Recently, I've noticed that I had about 6 FE policies lapse.
When I check my sales reports it had NSF on the comments.
I called the company which is a fraternal company and asked if the sent a copy of the replacement forms to the agent when a policy is replaced. They told me only if the Life policy is over $250,000 or a $25,000 annuity. This is for FE so the answer was no. He did tell me that he would bring it up in the next manager meeting.
So, I started calling back all my lapsed policies and found out so far that 3 were replaced. Still trying to get a hold of the other 3 and I'm pretty sure he's been in there. One of the policies was replaced by coverage at work and I couldn't do anything with. The other two were replaced by the same agent from another company. I never received any notice of replacement.
When I spoke to the two customers, he told them the company was not solid and was owned by a group of members and that the prices and face amonts were not guaranteed. He signed them up for the same face value with another company that was a few dollars a month more. Not in the best interest of the customer.
I don't know if he left replacement forms with them but I will find out next week as I have apointments with them.
When I go back, I will document every thing they say and check for replacemenet forms. I may even have them sign something if they are willing as to what he said.
If it keeps up thinking about taking it to the Insurace Commission and report it. My question is... How serious do they take something like this? or will they just slap him on the wrist.
This is the same guy I had a problem with in a previous post.
I had an appointment set to replace one his policies and he was waiting at the house for me when I got there.
I do go over with ever customer before I leave that it is a whole life policy, the permiums will never change, the face value will never decrease, it will build cash vallue and cannot be cancelled. I tell them if anyone tries to replace the policy it is probably not in their best interest and to call me to discuss it before they do anything.
I don't care if someone replaces a policy if it is done ethically and in the best interest of the customer. When I run into him, I know what he carries and I tell them it is a good company but their are alot of better choices. As a matter of fact I just replaced one his the other day. He had a customer on a graded plan and I was able to get them $2,000 more in coverage at about $3 cheaper with first day coverage ($588 in premium).
I just hate people that operate this way and have to lie get a sale because they can't sell.
Many thanks
When I check my sales reports it had NSF on the comments.
I called the company which is a fraternal company and asked if the sent a copy of the replacement forms to the agent when a policy is replaced. They told me only if the Life policy is over $250,000 or a $25,000 annuity. This is for FE so the answer was no. He did tell me that he would bring it up in the next manager meeting.
So, I started calling back all my lapsed policies and found out so far that 3 were replaced. Still trying to get a hold of the other 3 and I'm pretty sure he's been in there. One of the policies was replaced by coverage at work and I couldn't do anything with. The other two were replaced by the same agent from another company. I never received any notice of replacement.
When I spoke to the two customers, he told them the company was not solid and was owned by a group of members and that the prices and face amonts were not guaranteed. He signed them up for the same face value with another company that was a few dollars a month more. Not in the best interest of the customer.
I don't know if he left replacement forms with them but I will find out next week as I have apointments with them.
When I go back, I will document every thing they say and check for replacemenet forms. I may even have them sign something if they are willing as to what he said.
If it keeps up thinking about taking it to the Insurace Commission and report it. My question is... How serious do they take something like this? or will they just slap him on the wrist.
This is the same guy I had a problem with in a previous post.
I had an appointment set to replace one his policies and he was waiting at the house for me when I got there.
I do go over with ever customer before I leave that it is a whole life policy, the permiums will never change, the face value will never decrease, it will build cash vallue and cannot be cancelled. I tell them if anyone tries to replace the policy it is probably not in their best interest and to call me to discuss it before they do anything.
I don't care if someone replaces a policy if it is done ethically and in the best interest of the customer. When I run into him, I know what he carries and I tell them it is a good company but their are alot of better choices. As a matter of fact I just replaced one his the other day. He had a customer on a graded plan and I was able to get them $2,000 more in coverage at about $3 cheaper with first day coverage ($588 in premium).
I just hate people that operate this way and have to lie get a sale because they can't sell.
Many thanks
