How Do You Present the Offer When a Case Becomes Table Rated?

[0b1kanobee]

Any words of wisdom or advice when you have a client who has applied for say 'standard' and the offer comes back 'Table Rated'?

I have a client who was expecting a 50k policy who has been offered either a higher premium or 36k for the same premium amount GUL. Older guy who apparently has a couple more issues than he knows about.

I ran the new quote and it still beats Final Expense WL policies by about 20% which is what they were initially asking me about. I decided to go fully underwritten and the results have came in so to speak.

I guess I just want to be prepared for that objection if it comes. The simple math has decreased the length of time from 20 years to 14.5 years on the amount of money she would have paid in to cover the face amount.

So, how do you guys go back and present the offer? I can handle different objections such as "I can do better with my money" and some others. It's the hurdle of going from 50k to 36k that I might struggle with. That's what, a 39% difference?

 

[jdeasy]

Any words of wisdom or advice when you have a client who has applied for say 'standard' and the offer comes back 'Table Rated'?

I have a client who was expecting a 50k policy who has been offered either a higher premium or 36k for the same premium amount GUL. Older guy who apparently has a couple more issues than he knows about.

I ran the new quote and it still beats Final Expense WL policies by about 20% which is what they were initially asking me about. I decided to go fully underwritten and the results have came in so to speak.

I guess I just want to be prepared for that objection if it comes. The simple math has decreased the length of time from 20 years to 14.5 years on the amount of money she would have paid in to cover the face amount.

So, how do you guys go back and present the offer? I can handle different objections such as "I can do better with my money" and some others. It's the hurdle of going from 50k to 36k that I might struggle with. That's what, a 39% difference?

No specific trick of the trade. I always have the policy delivered to me and I go meet with the person and just explain what happened. I can't remember a person that didn't accept the new policy except for the ones way out there. I had a company put a $5 flat extra on a guy once for 5 years that made a $1000 ap policy a $6000 per year. he didn't take it.

 

[Full Throttle]

You pay more, we pay quicker.

 

[Franz Kafka]

I have a client who was expecting a 50k policy who has been offered either a higher premium or 36k for the same premium amount GUL. Older guy who apparently has a couple more issues than he knows about.

I ran the new quote and it still beats Final Expense WL policies by about 20% which is what they were initially asking me about. I decided to go fully underwritten and the results have came in so to speak.

C'mon, 0b, you know better than that. You know you should've said "Mr. Prospect, that's a fine policy. However, if you'd like, we can try and see if fully-underwritten policy will make you an offer. If they do, there may be extra savings. If they don't, we'll just go ahead with the WL".

But since you can't undo what you have already done, you might try "Apparently this underwriter feels that your risk is higher than we had expected. If you'd like, I can contact other underwriters at different companies and see if they're of the same opinion. If they feel the same way as this one does, well, we're still at 20% discount". I don't know FWIW ...

 

[bluemarlin08]

If you got the same UW with other companies just explain the deal. I rarely have problems placing rated cases unless we are hit with a flat extra. Depending on the health issues, might look at it again in the future, but conditions with older folks rarely get better and they might get worse.

 

[0b1kanobee]

Franz I already told him we would try fully underwritten before FE WL. You must have misunderstood me. Still cheaper than WL. In fact I don't even know this guy would qualify for FE.

I submitted with Sleep Apnea and racing heart problems. Several carriers wouldn't bite. I went with a carrier that quoted me standard on the preliminary.

Turns out in addition to what was on the prelim, he has sick sinus syndrome, mitral valve prolapse, chronic kidney disease. They found the kidney problem in the blood test. I am pretty sure he doesn't even know about it.

IMO he's pretty much not insurable and lucky to get a slight table rating again IMO. I posted this case before and 90% of you guys told me not to bother as he would most likely be denied. Like I said though, he has more problems than sleep apnea and racing heart PLUS he takes narcotics and has hypertension come to find out.

 

[Franz Kafka]

Franz I already told him we would try fully underwritten before FE WL. You must have misunderstood me. Still cheaper than WL. In fact I don't even know this guy would qualify for FE.

I submitted with Sleep Apnea and racing heart problems. Several carriers wouldn't bite. I went with a carrier that quoted me standard on the preliminary.

Turns out in addition to what was on the prelim, he has sick sinus syndrome, mitral valve prolapse, chronic kidney disease. They found the kidney problem in the blood test. I am pretty sure he doesn't even know about it.

IMO he's pretty much not insurable and lucky to get a slight table rating again IMO. I posted this case before and 90% of you guys told me not to bother as he would most likely be denied. Like I said though, he has more problems than sleep apnea and racing heart PLUS he takes narcotics and has hypertension come to find out.

That's much more clear. Please understand that I'm not trying to say that you did the wrong thing. You DID the right thing! (you got him an offer at a discount, right?) It's just that in his mind, the only thing he will remember will be the feeling of disappointment he got when he learned that he couldn't get what he was expecting. I hope you catch my meaning. They lie and forget about what they have all the time.

 

[tlmarketing]

Any words of wisdom or advice when you have a client who has applied for say 'standard' and the offer comes back 'Table Rated'?

I have a client who was expecting a 50k policy who has been offered either a higher premium or 36k for the same premium amount GUL. Older guy who apparently has a couple more issues than he knows about.

I ran the new quote and it still beats Final Expense WL policies by about 20% which is what they were initially asking me about. I decided to go fully underwritten and the results have came in so to speak.

I guess I just want to be prepared for that objection if it comes. The simple math has decreased the length of time from 20 years to 14.5 years on the amount of money she would have paid in to cover the face amount.

So, how do you guys go back and present the offer? I can handle different objections such as "I can do better with my money" and some others. It's the hurdle of going from 50k to 36k that I might struggle with. That's what, a 39% difference?

It's not about the difference between what he applied for vs what he was approved for....the comparison is really between having nothing vs being able to get him a total of $36k, only leaving him 14k short of the goal....and the reason why it is $14k short is due to the additional medical issues that were unknown at time of quotes

 

[WinoBlues]

Franz I already told him we would try fully underwritten before FE WL. You must have misunderstood me. Still cheaper than WL. In fact I don't even know this guy would qualify for FE.

I submitted with Sleep Apnea and racing heart problems. Several carriers wouldn't bite. I went with a carrier that quoted me standard on the preliminary.

Turns out in addition to what was on the prelim, he has sick sinus syndrome, mitral valve prolapse, chronic kidney disease. They found the kidney problem in the blood test. I am pretty sure he doesn't even know about it.

IMO he's pretty much not insurable and lucky to get a slight table rating again IMO. I posted this case before and 90% of you guys told me not to bother as he would most likely be denied. Like I said though, he has more problems than sleep apnea and racing heart PLUS he takes narcotics and has hypertension come to find out.

There is your answer. You did not break him. You are the problem solver. The premium is not the problem, the premium is the solution.

" Hi Hans, we got an answer back from Federation Life. Turns out that there were a couple more issues we did not account for __and___and__. I have good news though. They have approved a policy. It is alittle higher than the quote becauses of the other issues, But lower that the FE stuff. The new rate is $XX and that is Guaranteed to your age XX. ___(shut up)________. Great I will be by on the XX. Or OK, I have a couple options for you, We can stick with the original Price and the Coverage will be $XX or we can split the difference and the coverage will be $XX which is closest to the coverage and payment amont we were shooting for______"

The force is with you, Use it.

 

[GoCubsGo]

If it was me I'd tell him I have great news we got you a good rate. Id sit down with him and show him the different rating tiers and what the premium is for the highest table rating and then what his is. Maybe show him the AARP brochure with what a rate with-out being underwritten would look like and how it goes up every 5 years and ends at 80 something his doesn't. He did pretty good compared to all that..