Golden..

[NuUzr]

Alan town calls it "Golden" and never replaces a policy that's satisfied the waiting period - PERIOD.

Scenario: You're visiting with a prospect who is 1-6 months away from the "Golden" date with their policy - do you replace it? Do you ever replace a policy over two years old?

 

[WinoBlues]

What has your experience been?

 

[mudhound]

Rare to replace a 2-3 year old policy
There are people out there who will
Very sad. 95% of the time there is NO benefit to the insured

 

[somarco]

95% of the time there is NO benefit to the insured

Just curious where that stat came from?

Are you saying the majority of the time there is nothing to gain (i.e. premium savings and/or higher DB) or the majority of the time there will be a death within the contestable period of the new policy and bene get ROP?

 

[rousemark]

Just curious where that stat came from?

95% of all stats are made up..

 

[Life Hawk]

Alan town calls it "Golden" and never replaces a policy that's satisfied the waiting period - PERIOD.

Scenario: You're visiting with a prospect who is 1-6 months away from the "Golden" date with their policy - do you replace it? Do you ever replace a policy over two years old?

Something tells me if you are doing your job correctly... you are going to run into people you should help.

How many times have I ran into someone with a GI policy purchased through the mail or TV ad that had no business be placed like that. The only reason they took it was because they did not have the information to make an informative decision, or were to lazy to look.

 

[goillini52]

Alan town calls it "Golden" and never replaces a policy that's satisfied the waiting period - PERIOD.

Scenario: You're visiting with a prospect who is 1-6 months away from the "Golden" date with their policy - do you replace it? Do you ever replace a policy over two years old?

Do you always fill out the replacement form when you replace a policy...to CYA?

 

[DayTimer]

Do you always fill out the replacement form when you replace a policy...to CYA?

My upline recommends having one signed and kept on file even when not replacing.

 

[DayTimer]

Something tells me if you are doing your job correctly... you are going to run into people you should help.

How many times have I ran into someone with a GI policy purchased through the mail or TV ad that had no business be placed like that. The only reason they took it was because they did not have the information to make an informative decision, or were to lazy to look.

I did replace one policy. It had been in place for 10 years. She is 63 years old and was paying $56/month for $7500 DB on what was a GI policy that she bought from a door to door insurance salesman when she was a healthy 53. I replaced it with a $20,000 level for $84/month. She also got over $2000 cash back from the GI policy (she chose not to take the reduced paid up). She is paying $28/month more for $13,500 more death benefit. I could have saved her a bit more but she does have a few issues, e.g. she is a bit too short for her weight, has a touch of the neuropathy, etc. But I did get her a fair premium based on what she qualified for on a SIWL underwriting basis, and I feel I did the right thing for her. I also feel that her original insurance agent could have done better for her.

 

[bboman23]

I believe in at least showing them the options IF there is a benefit.

Say the client's policy is almost out of the 2 year contestability period, and I could only show her GI, of course I am not replacing. I will show her the benefit of adding another policy IF her budget allows.

But, if she is in a situation that I could better, I will give her the options every time and let her make the decision.

Pay the same you are paying to that company but you get X amount more coverage with this new policy.

Pay less money each month and have the same coverage amount.

Reduced Paid Up and Cash Value I always detail out and explain IF they have that in their policy.

I also make sure to let them know when I give them the options that a natural death in the first 2 years will be "checked into" by the insurance carrier, so if one of these programs seems like a better fit for you, we need to make sure we are not leaving out any health conditions or medicines (even if you haven't taken the medicine recently).

If they tell me that they have no other medicines or no other health conditions AND they pick a plan that they would rather have (due to lower price, more coverage, cash value, etc.) then I am going forward with it. At that point I did my job and I can not read the future. I am not going to tell them they can't get a better plan because they MIGHT die.

Just my .02 but again it doesn't matter to the OP since he has not or will not get contracted anywhere and write business himself. I am responding for the others reading.