Cancellation Question

[NotEnough]

Do FE companies accept back date cancellation? Or is it only cancelled when received. Have a client who is in underwriting right now but her current policy just drafted today. Her current carrier is Senior Life.

She'll have no problem getting approved with me (checked with U/W) but want to see if she could get refunded her Senior Life premium for this month.

Relatively new to the FE arena so unsure. It is possible and done often in the P&C world..

 

[billyb]

I would ask for her new policy to be issued for September. That will give you ample time to stop payment on SL. I doubt SL will issue a refund.

 

[Rirwin]

How long has she has the sl policy for? Only thing I can think of is if it's still within the free look period.

 

[FinalExpenseDojo.com]

When you get the app signed get a form signed that says "I ____ wish to stop payment on my policy # _____". Download the one I use for free here. (Scroll to the bottom & click "Go to misc forms".)

Tell client you're going to fax it into the replaced carrier just in case. Then pull out your phone and have the client call their old carrier and tell them they want to pay by mail. *coach client to NOT say the word "cancel".* Then tell client when the bill comes in to just throw it in the trash

Then once it's all done, tell client that they'll send out a salesman to come and try to convince them to keep the old policy. Ask, "this is really what you wanna do right??". Say, "Good, then it's probably best to not even let them in the door, right?"