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Change your whole business for one death? Sounds silly.Now that I think about it, I did have a charge back with Gerber several years ago when a guy died in the first two years, which is why I don't sell GI anymore.
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Change your whole business for one death? Sounds silly.Now that I think about it, I did have a charge back with Gerber several years ago when a guy died in the first two years, which is why I don't sell GI anymore.
I'm rethinking my position on GI. My position has always been that I will write a GI policy, but only if I think there's a pretty good chance the person will live long enough to get the full benefit.
But a while back I had a young client ask me about insurance for her grandmother. On questioning her, I concluded that the lady was not long for this world, so I declined to write her, and instead recommended the family make arrangements with a funeral home.
Yesterday we got surrender notices on her whole family. They found an agent that would write grandma and at the same time found a "better deal" on theirs (questionable - I think he wrote non-smoker rates on this couple I know for a fact are both smokers!). In retrospect, I wish I had written grandma and just held the commission back for the inevitable chargeback. Then maybe I wouldn't be getting replaced on the rest!
(On the other hand, when grandma leaves us and the family only gets a couple premiums back, they can get mad at the "new" agent instead of me!)
I've made quite a bit of money from GI over the years.
After I explain exactly how it works, going into great detail about the limited benefit period and return of money and they still want it, I'll sell it. I find most of the really bad ones change their mind once you completely remove any doubt of full coverage right away.
It's just a matter of choice as is most everything in this biz.
Just keep in mind that your choices either keep you in this business... or they will run you out of it faster than you can say, "what just happened."