End of Term Guarantee Sticker Shock..

[Cornelius]

I think this situation is going to become more common.
Action 9: Woman surprised by increase in life insurance premium - Seen On 9 News Story - WSOC Charlotte

I don't much blame the carrier but many people don't understand what they have or years later may just plain forget how their policy works..Then it's renewal time..To the company credit I think they went far and beyond to satisfy the lady.

 

[WinoBlues]

I think this situation is going to become more common.
Action 9: Woman surprised by increase in life insurance premium - Seen On 9 News Story - WSOC Charlotte

I don't much blame the carrier but many people don't understand what they have or years later may just plain forget how their policy works..Then it's renewal time..To the company credit I think they went far and beyond to satisfy the lady.

Awesome story. Thanks. Another reason to service what you sell.

After an agent has been selling term for a while, Term starts terming out. Resale or conversion opportunity. Sending a copy of the premium schedule or Illustrations with the renewal premium highlighted really helps getting the phone to ring.


Thanks, Lee

 

[medsuptage]

We'll she did buy term. Hopefully she knew what that word meant.

This is a good reason to keep in contact with your clients as well.

Not sure how primerica products work but that could have potentially been a conversion/ another sale.


That was an extreme good faith effort by the carrier. I'm really surprised. Had something happened to her they still would of paid too.

 

[tins]

I think this situation is going to become more common.
Action 9: Woman surprised by increase in life insurance premium - Seen On 9 News Story - WSOC Charlotte

I don't much blame the carrier but many people don't understand what they have or years later may just plain forget how their policy works..Then it's renewal time..To the company credit I think they went far and beyond to satisfy the lady.

'Nelson complained to the company, but to no avail. "I got a lot of fast talking and no satisfaction," she said.'


The company refunded her $1,300+ when they had no obligation to do so. She admits to not doing anything when they first told her about the pending rate increase a year earlier. It's ignorant how the story attempts to portray her as a victim of the insurance company.

 

[elitemind]

Now if I can find that person and door knock them...

 

[WinoBlues]

For not having "that kind of money" she did not notice the increased premiums coming out?
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We'll she did buy term. Hopefully she knew what that word meant.

This is a good reason to keep in contact with your clients as well.

Not sure how primerica products work but that could have potentially been a conversion/ another sale.


That was an extreme good faith effort by the carrier. I'm really surprised. Had something happened to her they still would of paid too.

Normally they rewrite them. They have a couple of "conversion" options. They have a Decreasing Term option and something else I do not remember. The DT option is level premium. I would have to pull out one of their policies. However, I am too lazy.
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For not having "that kind of money" she did not notice the increased premiums coming out?
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Normally they rewrite them. They have a couple of "conversion" options. They have a Decreasing Term option and something else I do not remember. The DT option is level premium. I would have to pull out one of their policies. However, I am too lazy.

I am going to forward this story to several termites that I have. And stuff it into some of my client review mailings.

 

[Cornelius]

Something else to think about is $65.00 a month for $75,000. I wonder if that's a rated premium. That sounds high even for 20 years ago unless rate were that high back then. She didn't look that old.. I hope she checked to see if she still had a need for coverage or she's going to get sticker shock again. BTID......

 

[NinjaNic]

Wonder if she is upset with her agent/brother in law

 

[WinoBlues]

Wonder if she is upset with her agent/brother in law

Primerica "agent" - He probably went back to his day job after the divorce.

Cornelius = ""I wonder if that's a rated premium. That sounds high even for 20 years ago unless rate were that high back then.""

I have seen many PFS policies, I have never seen a rated one. They have always been one of the higher cost carriers.

 

[tins]

Something else to think about is $65.00 a month for $75,000. I wonder if that's a rated premium. That sounds high even for 20 years ago unless rate were that high back then. She didn't look that old.. I hope she checked to see if she still had a need for coverage or she's going to get sticker shock again. BTID......

It doesn't say term life anywhere in the article. Maybe it was an underfunded UL? Fits the time period.