Help With Knocking Out a UL

[VolAgent]

Says who... says me, since you asked.

Think about this line of action by this agent...

Actions 1,2 and 3 sticks a total of 50K into a SPWL policies with 3 separate companies, with a 54.5K death benefit. SI policies with low db, and low accumulation, duh

Then comes along and attempts to sell the client a 100K UL at pref rates.... (guess this debunks your "not everyone wants to go fully u/w theory). Now, if the client can medically obtain a pref rate, they've got not business being placed into the SPWL policies of the types that they were... it is called SUITABILITY, plain and simple.

Oh, this agent should probably have the cell next to Glenn. Why are you selling someone SI, and then GUL at preferred plus two months later? Something is rotten in the state of Denmark. But all these absolutes are getting carried away. That was my point. Always this, always that. I only wish life was that cut and dried.

 

[rapidrobert]

Doesn't sound like some of you are thinking of the client. I can get him $100K of UL cheaper than Lincoln, BUT in general Whole Life is more expensive than UL. If UL is properly funded AND the person can qualify they are probably better off with the UL.

 

[Rearden]

Spoke with the gentleman tonight and was receptive to dropping his SIWL and getting with my GUL quote once he gets his pleurisy/gout situation cleared up.

He also had a liter of water pulled off his lung a month or two ago, I found out. And is taking some type of inhaler (albuterol maybe?).

Wife is disabled on Medicare and has a MoO MedSupp -- freakin' expensive thing I tell you...

 

[WinoBlues]

Spoke with the gentleman tonight and was receptive to dropping his SIWL and getting with my GUL quote once he gets his pleurisy/gout situation cleared up.

He also had a liter of water pulled off his lung a month or two ago, I found out. And is taking some type of inhaler (albuterol maybe?).

Wife is disabled on Medicare and has a MoO MedSupp -- freakin' expensive thing I tell you...

You should try to shadow that other piece of work "agent" around. You could make bank replacing him.

 

[Newby]

Oh, this agent should probably have the cell next to Glenn. Why are you selling someone SI, and then GUL at preferred plus two months later? Something is rotten in the state of Denmark. But all these absolutes are getting carried away. That was my point. Always this, always that. I only wish life was that cut and dried.

There are reasons for that. I have a case like that right now.

I had a couple that had bought "whole life" policies through their trusted agent. I reviewed them and showed them they had really bought non-guaranteed UL. So they wanted them canceled TODAY!

I educated them about simplified issue whole life AND how much more coverage they could get if they qualify for GUL which they likely will.

I go back for my 2nd appointment two days later and she had already gone in an chewed out the "good neighbor agent" and canceled those policies.

I advised them to take simplified issue WL today for the instant approvals and also apply for the GULs which seem to always take 2 or 3 months to approve. Once the GULs are underwritten and offered, they can accept and cancel the WL or keep the WL if the underwriting doesn't go well with the GULs.

The main thing with them is they never wanted to be without coverage and I wanted a trail of replacements since they are in Kentucky (non-contestible state)

Is there a better way to achieve this?

 

[WinoBlues]

There are reasons for that. I have a case like that right now.

I had a couple that had bought "whole life" policies through their trusted agent. I reviewed them and showed them they had really bought non-guaranteed UL. So they wanted them canceled TODAY!

I educated them about simplified issue whole life AND how much more coverage they could get if they qualify for GUL which they likely will.

I go back for my 2nd appointment two days later and she had already gone in an chewed out the "good neighbor agent" and canceled those policies.

I advised them to take simplified issue WL today for the instant approvals and also apply for the GULs which seem to always take 2 or 3 months to approve. Once the GULs are underwritten and offered, they can accept and cancel the WL or keep the WL if the underwriting doesn't go well with the GULs.

The main thing with them is they never wanted to be without coverage and I wanted a trail of replacements since they are in Kentucky (non-contestible state)

Is there a better way to achieve this?

Maybe a SIterm for the higher face? Assurity, UHL Americo?

 

[Rearden]

Found out gentleman has been cleared of any potential cancer, but is having a biopsy done to totally rule out anything else. Doctor will completely clear him at that point if the biopsy shows nothing.

Additionally... you all were recommending MoO GUL? Any other options?

 

[rousemark]

There are reasons for that. I have a case like that right now.

I had a couple that had bought "whole life" policies through their trusted agent. I reviewed them and showed them they had really bought non-guaranteed UL. So they wanted them canceled TODAY!

I educated them about simplified issue whole life AND how much more coverage they could get if they qualify for GUL which they likely will.

I go back for my 2nd appointment two days later and she had already gone in an chewed out the "good neighbor agent" and canceled those policies.

I advised them to take simplified issue WL today for the instant approvals and also apply for the GULs which seem to always take 2 or 3 months to approve. Once the GULs are underwritten and offered, they can accept and cancel the WL or keep the WL if the underwriting doesn't go well with the GULs.

The main thing with them is they never wanted to be without coverage and I wanted a trail of replacements since they are in Kentucky (non-contestible state)

Is there a better way to achieve this?

Is the policy actually cancelled or did the agent simply stop the bank draft? Probably the later and the policy would still be in effect under the grace period. I would fill out the replacement forms as if replacement was taking place in either case.. just to protect myself and hopefully achieve the stated goal of providing continuous coverage.. Based on your "first" interview, replacement is definitely the case even though the actual app wasn't taken until a later date.

 

[VolAgent]

There are reasons for that. I have a case like that right now.

I had a couple that had bought "whole life" policies through their trusted agent. I reviewed them and showed them they had really bought non-guaranteed UL. So they wanted them canceled TODAY!

I educated them about simplified issue whole life AND how much more coverage they could get if they qualify for GUL which they likely will.

I go back for my 2nd appointment two days later and she had already gone in an chewed out the "good neighbor agent" and canceled those policies.

I advised them to take simplified issue WL today for the instant approvals and also apply for the GULs which seem to always take 2 or 3 months to approve. Once the GULs are underwritten and offered, they can accept and cancel the WL or keep the WL if the underwriting doesn't go well with the GULs.

The main thing with them is they never wanted to be without coverage and I wanted a trail of replacements since they are in Kentucky (non-contestible state)

Is there a better way to achieve this?

I probably would have just let the UL ride until the GUL was issued, but that is me.

I sort of doubt the agent in question was doing that as well. The guy has gout/pleurisy and had a quart of fluid drained from a lung??? He isn't a preferred plus candidate, he's probably not even a standard candidate.

 

[rousemark]

Is the policy actually cancelled or did the agent simply stop the bank draft? Probably the later and the policy would still be in effect under the grace period. I would fill out the replacement forms as if replacement was taking place in either case.. just to protect myself and hopefully achieve the stated goal of providing continuous coverage.. Based on your "first" interview, replacement is definitely the case even though the actual app wasn't taken until a later date.

I just found this on the KY Commissioners site:

"an existing life insurance policy or annuity contract has been or is to be:
1. Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer, or otherwise terminated;"

Based on that language "has been", I would definitely treat it as a replacement.
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I probably would have just let the UL ride until the GUL was issued, but that is me.

I sort of doubt the agent in question was doing that as well. The guy has gout/pleurisy and had a quart of fluid drained from a lung??? He isn't a preferred plus candidate, he's probably not even a standard candidate.

I think you have confused Readon's client and Newby's client... It was Reardon's client that had pleurisy.. BWDIK? I say confused all the time anyway.