Breaking the News the Customer is Graded

[antireed]

Hello,

(Simplified issued whole life)

We've all seen it: We quote a customer the preferred rate based on their answers to the medical questionnaire and it later comes back from underwriting that the customer is graded.

I've always struggled with breaking the news to the customer that his or her medical background came back different than expected. With this being an area of opportunity, I am looking for some insight on best practices for discussing this with the customer with the best possible chances of saving the sale.

 

[pfg1]

I don't use SI products really at all, but with all my cases I never quote them a preferred rate unless I know for absolute certain that is what they will get. I always run at std, and if they come back better - great. If they come back a little worse, the $ difference usually isn't that much. Seems that people sometimes tend to "forget" important info that could affect rating.

I don't have any advice on how you can save your sale, other than to just discuss with them why the rating came back different, and why they wanted ins covg in the first place.

 

[UW Guy]

Hello,

(Simplified issued whole life)

We've all seen it: We quote a customer the preferred rate based on their answers to the medical questionnaire and it later comes back from underwriting that the customer is graded.

I've always struggled with breaking the news to the customer that his or her medical background came back different than expected. With this being an area of opportunity, I am looking for some insight on best practices for discussing this with the customer with the best possible chances of saving the sale.

Any idea what the rating is for or the issues present?

 

[VolAgent]

If you are frequently getting other than applied for on SIWL, it is probably a combination of three things.

1. You aren't properly field underwriting. If you ask the questions and get their meds, most companies become a formality.
2. Your clients are withholding health information from you.
3. You need to pick different companies. SIWL should never be a guessing game. (This is why Assurity, while useful at times, will never be someone's go to for FE).

My guess is it is probably 1 and 3. While people do hold back from you, it shouldn't be too frequent.

Also, why they didn't get preferred while drive how you handle it. If it is 1 and 3, it is your fault and you need to save grace as best you can. If it is 2, it is time for a come to Jesus meeting. They need to level with you so you can do the best you can for them.

 

[Jerard]

Hello,

(Simplified issued whole life)

We've all seen it: We quote a customer the preferred rate based on their answers to the medical questionnaire and it later comes back from underwriting that the customer is graded.

I've always struggled with breaking the news to the customer that his or her medical background came back different than expected. With this being an area of opportunity, I am looking for some insight on best practices for discussing this with the customer with the best possible chances of saving the sale.

Do you have any other companies you can put him with immediate?

As for me, before I ever do a quote or pull out an app I know alot about their health already. My list of things I ask about: Diabetes, Cancer, Depression/Bipolar, CHF/Heart, COPD/Lung, Hepatitis/Liver, MS, Disability, Drugs/Alcohol/Jail time, Kidney, Epilepsy, Asthma, and I get a list of all meds they are taking.

I also pre-qualify them to make sure they have a bank account, DE, or a CC...and if they have a photo ID and SS card.

My philosophy is that if they really want a quote they'll have no problems telling you these things, if they don't, you're be wasting your time anyway.

 

[Glen Shelton]

Do you have any other companies you can put him with immediate? As for me, before I ever do a quote or pull out an app I know alot about their health already. My list of things I ask about: Diabetes, Cancer, Depression/Bipolar, CHF/Heart, COPD/Lung, Hepatitis/Liver, MS, Disability, Drugs/Alcohol/Jail time, Kidney, Epilepsy, Asthma, and I get a list of all meds they are taking. I also pre-qualify them to make sure they have a bank account, DE, or a CC...and if they have a photo ID and SS card. My philosophy is that if they really want a quote they'll have no problems telling you these things, if they don't, you're be wasting you time anyway.

Do you have an outline made up to follow this? Or do you just have this committed to memory?

 

[Jerard]

Do you have an outline made up to follow this? Or do you just have this committed to memory?

I have a form I fill out and I've attached it. It's in Excel format so pay no attention that it looks weird before printing it. You'll have to change the company names to match yours. Be careful when making changes so you won't screw up the alignment.

I use this form from first meet to policy delivery and archive it when I'm done. Oh, and I since added HBP to the list.

I've also uploaded one that's been filled out from a sale to show how things are filled out. I've blocked out any client specific information (Yes, I know....my handwriting sucks). On this one the poor girl's mama had been turned down from 2 or 3 other companies and got my number from another client down the street. When I told her about the approval she jumped out of her chair to shake my hand. This is what makes it all worthwhile.

Let me know if you have any questions.

 

[WinoBlues]

Hello,

(Simplified issued whole life)

We've all seen it: We quote a customer the preferred rate based on their answers to the medical questionnaire and it later comes back from underwriting that the customer is graded.

I've always struggled with breaking the news to the customer that his or her medical background came back different than expected. With this being an area of opportunity, I am looking for some insight on best practices for discussing this with the customer with the best possible chances of saving the sale.

First, you did not break it. It is their problem, you are the guy with the solution. Most of the time they knew they had the problem. I am just matter of fact in my tone and explain that this issue came up and i have a couple of options for them. Which always break down to the same thing. How much, for how long and at what budget.

----------

Do you have an outline made up to follow this? Or do you just have this committed to memory?

I have one I have been using for years. I am probably going to add some of Jerard's questions to it as well. It is in word. But pretty much i can do it on a blank piece of paper now. But still get stung by missing something from time to time.

Shoot me an email to [email protected] if you want a copy.

 

[Glen Shelton]

I have a form I fill out and I've attached it. It's in Excel format so pay no attention that it looks weird before printing it. You'll have to change the company names to match yours. Be careful when making changes so you won't screw up the alignment. I use this form from first meet to policy delivery and archive it when I'm done. Oh, and I since added HBP to the list. I've also uploaded one that's been filled out from a sale to show how things are filled out. I've blocked out any client specific information (Yes, I know....my handwriting sucks). On this one the poor girl's mama had been turned down from 2 or 3 other companies and got my number from another client down the street. When I told her about the approval she jumped out of her chair to shake my hand. This is what makes it all worthwhile. Let me know if you have any questions.

I had a feeling if you took the time to do a commission tracker...

You would also make a Health tracker! This is great.

Thanks

 

[AlTheGud1sRtakn]

In addition to what other's have said regarding just having a feel for what's going to go through and what's not and pre-qualifying...

I (almost) always apply for standard or if I know the have issues I'll apply for the rating I'm expecting and tell them it could be better or worse than that depending on what the underwriters dig up. If it comes back heavily rated or graded or accidental only I call and tell them unfortunately it's been declined as applied for but the good news is that they have a counter-offer for you. Then I go into the specifics and limitations of what they can get, all with the positive tone of "good news, you've got some health/MVR/whatever issues but you can still get insurance! Here's your option, here's how much it costs for the amount you wanted (or how much coverage the premium you can afford will buy)" Is that enough or do you need more?