Million Dollar Whole Life Declined :-(

[Lainey]

I had a $1,000,000 whole life policy on a 61 year old man declined and he was going to make annual payments. Not only that, he was going to start with himself and then add the same policy for each of his 7 siblings (he's the baby of the family so you can imagine the premiums on these). I tried not to get to excited about it because I know how things can unravel, but as healthy as he appeared to be I didn't expect a decline. Anyway, I guess this sort of thing goes with the territory. I just thought it might be nice to open up a discussion about dealing with big disappointments in this business. Personally, I just keep it moving -- on to the next one -- no matter what. But some days are more challenging than others. So, what do you do to keep positive when disappointments hit hard?

 

[Robert Barney]

I had a $1,000,000 whole life policy on a 61 year old man declined and he was going to make annual payments. Not only that, he was going to start with himself and then add the same policy for each of his 7 siblings (he's the baby of the family so you can imagine the premiums on these). I tried not to get to excited about it because I know how things can unravel, but as healthy as he appeared to be I didn't expect a decline. Anyway, I guess this sort of thing goes with the territory. I just thought it might be nice to open up a discussion about dealing with big disappointments in this business. Personally, I just keep it moving -- on to the next one -- no matter what. But some days are more challenging than others. So, what do you do to keep positive when disappointments hit hard?

Did they give a reason for the decline?

Did it seem reasonable?

 

[Lainey]

They just said it was something in his medical history.

 

[FEX Quotes]

They just said it was something in his medical history.

UW will send this info to him and/or his Dr. upon written request.

 

[///MJay]

Your positive attitude is refreshing. These things do suck! Maybe it will work to your benefit somehow in the long run. What carrier is the decline with? It isn't good obviously, but not the end of the line either. My biggest disappointment came from a case I worked on for a year and a half. $10M on a 71 that had been declined twice for prostate cancer. I got him approved placed with the annual premium and he free looked it with 2 days to go... The accountant shopped with my contract as leverage. Not only did I lose my commission I had to pay taxes as it was placed in December and free looked in Jan! I was devastated.

 

[louiefrias]

Never quit.

Keep searching for another carrier. (It would be extremely helpful first to know the precise reason for the decline.)

I contacted 12 carriers for a 71 YO female with Alzheimer's and living in an assisted care facility. I located 7 who carried the product I needed. I wasn't appointed with any of the carriers but split the case with an agent who was.

It wasn't as important to be appointed as it was to close the case with a policy as the owner of the policy is a very influential individual in a school district. Having access to that possibility of future business is the mountain.

I post a lot of stuff on my Pinterest page and some may help you stay positive. You can access that page via my website.

Keep going!

 

[Baseball7]

Why declined? If you can take them to another carrier, do it. If not there medical decline isn't your fault. "Sphere of control" is key/

 

[LGilmore]

Murphy's law states the more the client wants the plan, the least likely the stars will line up to grant it.

Sorry, experienced situations like this before as well. Unfortunately with the people types of insurance (health, life, Disability) it is usually after something happens that many "want" it more than the agent.

I actually welcome a little hesitation from a prospect. IF they agree too quickly, 90% something from underwriting is going to come back on them. While I like to believe I am a good agent, when they agree before the conversation, you should be a bit concerned.

My best clients are the ones who took about a month to two months to decide. Those plans work for them and they stay in force.

 

[dgoldenz]

Your positive attitude is refreshing. These things do suck! Maybe it will work to your benefit somehow in the long run. What carrier is the decline with? It isn't good obviously, but not the end of the line either. My biggest disappointment came from a case I worked on for a year and a half. $10M on a 71 that had been declined twice for prostate cancer. I got him approved placed with the annual premium and he free looked it with 2 days to go... The accountant shopped with my contract as leverage. Not only did I lose my commission I had to pay taxes as it was placed in December and free looked in Jan! I was devastated.

Damn, that's brutal...double whammy

OP - you need to find out why it was declined and if another company will look at it. What company did they apply with?

 

[pfg1]

Damn, that's brutal...double whammy

OP - you need to find out why it was declined and if another company will look at it. What company did they apply with?

Agree, find out and explore to see if other options might work. Sounds like a real good client, don't give up yet.

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Your positive attitude is refreshing. These things do suck! Maybe it will work to your benefit somehow in the long run. What carrier is the decline with? It isn't good obviously, but not the end of the line either. My biggest disappointment came from a case I worked on for a year and a half. $10M on a 71 that had been declined twice for prostate cancer. I got him approved placed with the annual premium and he free looked it with 2 days to go... The accountant shopped with my contract as leverage. Not only did I lose my commission I had to pay taxes as it was placed in December and free looked in Jan! I was devastated.

Ouch is right. That is just about as tough a case as it gets. wow.
I've had a few go south, but not like that one.