Got my first death claim

[ValeRosso]

And i feel terrible about it. One, because of the death of a nice person, and two, because the clients mother in law said she didn’t know the policy only paid return of premium plus 10% interest within the first 3 years. Did I explain this while I was in their home? Maybe, maybe not, I don’t remember as it was over 2 years ago. This was one of my first couple of policies sold, so its possible I didn’t even know. Feels bad man.

Just venting.

 

[Allen Trent]

And i feel terrible about it. One, because of the death of a nice person, and two, because the clients mother in law said she didn’t know the policy only paid return of premium plus 10% interest within the first 3 years. Did I explain this while I was in their home? Maybe, maybe not, I don’t remember as it was over 2 years ago. This was one of my first couple of policies sold, so its possible I didn’t even know. Feels bad man.

Just venting.

Yikes, never easy.

Why did you write them return of premium? Were there health conditions that made them uninsurable for a level policy or even an underwritten policy?

Definitely learn from it make sure you are getting them best policy they can get. This can also happen when people go out & replace existing coverage without realizing starting over in new policy or 2 yr contestibility or new graded policy period, etc

 

[goillini52]

And i feel terrible about it. One, because of the death of a nice person, and two, because the clients mother in law said she didn’t know the policy only paid return of premium plus 10% interest within the first 3 years. Did I explain this while I was in their home? Maybe, maybe not, I don’t remember as it was over 2 years ago. This was one of my first couple of policies sold, so its possible I didn’t even know. Feels bad man.

Just venting.

If you have to sell a Modified/GI policy in the future, use a different company. Most are 2 year ROP, not 3.

 

[ValeRosso]

Yikes, never easy.

Why did you write them return of premium? Were there health conditions that made them uninsurable for a level policy or even an underwritten policy?

Definitely learn from it make sure you are getting them best policy they can get. This can also happen when people go out & replace existing coverage without realizing starting over in new policy or 2 yr contestibility or new graded policy period, etc

He had cancer but went into remission after treatment which is why it was ROP. He was in remission for about 2 months before I met him and wrote the policy.

It’s a learning experience that I will ever forget, and will be checking to make sure I cover this every time in the future.

 

[ValeRosso]

If you have to sell a Modified/GI policy in the future, use a different company. Most are 2 year ROP, not 3.

Thank you, I will do this. For whatever reason, over 65 for this policy would be 2 yr ROP, under 65 is 3 year.

 

[jdeasy]

Thank you, I will do this. For whatever reason, over 65 for this policy would be 2 yr ROP, under 65 is 3 year.

Must have used AmAm?

 

[ValeRosso]

Must have used AmAm?

You’re correct! At the time I think I only had Americo and AmAm.

 

[jdeasy]

You’re correct! At the time I think I only had Americo and AmAm.

Two duds. I hope you have moved on.

 

[Newby]

And i feel terrible about it. One, because of the death of a nice person, and two, because the clients mother in law said she didn’t know the policy only paid return of premium plus 10% interest within the first 3 years. Did I explain this while I was in their home? Maybe, maybe not, I don’t remember as it was over 2 years ago. This was one of my first couple of policies sold, so its possible I didn’t even know. Feels bad man.

Just venting.

If you haven’t picked up Gerber yet for Guaranteed issue biz, you need to. They would have paid full benefit on that case.

 

[DonP]

If you haven’t picked up Gerber yet for Guaranteed issue biz, you need to. They would have paid full benefit on that case.

Screw Gerber . 100% first yr chargeback and 50% second yr on death . I write great western on all with 12 month chargeback . That’s all throwaway business for me as persistency is atrocious . I was looking at my 5 yr Gerber business one time and I bet 35% lapsed in the first yr . The billing is so bad and many people had direct express cards. I also seemed to have a lot of deaths in first 2 yrs