People who Cancel Policies

[Jerard]

If she's paid 10 months on it then there should be very little chargeback (not counting the Vantis). I wrote a couple that lasted 9 months, one with Monu and one with 5-Star and between the two of them the chargeback was only 48 bucks. So..yea, I'd do them again. Err...write them again, I mean.

 

[Tearmann]

I met this woman who does well financially. She wanted to get coverage on her husband (who has serious medical issues, cancer) and we went with vantis. I then signed up her two sons one for universal life and one for FE. About ten months later all of her policies lapsed and were cancelled. The Vantis one was a killer as I had to pay back about $400 in premium.

She now contacts me and says she wants to reinstate all of them and is apologetic. I said this doesnt reflect well on me as an agent. She then gets all upset and is like are u kidding me things happen and people do this all the time etc. My question is what do you do with people who cancel and then want to reinstate? Do you take on that risk? I already got burned with this woman for three policies and she doesnt seem to place enough importance on the coverage. She did contact me however. New agent here.

I have rewritten people like this, but only as a rewrite not a reinstatement. Outside of Vantis you made up all the original advance, and she's right sometimes life happens. Unfortunately, the first thing some people do is let go their life insurance policy.

For him - help them understand the rule of two years graded...him I would try to reinstate...at the end of the day it's better for the client and good karma for you.

 

[Biggin]

Ya gotta love the 15 month lapse-o-matics! Responsible enough to stay healthy but just can't quite keep it together financially for more than 15 months.....

 

[rousemark]

I have rewritten people like this, but only as a rewrite not a reinstatement. Outside of Vantis you made up all the original advance, and she's right sometimes life happens. Unfortunately, the first thing some people do is let go their life insurance policy.

For him - help them understand the rule of two years graded...him I would try to reinstate...at the end of the day it's better for the client and good karma for you.

Don't know about Vantis but some companies say reduced coverage two years from the date or issue or the last date of reinstatement.. If that be the case wouldn't have any advantage to reinstate instead of rewrite.

 

[Tearmann]

Don't know about Vantis but some companies say reduced coverage two years from the date or issue or the last date of reinstatement.. If that be the case wouldn't have any advantage to reinstate instead of rewrite.

You're absolutely right...I forgot that....brain fart Luckily I have not had to do this for any of my GI/Graded peeps