Could Use Some Input

[kroWdraH]

I have a couple that I sold FE policies to the other day. They have 2 other insurance policies as well. 100k term policy through Primerica on the husband and then 59k on both the Husband and Wife which seems to be a GUL and it is through Illinois Mutual. We did 10K on the both of them for their FE policies. Husband will be 53 in March and Wife is 47. They thought their Illinois Mutual policy was WL which I informed them it was not. They called their agent and he dodged the question and just told them the rates were gauranteed which made them happy. I'm curious to know what you guys think. I don't see any real reason to replace the GUL because they now have their FE policies in place but I am still learning. Any input is appreciated.

 

[Todd King]

From what you're saying, I see no reason to replace it.

I do wonder what the difference between their 10K FE policy and a 25K WL policy would be. May not be as much as you think.

 

[RonRoberts]

I have a couple that I sold FE policies to the other day. They have 2 other insurance policies as well. 100k term policy through Primerica on the husband and then 59k on both the Husband and Wife which seems to be a GUL and it is through Illinois Mutual. We did 10K on the both of them for their FE policies. Husband will be 53 in March and Wife is 47. They thought their Illinois Mutual policy was WL which I informed them it was not. They called their agent and he dodged the question and just told them the rates were gauranteed which made them happy. I'm curious to know what you guys think. I don't see any real reason to replace the GUL because they now have their FE policies in place but I am still learning. Any input is appreciated.

Were they in poor enough health you could not write them fully underwritten whole life policies? Could have maybe qualified them for high enough coverage to take care of the FE you sold them and the existing GUL's.

 

[kroWdraH]

I will look over everything this weekend. I am going to meet with them again monday to discuss their UL. Thanks for the info

 

[WinoBlues]

Be careful attacking the GUL. If the agent is any good he is going to replace you. As Ron said if they are healthy he may take your premium an do a short pay GUL or more face with a better WL.
GUL,WL and SIWL are different solutions but both have guaranteed benefits. You want to get a look at the last annual report. That is more important than the policy.

On the Primerica policy. If it is a 30 year, you win the guarantee battle. They say 30 years but only guaranteed 20. Also when you compare it, compare it based on the remaining guaranteed term. Then sell the a longer plan or GUL.

If the GUL is a company you already have, AOR it. Get the other agent out of the picture.


Just my two cents, Lee

 

[VolAgent]

Here is a different point of view.

They have already bought what you sold them. I assume it is approved and first payment has been made or authorized? Why are you going behind yourself and planting seeds about the sale you already made?

Go ahead and review the UL, but don't go overboard on it. You already have one sale, don't go putting too much doubt into their minds about insurance or you may find it come a not taken or lapse a month or two down the road.

Just remember, don't be greedy. Something is better than nothing. Keep in touch with them and get you future sales at a later date than trying to hit a homerun today. The FE may or may not have been the best thing for them, but it is done. There are enough obstacles in this business with trying to undo your own work. Leave that to other forces.

 

[kroWdraH]

Thank for the input so far guys, it really does help. The wife asked me to come back and review the UL and like we discussed earlier, I don't really see any reason to replace it. Now the wife, the only issue she had was a benign brain tumor removed in 09. The husband had a stroke 2 years ago. I will look and see if a fully underwritten WL would be a better option. I would assume that it may be for the wife but not for the husband? Again thanks for the input. All part of the learning process I guess.

 

[WinoBlues]

Let me temper my response.

I am old pirate. When I write someone I go about trying to control all the time business in the family. But I have been doing this a long time.

If you are still a little new you may want to just get a copy of the last annual report (phone camera) and the term date of the Primerica policy.

 

[Rearden]

As Rick says, eat the elephant one bite at a time.