Let's Hear It: Worst Cancellation or Non Taken Stories.

[jrome1228]

I have been lurking on here for years and have gained so much valuable, applicable information to use in the field. This is my first post so I hate to resurrect such a painful topic for most, but I had to share my mind-numbing story.

I recently wrote a 10k policy for 65 yr old (F) non-smoker for $41. She was paying approx $64 at the time with American National and had only had it for 3 weeks. Her only ailment was Asthma, but apparently American National rated it at Standard where she would be Preferred with many others. I told her that if she got approved, we would set it up and cancel the old policy and she would get a refund of her initial premium because she was in her 30-day free look period. I thought it was a slam dunk and great for her that I could save her over $23/month which would amount to close to $3k in savings over a 10 yr period.

So, we do a phone interview and she gets approved. I, then, call AmNat with her to cancel her policy with them and they said that she couldn't cancel the policy and that her agent had to cancel the policy for her (he's the old Mayberry, Andy Griffith type of agent that comes by every month to collect the premium). She said that she would call him and have him come by to pick up the policy. I said ok and wrapped up the meeting.I thought to myself...there is NO WAY that this policy is going to be cancelled.

Well...Welcome to the FE market newbies...and oldies, for that matter.

So, I get a call 3 weeks later. It was during an appt so I didn't answer, but I happen to read the voicemail-to-text during the meeting which says her name and that she had to cancel. It kind of tripped me up a little bit, but I closed out the appt I was in and got the sale. When I got to my car, I listened to the voicemail which confirmed that she wanted to cancel. I, immediately, call her and ask her why she wanted to cancel. She proceeds to tell me that she had a meeting with her children and that they told her she should stick with the first policy because that is the same company that their father has and that they would pay for the $23/month difference. I said, "But I thought you already cancelled the other policy??," and she said that she needed to speak to her idiotic children before she cancelled.

I, then, proceed to explain that that makes absolutely no freakin' sense and remind her that she is saving over $23/month which amounts to close to $3K over a 10 yr period, which is money that her kids are robbing themselves of. She said, "I know, but they think that I should stay with the original company so that is what I'm gonna do. They said they are gonna pay for it, though, so they better do it." I asked her what if they don't and she said,"Well, I'll just deal with that if it happens."

I, then, move on and tell her how to cancel the policy and hang up. I try to make one last attempt to save the case and impart some much needed wisdom by calling back and asking if the agent was at the meeting and convinced her to keep the policy. She said," No, he wasn't there. It was just my husband and the kids and they thought I should just stick with the first policy that I got so that's what I'm gonna do."

MIND-FREAKIN' BLOWN!!!

Now, the policy hasn't officially cancelled, yet, and I vividly remember when I told her that she could stop the auto-draft that she said, "OH, really?" So maybe that was the big issue, but it just goes to show that even then most slam dunk cases can turn in to a mind-numbing cancellation.

The moral of the story for the newbies is...Don't start spending that advance until you're a couple of months past the draft date and if you experience a mind-numbing cancellation. These things are just going to happen when you are in this market and it's not going to make any sense, whatsover. Just shake it off and keep it movin'.

I made another sale 45 minutes later.

 

[TampaHound]

I just found this thread and thought of a story I wanted to share.

I was working with the woman for about 3 or 4 weeks. She had to have medication though some specialized pump that the doctors actually had to be certified on to administer this medication. She, of course, lived no where near one of these doctors. Nor was it common to find one.

She lived in an area where the only MAPD plan she could have was Humana.

Long story short was that after I found a certified doctor for her, who was within 100 miles of her home, and a plan that fit her needs....and somehow managed to get this medication covered by Humana....she dropped the plan completely because another agent told her she could do the same thing for her cheaper.

She actually reported me to Medicare and it was found to be unfounded. I don't know if she ever found a better plan or not but something tells me the answer was no.

 

[DHK]

Since you bumped up the thread... here you go:

 

[shonceman]

Since you bumped up the thread... here you go:

The last time somebody talked to me like that, I didn't get mad. I just adjusted my glasses, picked up my stuff and left. (Not sure why he called my manager on me!!!??)

 

[fed up]

I was asked by my FIL's new wife to look at her Med supp and she would save over 750 per year by changing from one F plan to another F plan. I told her that since money was no object for her she could put the savings into a GIWL which would pay 25K when she died. She paid in full on the med supp and paid 1 year up front on the WL. Her CPA called me a week later and had her cancel both policies because he worked for the outfit charging more on the F plan. I was writing check's to everyone to cover the chargeback.

 

[shonceman]

I was asked by my FIL's new wife to look at her Med supp and she would save over 750 per year by changing from one F plan to another F plan. I told her that since money was no object for her she could put the savings into a GIWL which would pay 25K when she died. She paid in full on the med supp and paid 1 year up front on the WL. Her CPA called me a week later and had her cancel both policies because he worked for the outfit charging more on the F plan. I was writing check's to everyone to cover the chargeback.

Wow! Gee, thanks, "mom"!

 

[fed up]

I never spoke business with her again. She died a few years later and I have had nothing to do with her side of the family. She was in LTC for years but her CPA convinced her to stay away from LTC because insurance people only want to sell insurance and look out for themselves

 

[shonceman]

Her CPA called me a week later and had her cancel both policies because he worked for the outfit charging more on the F plan.

....her CPA convinced her to stay away from LTC because insurance people only want to sell insurance and look out for themselves

Yes, we're very different from those altruistic CPA's, aren't we?

 

[DHK]

I never spoke business with her again. She died a few years later and I have had nothing to do with her side of the family. She was in LTC for years but her CPA convinced her to stay away from LTC because insurance people only want to sell insurance and look out for themselves

Wow.

I hope you went back to the CPA with a letter of CPA advised declination of coverage and required the CPA to sign it stating that, should an LTC event occur, that the CPA would be legally responsible for incurred costs. If signature is refused, this letter will be kept in the client's file with today's date and time stating that the CPA refused to sign for liability of their recommendation.

I'd slide that letter across the CPA's desk for their signature and just wait. The CPA can always help get LTC costs deducted from taxes, but they can't make the money appear to pay them in the first place.

 

[fed up]

I spoke with him once after that occasion and that was to fire him as my FIL's cpa. He wrote a pre nup for my FIL and signed and witnessed the same document. he is also an attorney