Experiences with Genworth?

[BKrocko]

I submitted an app to Life Investors last month, 85 Y/O, 50k UL Gtd to 100, in fair health (no heart attack or stroke in last 2 yrs, no diabetes, no Alzheimers, did take BP and Heart meds), and Life Investors automatically declined it. It took them a week and a half to tell me that she was declined. In the meantime, when I went back to her and her daughter, I was told that they had bought a policy from AARP/United of Omaha off of television, 30k for around 400.00 per month. When I asked to see the policy, I saw that it was a Graded Death Benefit. I asked the daughter did she realize this, and she said that she didn't know what Graded Death meant. I explained, but she steadfastly refused to believe me. I lost the sale, but if that lady dies in the next 2 years, her daughter is up the creek(they needed the money to pay off a mortgage). The moral of the story is, if I had realized how long it would take Life Investors to tell me yes or no, I would have placed them with someone like Pioneer American, with a simplified issue final expense product, and been done with it. Well, they say you pay for your education, and losing about 2500.00 worth of commission on that case, after spending around 200 dollars to drive the 150 miles from my office to their home 4 times in my old Lincoln, I paid big.

Thanks, Dave.

GradyI - not to sound critical, but if you drove over to meet with them 4 times, they should have given you great insight that they just wanted a simple term life policy. I am sure that you spent much of that time educating them as to their options - at some point their eyes must have glazed over because she bought from an AARP add without even knowing what the product was. She obviously didn't understand anything you tried to teach her. Think about what type of relationship you established, there was something missing there - from what you described, it sounds like you never built up the credibility issue or the trust issue. Did you do more talking than listening? It's almost a built in defensive mechanism - if I talk more, I won't have to hear them say "NO". I think a lot of us do that, at least at first - after awhile, we would rather hear "no thank you" early in the process so that we can move along to someone who wil say "yes" and values our service.

They must have given you sales clues that either you ignored or decided that you would sell them the product that they truly needed even if they did not have a strong sense of ownership in it.

I think three old sayings apply here:

- "If you can't sell them what they need, sell them what they want."

- "People love to buy but they hate to be sold".

- "I never learned anything while I was talking".

You sold her a policy that would would cover everything, while all she wanted was to buy a product that would cover anything.

If you keep counting all of the commission dollars lost due to non closed sales, you will drive yourself nuts - you will lose many millions before you make your first million. Too bad we can't write that type of lost revenue off on taxes!

Good Luck, sounds like you have the best interests of your clients in mind and your hard work will someday pay off.

 

[gradyinsurance]

GradyI - not to sound critical, but if you drove over to meet with them 4 times, they should have given you great insight that they just wanted a simple term life policy. I am sure that you spent much of that time educating them as to their options - at some point their eyes must have glazed over because she bought from an AARP add without even knowing what the product was. She obviously didn't understand anything you tried to teach her. Think about what type of relationship you established, there was something missing there - from what you described, it sounds like you never built up the creditability issue or the trust issue.

They must have given you sales clues that either you ignored or decided that you would sell them the product that they truly needed even if they did not have a strong sense of ownership in it.

I think two old sayings apply here:

- "If you can't sell them what they need, sell them what they want."

- "People love to buy but they hate to be sold".

You sold her a policy that would would cover everything, while all she wanted was to buy a product that would cover anything.

If you keep counting all of the commission dollars lost due to non closed sales, you will drive yourself nuts - you will lose many millions before you make your first million. Too bad we can't write that type of lost revenue off on taxes!

Good Luck, sounds like you have the best interests of your clients in mind and your hard work will someday pay off.

Well, with her age and health problems, I didn't have a term product that would cover her. The only non-final expense product I had was the U/L that I offered them. It was my first U/L app, so I've learned quite a bit about U/L products since them. Actually, my first idea was to put this case with Genworth, as a U/L to 100 (they offer commission advance, whereas my contract with Life Investors is as earned ), but the rep from OakTree recommended I try Life Investors (he was later fired due to "incompetence"), so I did. Thank You for your honest and frank advice.

Dave.

 

[theman700]

LifeInvestors

Use the website for timely updates with LifeInvestors.

 

[retread]

Thank you for your sage advice, BKrocko!! I, for one, think it should be printed out and pasted on the wall of my office! Many, many, thanks!

 

[margostl]

I don't have any experience with Genworth from an agents point of view, but have performed many paramed exams with them. In defense of the slow examiner scheduling this was more than likely an examiner from a larger Paramedical company and not an independent examiner. A independent examiner usually has a 24hr to 7 day turnaround on cases, because they strive to keep their agents happy.It is in their best interest to do so. Some agents are not aware that they can choose their own examiners and instead go with whatever that particular carrier utilizes.Those examiners have no vested interest in your success. The cost to the agent is the same $0 since examiners bill the insurance carriers direct. If you are not using your own paramedical examiner then I
implore you to do so. You will immediately recognize the difference.

 

[bluemarlin08]

I second margo's post. I went to my own independent paramed 3 years ago and what a difference. She is accepted by all the companies I work with and is always reliable, fast and professional.

 

[Mr. Bill]

How would you go about doing that?

 

[gradyinsurance]

Please, elaborate on how to obtain the services of an independent examiner. I have about had it up to here with the likes of Portamedic and ExamOne.

Dave

 

[margostl]

What state and city are you in? There are several Paramed Boards where
Examiners Advertise If you pm I will give you some names, numbers etc. Independent examiners again bill directly to carriers using only approved
billers.

 

[James]

How many times can posters here say that people over 65 don't need life insurance? Yet how many times do people post stating they have problems placing people 70 and up with Life Insurance? Hummmmm???

Yea, that 40 year old don't need WL!