50 Year Old - No Bank Account

[GoCubsGo]

There are banks that will give anyone a checking account but they charge them a monthly fee. Under ten bucks I believe. Woodforest out of Texas which is in many Walmarts will. Keep an eye out for banks that advertise second chance checking in your area. Run into someone without a checking account, refer them to open one of those accounts and call you when its done. If they do it they are serious. If not it probably would have been a lapse if they could get direct bill.

 

[smokin goose]

Perfect answer. If a person doesn't have a bank account in 2013 then something is wrong...unless maybe they are age 80+.

Tell this prospect he can pay it once every 6 mos or once every 12 mos, which one does he prefer?

If he has the cash while you're there you might as well write him up as direct bill. Co. will pay you as earned, he'll lapse in the next 1-6 mos, but at least you earned a couple mos. commission.

If he says come back at the 1st of next month tell him to call someone else because you are just too busy (successful) to come back.

Know when to hold em, know when to fold em. Just like a successful poker player knows they have to fold the cards they are dealt when there is little chance to make $$, a successful agent knows they will have to fold on leads/prospects when there is little chance of the agent making $.

I realize that policies get cancelled. But going in with the attitude of "I know this one is going to lapse, but at least I'll earn a couple months commission" is not doing what's best for the client.

Correct me if I'm wrong.

 

[scagnt83]

i'm thinking about creating a website and selling other people's posts and ideas at $50 a person!

Opts! Someone already beat me to it.

lol !!!!!!!!!!!!!!!!!!!!
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I realize that policies get cancelled. But going in with the attitude of "I know this one is going to lapse, but at least I'll earn a couple months commission" is not doing what's best for the client.

Correct me if I'm wrong.

I agree about writing him up assuming he will just lapse.


But I agree with the sentiment of the post.
It seems to me that he is saying to put value on your time spent, and dont spend time on deadbeats who are just going to waste yours.

 

[VolAgent]

I realize that policies get cancelled. But going in with the attitude of "I know this one is going to lapse, but at least I'll earn a couple months commission" is not doing what's best for the client.

Correct me if I'm wrong.

Really? They might actually be responsible for once. Also, what if they happen to die in those few months? Sure, it will be contestable, but assuming they answered honestly the family gets a check at some point. Don't sell them the policy and no check.

 

[xrac]

Especially when it is our favorite "uncle" after them.

It is usually due to taxes, child support or garnishments.

 

[theinsuranceman]

I realize that policies get cancelled. But going in with the attitude of "I know this one is going to lapse, but at least I'll earn a couple months commission" is not doing what's best for the client.

Correct me if I'm wrong.

If the prospect/suspect only keeps the policy for one month and then drops it, at least they had coverage for one month. What I suggested is to write em up, knowing the probabilitites of a lapse is very high (that's just the way it is, I don't make up the rules).

This is much better than doing nothing, because then they wouldn't even of had the one month's coverage.

I can only control them paying the premium each month by how much baby sitting time I wish to invest into this one case of biz. Those type of clients are for the debit (home collection agents).

Please share your wisdom on "doing what's best for the client" as you mentioned in your 2nd sentence above.

 

[germanwine1]

"Rearden;683260]He doesn't have a bank account or you "suspect" he doesn't have a bank account?"

I asked he does not have one, he currently has a term policy w/Monumental which is about to end. He has been taking his payments to the local Monumental office.

He now wants whole life and thought he would be able to pay me the money monthly I am not a debit agent and have no desire to become one.

You know how you just have a gut feeling this one is worth more trouble than you want to deal with, that's the gut instinct I'm getting.

 

[FEX Quotes]

"Rearden;683260]He doesn't have a bank account or you "suspect" he doesn't have a bank account?"

I asked he does not have one, he currently has a term policy w/Monumental which is about to end. He has been taking his payments to the local Monumental office.

He now wants whole life and thought he would be able to pay me the money monthly I am not a debit agent and have no desire to become one.

You know how you just have a gut feeling this one is worth more trouble than you want to deal with, that's the gut instinct I'm getting.

If you wrote him with Mon, could he continue to make payments at the local office?

 

[coloradoseniormarket]

Some people don't have bank accounts because they don't trust them but more often than not they can't manage them. Wrote a client who castigated another agent about screwing up her bank account and white sheeted the app and fool that I was I believed her. She had trouble opening another account because she was in the Chex system bust found her another bank. Trouble started in month 2 - she was short in her account. I gave her a table by month on what was due 35.00 and put an x there when it was paid and the premium was deducted on the correct date each time. The only thing she was responsible for was to keep 35.00 in her saving account each month The policy lapsed in month 4 when she called complaining how her account got screwed up. I didn't waste my time- lesson learned. I don't jump to judgement but learn to listen to the story behind it.

 

[nfl72]

reminds me of back in the car business days. A 50 year old flake would come in wanting to buy a car and when you verbaly qualify them they would lead you to believe they never ever had any credit of any kind.

Then you pull a credit report and it is full of bad debt they say something like "oh yea I forgot about that!'

Some of these people are so dumb they actually thought we weren't gonna find out.

If your 50 and have no bank account your a deadbeat, 99.999% of the time.

I used to like it whan they would say

"payments, yea i'll try a few!"