What A Newbie STUPID Mistake!!

[TDFnCali]

Being it still hasnt even been quite a yr since Ive gotten into insurance & there's a LOT I dont know....I guess this is somewhat excusable, but im not happy with myself!

Last yr, maybe after 6mos of being an agent....I asked my mom about her insurance? (Dumb me didnt ACTUALLY look at the policy) She stated she had just renewed it (term) and its til age 95. I told her term never goes to 95 (but I wasnt 100% sure), but she assured me it did, she knew cause she had only renewed it a yr ago & remembers...she said maybe cause Ive been with them almost 30ys.

So dumb me said "well Id prefer u have whole life, but if it goes to 95, thats good enough I guess" + the fact I couldnt get her 20k for that price & she would like a lot more but 20k is all she could afford. So I left it alone!

Then after coming across a few "term til 95" which were usually 10yr term on senior policies, I realized my mom was dupped, she had a 10yr term thats renewable til 95. I came home, demanded the policy & confirmed it...she had a term til 79, then its a 1 yr renewable til 95!! I was modified...who does this?? She said they sold it as a "Term til 95" & never said anything about only being locked in for 10yrs! Well some of u PROS can probably guess.....Primerica!!

So tonite, i submitted her RNA app for 15k & told her Id pay the difference ($20)...i plan on paying all of it someday! She still wanted the full 20k, but it was too much....just mad I didnt notice this & do this last yr when it was $6 less before her last Bday.

I know $6 isnt a huge diff & thats the only difference it wouldve made had I done this last yr....but Im just mad I didnt know & fell for the "I have term til 95" line! I have a lot to learn about this biz....just wanted to share!

PS- Does RNA drop the commish or pay u as earned for family members? Im assuming they do right?

Thx for listening...

 

[WinoBlues]

This was a fixable mistake. You fixed it.

If the Primerica agent was referred to your mother follow the referral back and replace them. Also keep her policy in your completion file. It shows the options at the end of the level term period, like decreasing term.

Being it still hasnt even been quite a yr since Ive gotten into insurance & there's a LOT I dont know....I guess this is somewhat excusable, but im not happy with myself!

Last yr, maybe after 6mos of being an agent....I asked my mom about her insurance? (Dumb me didnt ACTUALLY look at the policy) She stated she had just renewed it (term) and its til age 95. I told her term never goes to 95 (but I wasnt 100% sure), but she assured me it did, she knew cause she had only renewed it a yr ago & remembers...she said maybe cause Ive been with them almost 30ys.

So dumb me said "well Id prefer u have whole life, but if it goes to 95, thats good enough I guess" + the fact I couldnt get her 20k for that price & she would like a lot more but 20k is all she could afford. So I left it alone!

Then after coming across a few "term til 95" which were usually 10yr term on senior policies, I realized my mom was dupped, she had a 10yr term thats renewable til 95. I came home, demanded the policy & confirmed it...she had a term til 79, then its a 1 yr renewable til 95!! I was modified...who does this?? She said they sold it as a "Term til 95" & never said anything about only being locked in for 10yrs! Well some of u PROS can probably guess.....Primerica!!

So tonite, i submitted her RNA app for 15k & told her Id pay the difference ($20)...i plan on paying all of it someday! She still wanted the full 20k, but it was too much....just mad I didnt notice this & do this last yr when it was $6 less before her last Bday.

I know $6 isnt a huge diff & thats the only difference it wouldve made had I done this last yr....but Im just mad I didnt know & fell for the "I have term til 95" line! I have a lot to learn about this biz....just wanted to share!

PS- Does RNA drop the commish or pay u as earned for family members? Im assuming they do right?

Thx for listening...

 

[Mark]

Trial and Error

It is okay to make mistakes. Just as long as your learn from them and dont make the same ones over and over.

 

[coloradoseniormarket]

Being it still hasnt even been quite a yr since Ive gotten into insurance & there's a LOT I dont know....I guess this is somewhat excusable, but im not happy with myself!

Last yr, maybe after 6mos of being an agent....I asked my mom about her insurance? (Dumb me didnt ACTUALLY look at the policy) She stated she had just renewed it (term) and its til age 95. I told her term never goes to 95 (but I wasnt 100% sure), but she assured me it did, she knew cause she had only renewed it a yr ago & remembers...she said maybe cause Ive been with them almost 30ys.

So dumb me said "well Id prefer u have whole life, but if it goes to 95, thats good enough I guess" + the fact I couldnt get her 20k for that price & she would like a lot more but 20k is all she could afford. So I left it alone!

Then after coming across a few "term til 95" which were usually 10yr term on senior policies, I realized my mom was dupped, she had a 10yr term thats renewable til 95. I came home, demanded the policy & confirmed it...she had a term til 79, then its a 1 yr renewable til 95!! I was modified...who does this?? She said they sold it as a "Term til 95" & never said anything about only being locked in for 10yrs! Well some of u PROS can probably guess.....Primerica!!

So tonite, i submitted her RNA app for 15k & told her Id pay the difference ($20)...i plan on paying all of it someday! She still wanted the full 20k, but it was too much....just mad I didnt notice this & do this last yr when it was $6 less before her last Bday.

I know $6 isnt a huge diff & thats the only difference it wouldve made had I done this last yr....but Im just mad I didnt know & fell for the "I have term til 95" line! I have a lot to learn about this biz....just wanted to share!

PS- Does RNA drop the commish or pay u as earned for family members? Im assuming they do right?

Thx for listening...

Controlled business - as earned. Good advice to keep the policy with you and get into the habit of reading these policies when contacts have existing coverage - most people anything an agent will tell them especially if it is cheap. Doing this will give you an idea of what you are facing competitively when you are in the field. Like the idea of tracing the referrals back from person to person- you should have a good flow of replacements there.

 

[xrac]

This was not a mistake it was a lack of experience. You corrected the problem although a little later than you would like. However, this one experience will be worth its weight in gold. You can tell this story and use it to motivate people to allow you to review their "term to 95 policies".

 

[TDFnCali]

Controlled business - as earned. Good advice to keep the policy with you and get into the habit of reading these policies when contacts have existing coverage - most people anything an agent will tell them especially if it is cheap. Doing this will give you an idea of what you are facing competitively when you are in the field. Like the idea of tracing the referrals back from person to person- you should have a good flow of replacements there.

Thx, I was waiting for that answer...i will carry it with me too!

 

[jdeasy]

Thx, I was waiting for that answer...i will carry it with me too!

RNA is the only company I get advances from. Whenever I have written controlled businesw ith them I have been advanced the same as non controlled business.

 

[TDFnCali]

RNA is the only company I get advances from. Whenever I have written controlled businesw ith them I have been advanced the same as non controlled business.

Wow, 2 diff answers....oh well, as long as Im paid either way!

 

[jdeasy]

Wow, 2 diff answers....oh well, as long as Im paid either way!

Most companies only pay as earned for controlled business. I've only ever had two companies pay me an advance on controlled business and RNA is one of them.

 

[TDFnCali]

Most companies only pay as earned for controlled business. I've only ever had two companies pay me an advance on controlled business and RNA is one of them.

I did a term thru Foresters that paid me my advance on myself....before all the questions start, yes Im fine with a Canadian A rated company!

I wouldnt mind my advance on an $86/mo app....but if its as-earned, thats fine too!