Help With Knocking Out a UL

[VolAgent]

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 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.

No, I didn't. I just didn't draw enough distinction between the two.

On Newby's, I would have just let the UL ride until the GUL was issued. Easier and cleaner IMO. That doesn't mean I think Newby did wrong, just I probably wouldn't have gone that route.

On Reardon's, I really have questions about the original agent. The guy has some health problems. He is not a preferred plus candidate, and he probably isn't even a standard candidate.

 

[WinoBlues]

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 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 would have done the same if it were still intact or if the surrender could be cancelled.

 

[rousemark]

No, I didn't. I just didn't draw enough distinction between the two.

On Newby's, I would have just let the UL ride until the GUL was issued. Easier and cleaner IMO. That doesn't mean I think Newby did wrong, just I probably wouldn't have gone that route.

On Reardon's, I really have questions about the original agent. The guy has some health problems. He is not a preferred plus candidate, and he probably isn't even a standard candidate.

See.. I told you I was the one confused!

 

[Rearden]

Getting old's hell, huh Rouse?

 

[rousemark]

Getting old's hell, huh Rouse?

Get in your Hillbilly Hearse and go sell something!

 

[Newby]

No, I didn't. I just didn't draw enough distinction between the two.

On Newby's, I would have just let the UL ride until the GUL was issued. Easier and cleaner IMO. That doesn't mean I think Newby did wrong, just I probably wouldn't have gone that route.

On Reardon's, I really have questions about the original agent. The guy has some health problems. He is not a preferred plus candidate, and he probably isn't even a standard candidate.

The lady definitely CANCELED the ULs and ripped the agent that sold them to her a new one. The FE policies were at a better rate anyway so I would have advised her to do the same but would have gotten her approved on the news ones first.

Of course it's replacement. I do replacement forms even if they canceled or lapsed policies a month before they met me. If you dig deep enough most policies we sell are replacing something. In KY that just means extra protection for them.

As for whoever said sell them simplified term...I can't think of a worse choice. They would have kicked me to the curb with the State Farm agent. They thought they already had whole life or at least lifetime guaranteed death benefit. If I put them in another term or non guaranteed UL I would have been no better than the last guy.

 

[WinoBlues]

The lady definitely CANCELED the ULs and ripped the agent that sold them to her a new one. The FE policies were at a better rate anyway so I would have advised her to do the same but would have gotten her approved on the news ones first.

Of course it's replacement. I do replacement forms even if they canceled or lapsed policies a month before they met me. If you dig deep enough most policies we sell are replacing something. In KY that just means extra protection for them.

As for whoever said sell them simplified term...I can't think of a worse choice. They would have kicked me to the curb with the State Farm agent. They thought they already had whole life or at least lifetime guaranteed death benefit. If I put them in another term or non guaranteed UL I would have been no better than the last guy.

That was me. You had said the SIWL was a short term plan till the GULs were issued, 2-3 months later. Just seemed that the SIterm would have been 50% less cost and accomplish the same thing. I may have misunderstood you.

 

[0b1kanobee]

That was me. You had said the SIWL was a short term plan till the GULs were issued, 2-3 months later. Just seemed that the SIterm would have been 50% less cost and accomplish the same thing. I may have misunderstood you.

I'm pretty sure what Newbie means is while they are in underwriting, it's best to get them some insurance. If you assume the worst (they don't get approved or get rated bad) what would be a better product to be in SIWL (FE) or easy term (ex. Assuirity). I guess it may depend on the clients needs assuming they would keep this supposed to be 'tempory' insurance for the duration??

I've come across this myself.

 

[WinoBlues]

I'm pretty sure what Newbie means is while they are in underwriting, it's best to get them some insurance. If you assume the worst (they don't get approved or get rated bad) what would be a better product to be in SIWL (FE) or easy term (ex. Assuirity). I guess it may depend on the clients needs assuming they would keep this supposed to be 'tempory' insurance for the duration??

I've come across this myself.

I assume that if they were declined for the universal life policies they could still apply for the simplified issue whole life policies. But I agree, assuming can be dangerous. No right or wrong just different ways of doing things.

 

[Newby]

That was me. You had said the SIWL was a short term plan till the GULs were issued, 2-3 months later. Just seemed that the SIterm would have been 50% less cost and accomplish the same thing. I may have misunderstood you.

If the GULs get rated up or declined or if one of them has a stroke during underwriting the SIWL becomes the final solution.

For that reason, term wouldn't work.