- 235
What do you choose, Yes or No and why do you choose it?
Automatic Premium Loan, Yes or No?
- Thread starter Migshannon
- Start date
- 924
Yes.
It will keep deals on the books longer than if you selected no. It's good for them and us.
It will keep deals on the books longer than if you selected no. It's good for them and us.
- 5,309
I like writing lots of business, so I answer "no."
- 30,590
I always mark yes, but after reading your response I might have to rethink that.
- 1,912
"Yes" is in the best interest of the client, "no" is in the best interest of the agent.
- 1,410
Why is it in the best interest of the agent to mark no?
- 26,177
Because the policy will lapse and the agent comes in and re writes it. Or goes RdPdUp or Ex-term freeing up the premium and the agent rewrites it.
- 5,947
- Thread starter
- #9
- 235
I choose yes.
A while back I received a lapse notice for a client. She owed close to 700.00 for the automatic premium loan. She had not made her payment for 10 months and there was no more cash value to keep the policy in force. Strangely I never received a notice that her draft didn't go through. So, puzzled, I call her and go to see her. At the appointment, she tells me. Someone got her bank account number and cleaned her bank account out. So her daughter closed the account and opened a new one. They forgot about the Life Insurance. The client did not have 700 dollars to bring the policy current. We called the daughter and she did not have the money either.
So, like most agents, I am thinking Woohoo another commission! Right? Turns out she had been diagnosed with dementia 1 year after I wrote her the 1st policy. She would either have to pay the 700 or go into a 2-year waiting period. We called the daughter explained the circumstances and she raised the money in a couple of days to keep the policy active. The daughter called me a year later to say her mom had passed.
A while back I received a lapse notice for a client. She owed close to 700.00 for the automatic premium loan. She had not made her payment for 10 months and there was no more cash value to keep the policy in force. Strangely I never received a notice that her draft didn't go through. So, puzzled, I call her and go to see her. At the appointment, she tells me. Someone got her bank account number and cleaned her bank account out. So her daughter closed the account and opened a new one. They forgot about the Life Insurance. The client did not have 700 dollars to bring the policy current. We called the daughter and she did not have the money either.
So, like most agents, I am thinking Woohoo another commission! Right? Turns out she had been diagnosed with dementia 1 year after I wrote her the 1st policy. She would either have to pay the 700 or go into a 2-year waiting period. We called the daughter explained the circumstances and she raised the money in a couple of days to keep the policy active. The daughter called me a year later to say her mom had passed.
