Buying Books of Business

[HarryRenard]

Even if you become the AOR how many of these people that have never met you before will agree to a meeting.

You would be surprised.

I would take leads/lists like that over ANY type of lead.

 

[WinoBlues]

You would be surprised.

I would take leads/lists like that over ANY type of lead.

I rewrite or convert other agent's term clients/customers all the time. If they would have sold the book to me at least they would have made something.

Same for old ULs. If you have a book of old ULs that are going to implode and you dread making that call. Let me help you out, no charge.

 

[VolAgent]

Same for old ULs. If you have a book of old ULs that are going to implode and you dread making that call. Let me help you out, no charge.

What do you say? Where I am at has a ton of them, and I can't get the agency owner to make the calls, nor let me do it. I keep trying to get him to understand there is nothing to gain by waiting.

 

[WinoBlues]

What do you say? Where I am at has a ton of them, and I can't get the agency owner to make the calls, nor let me do it. I keep trying to get him to understand there is nothing to gain by waiting.

I have a company that has sent me a lot of orphans over the years. They are smart in that they have a separate letter attached to the annual statement that addresses the problem. When I get a copy I hand write note saying we need to talk about the "lapse Information" or the "expiration date" I use colored ink so that it stands out. They call me. Sometimes madder than hell. Feel, Felt, Found.

I did not break it, so please do not shoot the messenger. Many companies want out of these. Now that they have been going south for a while adverse selection starts coming into play.

Many times you can put them into better plans for about the same premium.

 

[VolAgent]

I have a company that has sent me a lot of orphans over the years. They are smart in that they have a separate letter attached to the annual statement that addresses the problem. When I get a copy I hand write note saying we need to talk about the "lapse Information" or the "expiration date" I use colored ink so that it stands out. They call me. Sometimes madder than hell. Feel, Felt, Found.

I did not break it, so please do not shoot the messenger. Many companies want out of these. Now that they have been going south for a while adverse selection starts coming into play.

Many times you can put them into better plans for about the same premium.

I think the problem is, he feels like he broke it. He sold it to them 20 years ago, or the guy he had doing life at the time did. He's done their business insurance for decades, and I guess the fact that their life insurance is going south makes him think they'll question the business insurance.

 

[WinoBlues]

I think the problem is, he feels like he broke it. He sold it to them 20 years ago, or the guy he had doing life at the time did. He's done their business insurance for decades, and I guess the fact that their life insurance is going south makes him think they'll question the business insurance.

I am working some that are 20+ years old. He will be having that talk sooner than later. Those old ULs have to be on the downhill slide. Once they start getting that termination letter they will be calling him.

With this economy, it is the best time to let them know. They almost expect that things did not work out. Blame the economy. Be the guy with a solution. Better than someone like me gets a look at them.

Maybe, see if you can work on the ones that are not yet on the downhill side of the CV hill. That seem healthy. Those would be the ones you could rewrite the easiest. Then maybe he will let you do the rest. There is Money there.

 

[VolAgent]

I am working some that are 20+ years old. He will be having that talk sooner than later. Those old ULs have to be on the downhill slide. Once they start getting that termination letter they will be calling him.

With this economy, it is the best time to let them know. They almost expect that things did not work out. Blame the economy. Be the guy with a solution. Better than someone like me gets a look at them.

Maybe, see if you can work on the ones that are not yet on the downhill side of the CV hill. That seem healthy. Those would be the ones you could rewrite the easiest. Then maybe he will let you do the rest. There is Money there.

Got two right now, he just needs to call.

One is an old SUL for 8 million, husband has already passed. Still shows growth in CV, she can pay 90k a year and maybe keep it to age 97. Or, get a new GUL, 94 or 68 depending on health, and get a guarantee. Plus, he and I get a nice payday. Sounds like an easy call to me. VPs from the company flew in to pitch it to him and the couple. I told him we could easily lay the blame on the VPs. The company got bought since, the new company dropped interest rates and raised costs, it'll blow up soon. Plus the SUL is an endowment policy. I had them solve for a 10 pay, 192k a year, and it only has 10k in CV at age 100. Talk about a slap in the face.

 

[WinoBlues]

Got two right now, he just needs to call.

One is an old SUL for 8 million, husband has already passed. Still shows growth in CV, she can pay 90k a year and maybe keep it to age 97. Or, get a new GUL, 94 or 68 depending on health, and get a guarantee. Plus, he and I get a nice payday. Sounds like an easy call to me. VPs from the company flew in to pitch it to him and the couple. I told him we could easily lay the blame on the VPs. The company got bought since, the new company dropped interest rates and raised costs, it'll blow up soon. Plus the SUL is an endowment policy. I had them solve for a 10 pay, 192k a year, and it only has 10k in CV at age 100. Talk about a slap in the face.

Dang Man! I can talk Tennessee!

At those face amounts. Just wait till one of those old folks die with lapsed coverage. The beneficiaries are going to be storming the castle.

 

[VolAgent]

Dang Man! I can talk Tennessee!

At those face amounts. Just wait till one of those old folks die with lapsed coverage. The beneficiaries are going to be storming the castle.

I know, I was talking to my sales manager about it today. He sees this all the time in P&C guys, but it still upsets him. And this is just the tip of the iceberg, there is plenty of big dollar premiums hiding in this book, but I've got to get him making phone calls first.

Only reason this one came to my attention is she got another premium notice on the policy and he asked me to look into it. They tried to 5 pay it at 90k a year. Couple of years in, the VPs called and asked for two more payments. For some reason, he is thinking about her paying on the current policy. To me, that is just insane. Get a new policy, maybe a lower premium, and a guarantee.

He told me she needs the policy, and I know she can afford it. Let's do it now while she is still insurable.

 

[WinoBlues]

I know, I was talking to my sales manager about it today. He sees this all the time in P&C guys, but it still upsets him. And this is just the tip of the iceberg, there is plenty of big dollar premiums hiding in this book, but I've got to get him making phone calls first.

Only reason this one came to my attention is she got another premium notice on the policy and he asked me to look into it. They tried to 5 pay it at 90k a year. Couple of years in, the VPs called and asked for two more payments. For some reason, he is thinking about her paying on the current policy. To me, that is just insane. Get a new policy, maybe a lower premium, and a guarantee.

He told me she needs the policy, and I know she can afford it. Let's do it now while she is still insurable.

That is the problem. When he started he was probably hungry and would X-dated and cold called. Now he prefers that calls come in and the CSRs handle the problems. Don't make waves. He has a Tee time. Am I close?