As has been said many times.. Some companies underwrite at issue and some companies underwrite at claim time. I am not saying that any company does not do an investigation of a contestable period claim but it normally doesn't take very long for most companies that underwrite the case at issue. Those that do not underwrite at issue, no script check, no MIB, no interview, etc. will sometimes take months to pay a contestable period claim. Of course, agents like the latter because they get every policy they submit issued
First Death Claim
- Thread starter HoosierLife
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As has been said many times.. Some companies underwrite at issue and some companies underwrite at claim time. I am not saying that any company does not do an investigation of a contestable period claim but it normally doesn't take very long for most companies that underwrite the case at issue. Those that do not underwrite at issue, no script check, no MIB, no interview, etc. will sometimes take months to pay a contestable period claim. Of course, agents like the latter because they get every policy they submit issued
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- 7,012
Well the girl at RNA told me it could take 6 months or longer. They would have to order all of her dr. records and wait for them to come in etc.
- 501
Wow!! I have never had a policy take that long to pay out. I heard about some companies taking long but I thought that was just something evil marketers told agents to knock their competitors
Wow! I have never had a death claim take 6 months to pay
..That seems inexcusable
- 501
Wow! I have never had a death claim take 6 months to pay
Do you think there is anything he can do to expedite the process. Maybe call the doctors office and see if they can get the records faster. Anything?
- 26,171
That may help. But the biggest help will be if the family has any and all docs she has seen. A lot of times the delays come from getting an APS from Doc X only to find out there is also a Doc Q, then they see a referral to Doc Y.
The renal failure and blood clots could be in here history somewhere.
- 19,667
Wow! I have never had a death claim take 6 months to pay
The shortest time I've ever had for a contestable claim to be settled was 3 months. Most are in the 6 to 8 month time frame. Foresters is 9 to 10 months.
I just had one settled last week. The guy died shortly after last Thanksgiving.
- 3,165
Thats crazy cause in the 16mos Ive been doing this, Ive had 3 already....ALL with RNA!
1) Like the 3-4 app I ever wrote (I even posted about the appt, it was so weird & funny), the lady was like 68, taking care of her 90+ yr old mother. Mother died like 6mos after I wrote policy, and my client died suddenly about 2mos lata, they say from the stress of losing her mom.
2) Wrote up a 70something yr old man who was active & looked better then his 50something yr old wife. About 1 mo after I wrote it, it started complaining of strange pains, they kept running test found nothing, did biopsy & he died. The last time I spoke to widower, Drs still hadnt determined how/why he died, it was mysterious.
3) Wrote a lady in Jan, diabetic, had severe back pain cause she was allergic to all pain meds & had 2 prev car accidents, but nothing else. Stopped by 1 day, another person was living in her apt, a passerby said he believed she died. A few weeks later, her son calls me & explained she had a massive heart attack & died in her apt by herself & wasnt found for 2 days, sad!
So, either I dont know what Im doing & got some incredible bad luck with 3 already in 16mos.
- 4,875
Wow! I know some of you guys like to brag about writing a plan for a prospect that has the cheapest premium available, which is commendable. You like to say you're doing what's right for the prospect.
But even though Ms. Jones may save $2-$15 per month on her premium, do u really think u did anyone any justice when u know the carrier, from prior experience, takes 6 months-10 months to pay out? How can u say u are doing what's right for the prospect when u know that carrier pays out that slow?
I guess the prospect gets what they pay for.
But even though Ms. Jones may save $2-$15 per month on her premium, do u really think u did anyone any justice when u know the carrier, from prior experience, takes 6 months-10 months to pay out? How can u say u are doing what's right for the prospect when u know that carrier pays out that slow?
I guess the prospect gets what they pay for.
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- 9,744
Never ever answer an unasked question! It's a cardinal sin of sales. Now if they ask you, you must answer.
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