Ownership Phi

[griffinins]

Is it normal for companies to do a PHI over ownership. I have a client that just had to go into her savings to bury her brother, so she decided to take out small 7000 policies on her other brother (55) and her nephew (45). She says they are the deadbeats of the family, and she knows if anything happened to them, she'll be the one called on to bury them, so she's planning ahead.

I completed the app and got all parties signatures. Transamerica is requesting a phi for ownership since they are adults, the problems is they have prepaid phones, which now have no minutes, and live three hours away. Is there another company that would take this without me having to make a 6 hour trip.

 

[bboman23]

Any company that doesn't do phone interviews. But you will still have to drive 3 hours to get signatures. Why not just drive and do the phone interview?

 

[griffinins]

Didn't feel like traveling the dirt roads of Gunnison again, but I'll have to make that journey.

 

[bboman23]

If you write a different company you will have to drive. How else will they sign it?

 

[peteybear]

Not understanding. Usually Trans uses emsi and they call the client directly. Why do you have to be there?

 

[griffinins]

Really, I was just makes sure this was normal, this is the first time transamerica has called for a phi. I'm still learning

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Yes they use emsi, but when I called the Insureds to let them know to expect a call, both #s were off

 

[jdeasy]

Really, I was just makes sure this was normal, this is the first time transamerica has called for a phi. I'm still learning

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Yes they use emsi, but when I called the Insureds to let them know to expect a call, both #s were off

Normal and Trans does not belong in the same sentence.

You could write them RNA and send everything through the mail but they are going to have to answer the phone sometime for them too.

 

[VolAgent]

I have noticed, more traditional life companies get bent out of shape over ownership than the more FE oriented companies. Assurity is another company that has an absolute cow over one adult owning insurance on another adult.

You're more FE companies don't bat an eye over close relatives owning the insurance (spouse, parent, child, sibling, grandparent, grandchild).