77yr Old with 20 Yr Old Policy, Worth Replacing?

[summerof18]

Evening everyone!

For the most part I'm doing rather well with my FE sales but every once in a while I leave an appt doubting myself on rather I did the only thing I could or if I missed something and missed out on a sale.

Scenario-
77 yr old smoker female. Has 2 stents in legs 2013. Otherwise healthy.

Has a 7k policy that she's had for 20 plus years and pays $28 mth for and doesn't expire till 2037. Sorry I forget the name of the company, oops.

Since she pays $28 and the policy doesn't expire anytime soon. She also didn't feel she wanted anything additional to her 7k she already has.

is there anything I could have done to make a sale? Or was leaving the appt with no sale what any other "experienced" agent had done?

 

[Indy007]

Depends on what her plans are for her funeral, and how long she'll live. $7k is definitely on the low end for final expenses if she hasn't pre paid anything. Could have shown her what it'd cost today, then run #'s for what they'll likely cost in 10 years. Also add in other "holdover" costs such as final bills (utilities, cable/Internet/phone/rent,etc). If she doesn't want it at that point, hand her a card and off to the next one.

 

[summerof18]

Yeah she "says" she couldn't afford anything additional and I do go over inflation and the rest, etc.
So moving on seems to have been right decision.

 

[goillini52]

Evening everyone!

For the most part I'm doing rather well with my FE sales but every once in a while I leave an appt doubting myself on rather I did the only thing I could or if I missed something and missed out on a sale.

Scenario-
77 yr old smoker female. Has 2 stents in legs 2013. Otherwise healthy.

Has a 7k policy that she's had for 20 plus years and pays $28 mth for and doesn't expire till 2037. Sorry I forget the name of the company, oops.

Since she pays $28 and the policy doesn't expire anytime soon. She also didn't feel she wanted anything additional to her 7k she already has.

is there anything I could have done to make a sale? Or was leaving the appt with no sale what any other "experienced" agent had done?

Not even taking the stents into consideration, for a 77 year old female smoker...you're looking at about 2 1/2 times the premium she's paying now.

 

[John Galt]

I guess the only thing I would have done would have been tried to get her to take out an additional $5k, if no go, leave.

 

[Tahoe Ray]

Depends on what her plans are for her funeral, and how long she'll live. $7k is definitely on the low end for final expenses if she hasn't pre paid anything. Could have shown her what it'd cost today, then run #'s for what they'll likely cost in 10 years. Also add in other "holdover" costs such as final bills (utilities, cable/Internet/phone/rent,etc). If she doesn't want it at that point, hand her a card and off to the next one.

I don't work this market but I'm curious, if these people can't afford a funeral, why do "holdover" costs matter?

 

[argar5]

Evening everyone!

For the most part I'm doing rather well with my FE sales but every once in a while I leave an appt doubting myself on rather I did the only thing I could or if I missed something and missed out on a sale.

Scenario-
77 yr old smoker female. Has 2 stents in legs 2013. Otherwise healthy.

Has a 7k policy that she's had for 20 plus years and pays $28 mth for and doesn't expire till 2037. Sorry I forget the name of the company, oops.

Since she pays $28 and the policy doesn't expire anytime soon. She also didn't feel she wanted anything additional to her 7k she already has.

is there anything I could have done to make a sale? Or was leaving the appt with no sale what any other "experienced" agent had done?

I would leave the policy as is the only person that would want to replace that is a policy peddler with no morels. Unless she wants or needs to do a pre pay to the funeral home depending on her c/v
she has and make the home irrevocable.


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[moonlightandmargaritas]

I would leave the policy as is the only person that would want to replace that is a policy peddler with no morels.

What do mushrooms have to do with it?

 

[jdeasy]

Evening everyone!

For the most part I'm doing rather well with my FE sales but every once in a while I leave an appt doubting myself on rather I did the only thing I could or if I missed something and missed out on a sale.

Scenario-
77 yr old smoker female. Has 2 stents in legs 2013. Otherwise healthy.

Has a 7k policy that she's had for 20 plus years and pays $28 mth for and doesn't expire till 2037. Sorry I forget the name of the company, oops.

Since she pays $28 and the policy doesn't expire anytime soon. She also didn't feel she wanted anything additional to her 7k she already has.

is there anything I could have done to make a sale? Or was leaving the appt with no sale what any other "experienced" agent had done?

You could get the policy and see how much cv it has and how muc RPU it would have. Then you ould show options. Without that basic information there is nothing to talk about.

There is a reason she sent in the card and had you there. Find out what that reason was.

The stents are as big of a problem as the budget. Some people are better left in the same position as you found them and this may be one of them. But with only part of the information there is no way to tell.

 

[tins]

I would leave the policy as is the only person that would want to replace that is a policy peddler with no morels.

I had a client make me a whole plate of morels, last year, while we were working on his Med Supp. When we finished our business, he packed me up a ziplock bag full to take home. Them things are delicious.