Finding Info on Selling Final Expense by Phone

[gmd063]

Let me ask you all this. How does the mechanics of submitting the app work for each of these that do it - Standars Life, Assurity, and Senior Life?

I think insuranceguy answered for LH; you record each converstation and submit the recording as the app. With them you can sell days, evenings, and Saturday.

I may be wrong, but Standard Life closes at 4:30. How then, does their process work, and can you still sell after 4:30 and submit the next business day?

What about Assurity? How does it work with them?

Senior Life and Lincoln Heritage work the same in regards to submitting applications. You send in a filled out application and send it in along with the voice recording. Yes you can sell any day or time you would like. The underwriting is done by the agent and the company then randomly picks applications to call and verify the information.

Thanks,
Matt

 

[theinsuranceman]

Senior Life and Lincoln Heritage work the same in regards to submitting applications. You send in a filled out application and send it in along with the voice recording. Yes you can sell any day or time you would like. The underwriting is done by the agent and the company then randomly picks applications to call and verify the information.

Thanks,
Matt

Hi Matt! For the other readers: Since all health questions and meds are recorded on the phone w/ Ms. Jones there would never be the expense of getting E&O insurance. No one could ever accuse the agent of lying..everything is on the recording!

Take that $400 savings from the E&O that you don't have to pay...buy 20 leads with that $400...make a few sales....make over $1,000 in advance comm.!!

 

[Tom Highway]

Hi Matt! For the other readers: Since all health questions and meds are recorded on the phone w/ Ms. Jones there would never be the expense of getting E&O insurance. No one could ever accuse the agent of lying..everything is on the recording!

Take that $400 savings from the E&O that you don't have to pay...buy 20 leads with that $400...make a few sales....make over $1,000 in advance comm.!!

You're serious? That's a pretty bold statement to say that no one could EVER accuse the agent of lying. I can accuse you of lying right here and now, and it doesn't mean that it's a legitimate accusation. Besides, sometimes it's not the things that an agent does say that gets him into trouble, it's the things the agent does not say. Just because you're recording a conversation does not make it foolproof or guaranteed ironclad.

I would rather spend an extra $400 a year on E&O insurance and have peace of mind.

That's also pretty interesting that an insurance agent advises avoiding insurance.

 

[jdeasy]

Hi Matt! For the other readers: Since all health questions and meds are recorded on the phone w/ Ms. Jones there would never be the expense of getting E&O insurance. No one could ever accuse the agent of lying..everything is on the recording!

Take that $400 savings from the E&O that you don't have to pay...buy 20 leads with that $400...make a few sales....make over $1,000 in advance comm.!!

Unless your State requires E&O or a bond as mine does. However, even without that law, I would never work in insurance without E&O. Most of the good insurance companies require an agent to have it anyway.

I can't believe someone would suggest to agents to not have E&O. That would almost be like telling that chargebacks not taken from advances is just like not having them.

 

[theinsuranceman]

You're serious? That's a pretty bold statement to say that no one could EVER accuse the agent of lying. I can accuse you of lying right here and now, and it doesn't mean that it's a legitimate accusation. Besides, sometimes it's not the things that an agent does say that gets him into trouble, it's the things the agent does not say. Just because you're recording a conversation does not make it foolproof or guaranteed ironclad.

I would rather spend an extra $400 a year on E&O insurance and have peace of mind.

That's also pretty interesting that an insurance agent advises avoiding insurance.

If a family of a deceased wants to dispute something about how a claim is paid (say a 2 yr. waiting period because of bad health), and this family hires an attorney...here's what happens....the Co. provides a recorded copy of the recording made when health questions and meds were being recorded to this family's attorney.

The attorney listens to the recording and then tells the family "you have no case, everything is on the recording with the deceased agreeing to all terms".

Case closed.

 

[Tom Highway]

If a family of a deceased wants to dispute something about how a claim is paid (say a 2 yr. waiting period because of bad health), and this family hires an attorney...here's what happens....the Co. provides a recorded copy of the recording made when health questions and meds were being recorded to this family's attorney.

The attorney listens to the recording and then tells the family "you have no case, everything is on the recording with the deceased agreeing to all terms".

Case closed.

Yeah, a hungry attorney would NEVER file a frivolous suit against a big insurance company, without merit, just hoping to get a quick settlement.

Would you be willing to pult that guarantee about not needing E&O and why an agent does not need E&O in writing for someone who contracts under you, and then put your money where your mouth is and assume any legal costs an agent who contracts under you may incur?

I'm just askin.....

 

[Newby]

If a family of a deceased wants to dispute something about how a claim is paid (say a 2 yr. waiting period because of bad health), and this family hires an attorney...here's what happens....the Co. provides a recorded copy of the recording made when health questions and meds were being recorded to this family's attorney.

The attorney listens to the recording and then tells the family "you have no case, everything is on the recording with the deceased agreeing to all terms".

Case closed.

Do you turn the recorder on as soon as they pick up the phone and say hello? Or is only PART of the conversation recorded?
I MIGHT agree with you if the ENTIRE call is recorded. I would still buy the e&o insurance myself though.

 

[arnguy]

If a family of a deceased wants to dispute something about how a claim is paid (say a 2 yr. waiting period because of bad health), and this family hires an attorney...here's what happens....the Co. provides a recorded copy of the recording made when health questions and meds were being recorded to this family's attorney.

The attorney listens to the recording and then tells the family "you have no case, everything is on the recording with the deceased agreeing to all terms".

Case closed.

Do you get their permission to record the call? If you do not, it is illegal in PA.

 

[steveadlman]

E & O Insurance just makes good business sense for the agent. I don't see how a telephone call that you initiate and record could insulate you from all legal liability.

 

[theinsuranceman]

Do you get their permission to record the call? If you do not, it is illegal in PA.

Of course.
- - - - - - - - - - - - - - - - - -

Yeah, a hungry attorney would NEVER file a frivolous suit against a big insurance company, without merit, just hoping to get a quick settlement.

Would you be willing to pult that guarantee about not needing E&O and why an agent does not need E&O in writing for someone who contracts under you, and then put your money where your mouth is and assume any legal costs an agent who contracts under you may incur?

I'm just askin.....

Don't be so stupid. If an agent feels better with E&O selling FE then get it. We're not talking about BIG cases ..with FE. Much different if selling Health, LTC, annuities, etc. where the ramifications of misinformation can be HUGE.

If an attorney wants to file a case for the family, then hears the health questions/meds on the recording being given by the proposed insured to the agent, and still decides to press for a case before a judge (or a jury), don't you think this attorney will be scolded by the judge for wasting everyone's time with irrefutable evidence in favor of the insurance co.? An experienced attorney will drop the case like a hot potato after hearing the recording. An inexperienced attorney...will look inexperienced if he presses the case, and will look like an *** to members in his law firm, expecially the principals.