Often while cold calling Med Supp I crossover and ask about life policy review and done a few but not sure what to look for on ill report other than price and cash value.What are something to look for.Last review this lady had policies on son with C rated tried to convince her to change to A rated carrier without success. premium different 2 dollar. I am in the house now what. Growing pains dilemma. Case 1-VUL Met Life 50k 70 YO female no knowledge 2-10 K CV on 50K policy. I Don't No Know Don't Help.
Life Policy Review Now What?
- Thread starter torri
- Start date
- 17,040
You can't discuss VUL policies unless you are licensed for that.
With the other policies I would get assistance from your MGR because you can really screw things up trying to learn in the field with no guidance.
Basically you look at:
What type insurance is it? Term, universal, whole life?
How long is it guaranteed?
When is it paid up?
Do they still need it? Do they need more?
Can you offer more coverage for less?
Can you offer something their policy doesn't have (very often lifetime coverage is what they want and don't have)
The safest thing is to look for opportunities to sell additional coverage NOT cancel what they have unless you REALLY know you are improving their situation.
In my opinion, very few P&C agents can ever really get a handle on life. And they usually aren't independent so they aren't going to have the right products to offer anyway.
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I got off on a wrong tangent. I just realized you aren't P&C.
Last edited:
- Thread starter
- #3
- 17,040
With whole life if you can't beat the rate they have you should leave it alone. Just see if they need more.
With UL you have opportunity. 3 out of 4 of them are way underfunded. The insured USUALLY thinks he has a whole life policy and doesn't even know what UL means. The agent that sold it to him usually doesn't either.
Just look at the page that the guaranteed column shows the cash value going to zero. That's the end of his policy guarantee. If it looks bad (always does) call the company on speaker phone, tell them you are an agent reviewing the policy with them. The company will get permission from the insured to talk to you. Ask what age is the policy guaranteed to stay in force if the insured pays his current payment amount every month on time. (it will be bad news) then ask what payment amount the insured would have to start paying this month to guarantee the policy will stay in force if he lives to age 110, 105, 100?
The information your prospect hears right from his own insurance company will be bad news. He will be ready to hear what you can do for him at that point.
I'm not saying ALL UL policies are bad but MOST of them that I run into are. They were often sold by an agent who had no idea what he was selling (I know this from talking to them) and in almost every case the client thought they bought whole life.
If it was more recently sold it could be GUL and those are better but I have run into those where the client is not paying the right premium and breached his guarantee also.
