if you are getting near the end of your term and are going to need a new policy, you might do better with a different life insurance company.

Finally, just because you move your home and auto elsewhere doesn't mean you'll lose your life insurance.

 

[Norwayguy]

I might be kicked out of all the Life & Health agents groups for this...

Some say the best policy is the one in force when you die.....But really the best policy is the one the client will buy. If a person buys life coverage from a P&C agent then that great not nearly enough people have any coverage these days...Second with the price of Life Insurance so low today the difference in premium from the super cheap term companies (Who don't even sell term anymore) and a not competitive company be it a Predominantly Life Carrier or P&C carrier does not make thatmuch of a difference.

If your a P&C agent and sell a client a life policy then as someone that doesn't want to see any family go through a family tragedy and not have life coverage, I thank you.

This is a silly argument to even be having. The more important argument would be that most people even those with Life coverage are underinsured.

 

[Newby]

Farm Bureau recently wrote a 15 year pay whole life. The person was happy with it until they happened to mention it to me and I showed them they could get the same premium on a 10 pay.
I usually beat their term rates by 1/3 of the premium.
With State Farm I run into people that were sold UL but think they have whole life. Several of these I have replaced with whole life at a better rate.
Captives have an advantage with brand recognition but are disadvantaged when shopped.
Plenty of customers for everyone though.

 

[VolAgent]

I might be kicked out of all the Life & Health agents groups for this...

Some say the best policy is the one in force when you die.....But really the best policy is the one the client will buy. If a person buys life coverage from a P&C agent then that great not nearly enough people have any coverage these days...Second with the price of Life Insurance so low today the difference in premium from the super cheap term companies (Who don't even sell term anymore) and a not competitive company be it a Predominantly Life Carrier or P&C carrier does not make thatmuch of a difference.

If your a P&C agent and sell a client a life policy then as someone that doesn't want to see any family go through a family tragedy and not have life coverage, I thank you.

This is a silly argument to even be having. The more important argument would be that most people even those with Life coverage are underinsured.

I agree, overpriced life insurance is still better than no life insurance. (I'm not saying anything about a particular company, just an expression folks. )

But here is the funny thing, I wasn't beating Farm Bureau with cheap term companies, I was beating them with traditional life carriers. Companies that aren't known for cheap term or cheap whole life.

 

[Newby]

I agree with Norwayguy. Any coverage is good. No coverage is bad.
Some eople would never get around to meeting with a "life" agent. So if they buy a policy from their P&C guy or their bank, or even the AARP...they at least have something in place.
And I'm not trying to say there isn't a
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Percent of P&C agents who are excellent life agents. Just as a rule most aren't.