How to Cancel a Policy You Are Replacing

[luke4275]

New to insurance biz. Today, I replaced an aarp policy with rna.. the cert is issued and the money has been drafted. I told the client to stop her aarp bank draft at her bank. Do I need to do more and should I have done differently? I read that often when you call a carrier to cancel,. they often don't do it or take one more months premium so I told her to stop the aarp bank draft eff today. is this right? thanks for all the help I get on here. Now all I need is leads to get to see people..

 

[STIBROKER]

needs to call aarp to get a fax number to fax a written copy.......

New to insurance biz. Today, I replaced an aarp policy with rna.. the cert is issued and the money has been drafted. I told the client to stop her aarp bank draft at her bank. Do I need to do more and should I have done differently? I read that often when you call a carrier to cancel,. they often don't do it or take one more months premium so I told her to stop the aarp bank draft eff today. is this right? thanks for all the help I get on here. Now all I need is leads to get to see people..

 

[sman]

Most banks charge a fee to stop a draft. She needs to call the carrier on the policy to cancel.

New to insurance biz. Today, I replaced an aarp policy with rna.. the cert is issued and the money has been drafted. I told the client to stop her aarp bank draft at her bank. Do I need to do more and should I have done differently? I read that often when you call a carrier to cancel,. they often don't do it or take one more months premium so I told her to stop the aarp bank draft eff today. is this right? thanks for all the help I get on here. Now all I need is leads to get to see people..

 

[Fisher]

Most banks charge a fee to stop a draft.

Never in all my days have I heard that.

 

[sman]

How many days is that? I have heard from multiple clients who have gone to their bank to stop a draft and been told there was a fee. Maybe your bank doesn't. I can only go by personal experience.

Never in all my days have I heard that.

 

[Fisher]

I can only go by personal experience.

Yep, as can I.

 

[sman]

Glad to hear it. Feel better?

Yep, as can I.

 

[VaDwayne]

Create a cancelation form, with the information needed for you to cancel the bank draft and policy, and have the client(s) sign it when you sell the replacement.

Name, address, telephone, policy #, date of cancellation, SSN#'s, etc. Be sure to put in bold print "PLEASE STOP BANK DRAFT IMMEDIATELY" on the bottom of the sheet

 

[Fisher]

Glad to hear it. Feel better?

Better than I already did? Mmmm.... no, don't think so. Still pretty good.

 

[arnguy]

I guess they don't do that in Missouri, Fisher. In PA Wachovia charges you to come in the door. They've more fees than you can shake a stick at.