Whole Life Customer Wants Replacement, Help Please?

[jboussea]

It's not really a debate and you are over simplifying what I would do or how.

I am very hands on with my business and my clients. I'm going to find our their WHY from the beginning. What is their need? Why do are they meeting with me?

Then I'm going to present the solution. Then the sales process turns to want. Do they want the solution as presented or do they want something else. Is the price for their need more than they are willing to pay?

If so then I'm presenting other options. The process is not, OK, here's what you need and if you don't agree then goodbye. Nor do I believe that's how DHK would operate either.

You have a situation here where the person is not satisfied with what he has and is shopping. It reads to me like he is going to do something. Is he going to do something with you or with another agent?

And I agree with DHK that there are some clients you don't want. If he is one of them then don't spend anymore time on it.

As for advisor vs agent. I am not a financial advisor. I am an agent. I've written over 4000 life applications in my 13+ years in this business. That's what I do. I get paid for selling policies. I do not get paid for advising people on what to do with someone else.

That's pretty much how I see your role as well.. my post was just a simple quick summary on how you position yourself..

 

[ktmorgan]

As Vol said: document, document document. CYA in this environment bigtime!! If the guy is that proactive as to make cold calls to agents outbound then he might well just be proactive enough to make that outbound call to an attorney. That would be my concern with the way you describe this person.

Otherwise the debate over how one defines oneself, "Advisor" or "Agent" seems to miss the mark entirely. One can easily be both. But if one doesn't write a policy the clients clearly wants because it seems to conflict with the definition YOU have for YOURSELF then that seems to be the height of arrogance to me. In the end it doesn't really matter how YOU define YOURSELF unless that definition is such a big part of YOUR identity that YOUR own ego will not let YOU conduct business. Writing business is largely not about YOU. This whole line of thought seems needlessly convoluted to me. No offense intended of course.

I know Wayne Cotton's (and others) philosophy and I agree with it to a large extent. I agree that you want to attract the type of people you want to work with to build a large book of happy acolytes. But personally I would not let that get in the way of writing business and giving clients what they desire.

 

[VolAgent]

If you want to call yourself an agent or advisor is semantics. No one really cares.

As far as constantly reselling this guy on the whole life policy, I'm not going to do it. Call me lazy, but I'll sell the policy/strategy once and I will go over it again, but 7 years later? Not going to do it and definitely not just for renewals on a whole life policy. So, say whatever you want about me.

But then, I think the problem actually happened 7 years ago. He was sold and didn't buy. In my experience, someone who buys something may get nervous once or twice, but generally they settle down and are happy with their purchase. Someone who is sold and is constantly having to pay for it, they stay nervous about it. There are always exceptions and I'm sure the OP will take it as a knock, but that is my experience both personally and professionally.

I do agree with LGilmore to an extent. Again, I'm not terribly invested in whether he replaces or not and I always stress not to cancel an existing policy until you have the new one in hand. However, I'm not going to put a ton of work into a new policy for someone with a lot of health concerns unless I am reasonably certain the person will get it. I would definitely pre-screen him and then run it past the companies I think would do well for him. Then shows him those numbers, remind him it still isn't guaranteed to be that premium and only then proceed.

I do have to question, this guy has basically had seven years of buyer's remorse. I really have to question why he hasn't dropped it yet. That is a long time to pay premiums for a product you really aren't happy with. Perhaps there is more than we realize?

 

[DHK]

In any event, there is a problem with the sales process of how this guy was originally sold. To have to "re-sell" this guy and keep him "sold" on the product... tells me that he was "reluctantly sold" rather than bought.

That's why I provide a discussion points summary sheet of my conversation, comparisons between what they are doing now and my recommendation, and comparing WL to other choices of solving the problem.



If you have a solid process, then you don't have to 're-sell' someone every time you see them.

 

[jdeasy]

As Vol said: document, document document. CYA in this environment bigtime!! If the guy is that proactive as to make cold calls to agents outbound then he might well just be proactive enough to make that outbound call to an attorney. That would be my concern with the way you describe this person.

Otherwise the debate over how one defines oneself, "Advisor" or "Agent" seems to miss the mark entirely. One can easily be both. But if one doesn't write a policy the clients clearly wants because it seems to conflict with the definition YOU have for YOURSELF then that seems to be the height of arrogance to me. In the end it doesn't really matter how YOU define YOURSELF unless that definition is such a big part of YOUR identity that YOUR own ego will not let YOU conduct business. Writing business is largely not about YOU. This whole line of thought seems needlessly convoluted to me. No offense intended of course.

I know Wayne Cotton's (and others) philosophy and I agree with it to a large extent. I agree that you want to attract the type of people you want to work with to build a large book of happy acolytes. But personally I would not let that get in the way of writing business and giving clients what they desire.

It semantics if you are talking about how you present yourself. But if one is going to present themselves to the client or prospects as a financial advisor they better damn well be one. Not just seeing themselves as one.

 

[LGilmore]

If you want to call yourself an agent or advisor is semantics. No one really cares.


I do agree with LGilmore to an extent. Again, I'm not terribly invested in whether he replaces or not and I always stress not to cancel an existing policy until you have the new one in hand. However, I'm not going to put a ton of work into a new policy for someone with a lot of health concerns unless I am reasonably certain the person will get it. I would definitely pre-screen him and then run it past the companies I think would do well for him. Then shows him those numbers, remind him it still isn't guaranteed to be that premium and only then proceed.

I do have to question, this guy has basically had seven years of buyer's remorse. I really have to question why he hasn't dropped it yet. That is a long time to pay premiums for a product you really aren't happy with. Perhaps there is more than we realize?

I wonder if this client just wants the attention from the agent? You are spot on about owning and paying premium on a policy for seven years that you're unhappy with? Makes no sense.

And yes, the agent should find out if there is even a real possibility to go elsewhere.... That might end this annual, "I can get it cheaper and better" stuff, simply by finding out if the guy's body chemistry will allow it. If it doesn't, you've spent 3 or more years dealing with something that can't really happen.

I've had a few where you have to explain that insurance on the individual doesn't get "Cheaper and Better" as time goes by. Just cause the doc says good job, doesn't mean the underwriter will. I think the OP could put this to rest pretty easily if he wanted to.

Take the client up on his word and see what the market offers or doesn't offer.