Got my first death claim

[goillini52]

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

Are you saying that more people die in the 1st 2 years with Gerber than they do with GWIC?

 

[ValeRosso]

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

thank you, ill see if I can get with them

 

[ValeRosso]

Two duds. I hope you have moved on.

Who do you use?

 

[jdeasy]

Who do you use?

KSKJ whenever possible.

GI I usually give them the number to mofo or PM.

 

[policywunk]

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.

My first death claim was a level 20k State Mutual policy on 72 year old man who croaked about 3 weeks after policy issued from stroke .I was surprised state mutual paid claim with no questions because I even thought it looked suspicious .Funny thing is state mutual life division went into receivership about 60 days later-maybe because of their rock bottom rates rates and slack underwriting?

 

[DonP]

Are you saying that more people die in the 1st 2 years with Gerber than they do with GWIC?

No but I don’t get chargebacks with great western in yr 2

 

[Newby]

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

Just like with all FE you will have the best persistency the more competitive your rates are. And GI could never be real persistent because you’re going to have more deaths with the people in that bad of health and you’re also going to have people age into a better health band where they can qualify for a first day coverage policy. That’s one of the main things every agent looks for on every appointment because it makes for an easy sale. One top of all that if you write a company that is priced way higher than the others. You’ll also get replaced on price.

 

[Life Hawk]

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.

Yep, it helps to talk through these things. You can get yourself in an emotional hole if you aren't able to get it off your chest.

I always say that claims are both the most sad and most fulfilling moments in this profession. Not fun, but it helps make you a better agent and puts fire in your belly as a salesmen.

You did well by handling that claim. I've had agents tell me they don't or won't handle a claim. Not much of an agent in my book.

 

[Allen Trent]

agents tell me they don't or won't handle a claim

I bet those agents tell a different story when they are selling the policy. Otherwise, in any insurance product sales, I think writing ratio would be inpacted by a closing line of "to be clear, come claim time, you or your family are on their own. We will give you the 800#"

 

[goillini52]

My first death claim was a level 20k State Mutual policy on 72 year old man who croaked about 3 weeks after policy issued from stroke .I was surprised state mutual paid claim with no questions because I even thought it looked suspicious .Funny thing is state mutual life division went into receivership about 60 days later-maybe because of their rock bottom rates rates and slack underwriting?

I had State Mutual for Med Supps 20 years ago. Never knew they had FE.