Avoiding Replacement?/ Giving Value

[jdeasy]

Not just a question for JD, but in general... what is the flow of paperwork when a replacement form is submitted. From the post above it tells me that the original agent would get notice of replacement or is it just notice of cancellation?
I have done several replacements, they have all been more coverage for less premium, one was immediate coverage vs 2 year graded.
I was just curious if the other agent gets notice or ??? If the agent does get notice, how much information do they receive? I've never gotten a notice and I'm pretty sure I've been replaced at least once.

Thanks,
Jim

The replacing company has to notify the company being replaced. Most companies are pretty proactive in trying to conserve business and will notify the agent they received a replacement notice. Some companies are indifferent and do not do anything but send a letter to the client, if that?

By my commission statements I always know if someone missed a payment or took it off draft. I contact those people to see what's up. I just got notice of an AmCon client yesterday being 10 day behind. He's had his policy about a year and a half. It did cross my mind that there might be a replacement in the works but when I called him he said he had changed banks and forgotten to call me about it. I'm getting the new PAC form to him this week.

So, sometimes companies will let you know but most times you have to be proactive and sniff them out yourself.

 

[WinoBlues]

Had one last week from a client who is a serial mailer. I met with her again. She already has $20,000 with me from 5-years ago. I can't beat the rate she already has. Here was the exact conversation.



What can I do for you? Would you like to add some additional coverage?

No. I need to move to a different apartment and I'm trying to get my bills down. I need to cash in my life insurance and take a smaller one with a smaller payment.

I can sell you one with half the coverage but since you are older you won't have as good of deal per thousand.

How much will my payment be for $10,000?

$61

That's what I want. When do I get my cash?


If I wouldn't have helped her get what she wants, the next guy would.[/QUOTE]

Yup, sign here and here.

............

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Not just a question for JD, but in general... what is the flow of paperwork when a replacement form is submitted. From the post above it tells me that the original agent would get notice of replacement or is it just notice of cancellation?
I have done several replacements, they have all been more coverage for less premium, one was immediate coverage vs 2 year graded.
I was just curious if the other agent gets notice or ??? If the agent does get notice, how much information do they receive? I've never gotten a notice and I'm pretty sure I've been replaced at least once.

Thanks,
Jim

Not sure about the other states but in California we get a conservation letter or email with the other companies information. Do not remember getting one on siwl but on UL and term you get a copy of the illustrated values. That helps a lot. Especially if it is someone like Primerica. Then you hang them with their own rope. I used to keep a file of competitors illustrations. Those helped in both conservation and replacement.

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I wouldn't know. We be in NC

Oops, I guess being called Carolina is not the same.

 

[Norwayguy]

Not just a question for JD, but in general... what is the flow of paperwork when a replacement form is submitted. From the post above it tells me that the original agent would get notice of replacement or is it just notice of cancellation?
I have done several replacements, they have all been more coverage for less premium, one was immediate coverage vs 2 year graded.
I was just curious if the other agent gets notice or ??? If the agent does get notice, how much information do they receive? I've never gotten a notice and I'm pretty sure I've been replaced at least once.

Thanks,
Jim

Differs by company. I have had carriers provide me a form that gives me all the info including what carrier it is going to and they expect to be updated on consevation efforts. Funny thing with that carrier I was normally the one initiating the replacement.