Oh fancy meeting you here..

[Vanessa Solano]

Hey guys,

So I've had my Life/Health license for about a year and a half now and I am independent. I have been finding my way in the Medicare insurance world and I started selling MAPDs about a year ago but I would like to start selling Life insurance. I figured I'd start with writing a 10yr term policy for myself and my husband and have been working on it for a couple of months now.

Anyway, it has been WAY harder than I thought. There's like a million variables and choices and options and initials. We are 35 and 41, no kids, no illnesses and I thought it would be done in a day. Apparently, we had some questionable doctor's appointments and the carrier had to do their own nurse assessment last week so now we're waiting for those results.

Is there a way to absorb this information a little more efficiently? The idea of trying to do this for another human being seems daunting. Medicare just seems like cake!

How did you all do it? And I sure hope you don't say learn as you go..

 

[jligon1]

Do you have a copy of your Dr. visits? The first step would be to find our what the specific remarks the physician made during your visits. The second step would be to obtain an MIB (Medical Information Bureau) report and have it mailed to you.

I hope all goes well for you.

 

[Vanessa Solano]

Do you have a copy of your Dr. visits? The first step would be to find our what the specific remarks the physician made during your visits. The second step would be to obtain an MIB (Medical Information Bureau) report and have it mailed to you.

I hope all goes well for you.

Oh no I think I did not explain myself well enough. I am not concerned with our medical history and I know exactly why it was flagged. I am concerned with how overwhelemed I felt writing the policy. I thought it would be simpler but there were term options and perm options and whole life and riders and different lengths etc etc. And all of that varies depending on age and health and financial status etc etc. And some policies accumulate value and some don't etc etc.

Basically the idea of recommending a policy to someone seemed impossible to even imagine. So how do I learn enough about life insurance to be able to make an educated recommendation to a prospect? Is there like a guide? Am I just an ***?

 

[DHK]

How did you all do it? And I sure hope you don't say learn as you go..

Life insurance selling can be a completely new profession within the insurance industry - certainly different from Medicare and MAPD, etc.

You are learning about Due Diligence with life insurance. Many factors at play here.

https://www.davidkinderfinancial.co...nd-the-scenes-of-life-insurance-due-diligence

From my blog:
"You may notice that the "cheapest product" doesn't come into play. Yes, the policies need to be competitively priced, but "cheapest" isn't everything. If anything, you can consider the slight increase as a 'peace of mind' payment that you have been dealing with a professional in your life insurance planning. That may be worth an additional 10-20% in premium over "the cheapest", right?"

[...]

Life insurance and annuities is more about quality and peace of mind rather than price. I have a bunch of factors in mind. Unless there's a medical reason - or a specific policy provision available elsewhere - I'm proud to represent companies that fit what I wish to offer my clients.


My best suggestion: start with a good company and just sell that company's policy... until there's a reason not to. Keep looking at other companies and their offerings, but always compare it back to the first company. Don't switch or add until you find the reason to do so.

Find the value in the company and their offering. Then compare those hidden gems (or clauses) to other companies and evaluate from there.

There's no short-cut - unless you always like asking your IMO every time.

 

[Vanessa Solano]

Life insurance selling can be a completely new profession within the insurance industry - certainly different from Medicare and MAPD, etc.

You are learning about Due Diligence with life insurance. Many factors at play here.

https://www.davidkinderfinancial.co...nd-the-scenes-of-life-insurance-due-diligence

From my blog:
"You may notice that the "cheapest product" doesn't come into play. Yes, the policies need to be competitively priced, but "cheapest" isn't everything. If anything, you can consider the slight increase as a 'peace of mind' payment that you have been dealing with a professional in your life insurance planning. That may be worth an additional 10-20% in premium over "the cheapest", right?"

[...]

Life insurance and annuities is more about quality and peace of mind rather than price. I have a bunch of factors in mind. Unless there's a medical reason - or a specific policy provision available elsewhere - I'm proud to represent companies that fit what I wish to offer my clients.


My best suggestion: start with a good company and just sell that company's policy... until there's a reason not to. Keep looking at other companies and their offerings, but always compare it back to the first company. Don't switch or add until you find the reason to do so.

Find the value in the company and their offering. Then compare those hidden gems (or clauses) to other companies and evaluate from there.

There's no short-cut - unless you always like asking your IMO every time.

Ugh no I tried asking and got word vomit and got more confused. Thank you for the link!!

 

[DHK]

Your IMO will have a favorite life company - primarily for compensation purposes and probably very good for most situations.

That's a very good place to start... and you study from there.

 

[Life Hawk]

I am concerned with how overwhelemed I felt writing the policy.

You need some training. A simple 10 year term plan I could write in my sleep. Not to be snotty, but not only must you be able to write these plans in a matter of a few moments, you have to nuance the sale and handle objections.

A second thing to remember as you write more and more, it becomes second nature.

Best of luck.

 

[fed up]

Congrats on your transition. You have experienced what your clients may/will experience. Focus on Term until you master it. Your experience will help every client transaction. I hope you opted for a worksite medical exam so you can explain what happens and dispell any anxiety your clients may have. Once you have Term down pat, move to Universal, then WL

 

[kpbdy99]

I find MA ridiculously confusing and difficult. HATE IT. But life, LTC, DI - all a breeze. Stick with it, a year from now it'll be 2nd nature. Start with term, add other products as you get more comfortable. Stick with what's right for the client, and you'll do just fine.

 

[scagnt83]

You just need to understand the underwriting process and requirements. They are different with each carrier and will often vary by age, DB, & product.

What happened to you is pretty standard. When you know what the process will be, its easy to track. Carriers have an online portal/dashboard you can go on and keep track of pending cases. Any changes and added requirements and updated daily on the dashboard.

As to selling, the variances in UW by age/DB/product/carrier means that looking at a persons health and what carrier will rate them best, is often more important than just randomly finding the "best rate". A client could be Preferred with one carrier but Standard with most others, all because of the underwriting related to health/age/amount/product. They key is just letting the client know the process so they fully understand.