If you only write A+ companies, then you cannot guarantee the lowest cost.
Is FE in Clients Best Interest?
- Thread starter entrep1776
- Start date
- 5,947
This is an interesting point about this business. While agents are selling the lowest rate plan they can get their hands on... I will be providing clients great companies to work with but most of all... I will leave them one of the best life agents their family will ever need to deal with.
- 5,947
Hmm... that sounded a bit egotistical and my wife would be kicking me under the table right now (she's a peach) . I am just stating that price is only one side of this equation. Wouldn't you tell your parents that for pennies more a good agent is a very important piece of this whole equation?
- 26,179
I really am curious. I replaced a half dozen policies recently. So I do replace. I wwoul bet we all do at times.
- 5,947
- 4,307
I'll replace when I'm putting the client into a better policy for his purpose, but rarely on price. I replaced a Lincoln Heritage on price a couple years ago. I was replaced by someone else a year later, so it still hit my persistency!
The problem was, I had given her more coverage for the money on a recently written, overpriced policy. When the next agent came along, she remembered the original amount, not what I had written. So he thought he was giving her a better price, but he actually wasn't.
A good lesson in why we should all be careful about the why & when of replacement. It should only EVER be done if it's in the client's BEST interest. Too many replacement artists out there are forgetting that basic priority!
Sorry for the rant. Carry on.
- 1,410
Also a great lesson on why agents should NEVER replace a policy without figuring out EXACTLY what the client has by...
1. Reviewing the policy
2. Calling the company to see what they have
3. Viewing a bank statement or calling the company to verify its still in force.
Without covering all those bases an agent wouldn't understand the clients full situation & thus isn't doing their fiduciary responsibility & should not even present options in my opinion.
How much business have you written? If you have written at least one hundred, and in month 13, 99 are still on the books as you claim - I will pay you to mentor and teach me!
- 1,410
I think every member of this forum would!
