Why drafting from the bank is so important

[TripleH]

I was recently sitting down with a client and I had to bring this story to the forums. She KNEW for a fact that her brother had insurance in place who had passed away in 2011 and was not necessarily his care taker because he was in his late 40's, but on disability and she was taking full-time care of her sick mother.

She put his stuff in storage, but the thought never left her mind to get this policy paid. Sure enough as she was cleaning out her storage unit she was looking at his old bank statements and she found a name of an insurance company that he had for many years, not a large policy, but she followed up and the claim was ultimately paid.

Good story to hear and sure enough since the company was bought out buy a larger insurance company she had to have them look back many years to find his policy. She got paid in 2016 5-years later

Happy for the family. She ended up buying some additional life insurance on her father with me that day.

Anyone have an experience like this?

 

[adjusterjack]

If I remember right, another good reason for monthly bank drafts is that the insurer pays the annualized commission, which was not the case with periodic billing.

 

[goillini52]

If I remember right, another good reason for monthly bank drafts is that the insurer pays the annualized commission, which was not the case with periodic billing.

Another reason is the policyholder won't "forget" to pay the premium, even if they're sick or forgetful.

 

[TripleH]

Another reason is the policyholder won't "forget" to pay the premium, even if they're sick or forgetful.

I found that to be incredibly true, if someone gets sick or goes into the nursing home, they aren't thinking about getting a money order or check, writing the name of the insurance company and policy number, walking it down to the mailbox and sending it in to the insurance company. This is when they need the insurance the most, when they are sick and about to die. Great point

 

[TripleH]

If I remember right, another good reason for monthly bank drafts is that the insurer pays the annualized commission, which was not the case with periodic billing.

Correct, the carriers do advance on banking accounts, but it may be subjective to the IMO as well

 

[rousemark]

Correct, the carriers do advance on baking accounts, but it may be subjective to the IMO as well

Cake or doughnut?

 

[TripleH]

Cake or doughnut?

I should add a disclaimer just a life insurance agent not the best with grammar sometimes

 

[goillini52]

I should add a disclaimer just a life insurance agent not the best with grammar sometimes

You're not alone. It surprizes me how many agents on here can't spell or use proper grammar worth a damn.

 

[PA Bill]

You're not alone. It surprizes me how many agents on here can't spell or use proper grammar worth a damn.

Well, ain't exactly a bunch of Ivy Leaguers on here.

 

[TripleH]

You're not alone. It surprizes me how many agents on here can't spell or use proper grammar worth a damn.

Luckily we have an edit button these days