Approved but....

Dec 5, 2018

  1. Tothetop
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    Tothetop Super Genius

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    I had a client that I met on the elevator in the building I worked in when I first started insurance. At the time I did my pitch and asked him if he ever considered getting life insurance. He told me he has no kids and no wife but he lives with a girlfriend that he was planning to marry and he wants to get insurance. A week later he comes down to my office, we write the policy, and in about 2 to 3 weeks later he was approved.

    I kid you not, for literally almost a month I could not contact him! And we worked in the same building! As I said, almost a month later I happen to be sitting in my car outside the building on the phone with my pregnant wife and saw him walking out of the building. I kid you not I never hung up the phone on my wife so fast but being a young agent in his early 20's with a pregnant wife, I literally hung up the phone and ran behind this man yelling his name. Im not even sure if I closed my car door properly lol.

    Long story short, when I caught up to him I told him his policy was approved and I asked him, "What happen to you? I was trying to reach you." His excuse, simply said, " I was busy." He came down to my office later that afternoon after work, signed the policy delivery receipt and paid for the policy for the whole year!
     
  2. myinsurebiz
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    myinsurebiz Guru

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    What? Why?
     
  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    You don't bother asking "why" of someone who has never been licensed and never worked in the industry.
     
    DHK, Dec 5, 2018
    #13
  4. LGilmore
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    LGilmore Guru

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    As others have pointed out from past experiences... sometimes people get busy. You have time to place the policy. Do not start the policy without a signature, nothing but trouble for you if that's the case.

    How much of a difference is the rates? if close, let her know. couple of bucks no big deal. If it's significant, ask to have a sit down. If significant, she probably knows already
     
  5. Willie2358
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    Willie2358 Expert

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    I have not yet heard from her. She told me to get in touch with her this week and she would know for sure. I'm guessing shes ducking me. Wasn't sure how long I'd have before it cancelled.
     
  6. WinoBlues
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    WinoBlues Guru

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    Under
    Understand that the premium clock is ticking also. Instead of only needing one month it may become two months.

    Suggestion: have an alternative or two ready incase the premium is an issue. Do not lead with alternative.

    Also, remember you are the guy that got it done for her. Even though her health was a slight issue you got it done for her.
     
  7. LostDollar
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    LostDollar Guru

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    Because of the way I read the original post and the follow on comment about chargeback concerns. It sounded like there was no further sales effort possible and op wanted to avoid turning in the policy because of chargeback concerns. All I could see is the lawsuit potential because of an unanticipated sudden death and heirs saying insurance should have been in force.

    I think the last paragraph of lifehawk's post expresses my concern and personal opinion very well.
     
  8. pfg1
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    pfg1 Guru

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    Personally, I don't ever push anything through until they tell me yes or no. I have one that is approved and electronically issued...and they have already signed for it, but are dragging their feet setting up payment. And its a small policy. ?? People are hard to understand sometimes.

    I know a guy who had a client disappear for a couple mos after the policy was approved - agent was trying to track him down to deliver the policy and collect $. (this was a sizeable policy) Agent tried and tried with no luck, then suddenly client re-appears with a check to pay for the policy. When agent said he has to sign about no changes in his health because of how long it had been, he admitted he was just diagnosed with cancer.
     
    pfg1, Dec 6, 2018
    #18
  9. VolAgent
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    VolAgent Guru

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    Don't worry about the company. They will continue to hound you for a yes or no, simply don't give it. "I haven't been able to reach the client." Eventually they will push you for a decision or say they are going to close the file unless you tell them to draft, even then don't give it. "I still have not been able to reach the client."

    If the company won't draft the new amount without hearing from you, you have no business telling them to draft without hearing from her. If her being busy, ducking you, etc. causes the offer to expire, that is on her. Just make sure you note her file with all your attempts and try multiple ways. Phone, email, maybe even stop by her home or office.
     
  10. LostDollar
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    LostDollar Guru

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    That is a "Rick" comment which is not worthy of you.

    A license, or a product which requires a license to sell, is an irrelevant factor in the basic issue here. Salesman creates a transaction with a customer. Difficulties happen with transaction. Salesman starts looking for ways to withdraw with minimal financial exposure.

    I think I would have done pretty much the same in that situation. An insurance license wouldn't do squat to change that. When I read the posts in the thread, what I see is a difference between a novice sales person and an experienced salesperson. The experienced sales people are essentially saying (I think) to bring superior interpersonal communication skills and product knowledge into the situation and make the sale. Once you have gotten that far, the knowledge of your specific "licensed to sell" product comes into play.

    So, were I the sales person, the posts become training on how to improve my sales skills-talking and thinking.

    Just my take.
     
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