Need Help Replacing Policies

The main policies I have been replacing lately are universal policies that were written in the 90s when interest rates were high and now their policy is about to crap out on them.

Also a lot of the agents who wrote the UL policies low balled the premium to make a sale. I show then where there policy will run to age 121 and the difference in premium and make the sale.

Some times the number is only off like 5 a month and I am a hero to them for saving the policy. Then I ask for referrals.
 
The main policies I have been replacing lately are universal policies that were written in the 90s when interest rates were high and now their policy is about to crap out on them.

Also a lot of the agents who wrote the UL policies low balled the premium to make a sale. I show then where there policy will run to age 121 and the difference in premium and make the sale.

Some times the number is only off like 5 a month and I am a hero to them for saving the policy. Then I ask for referrals.

Those are a gold mine.

However, ""Also a lot of the agents who wrote the UL policies low balled the premium to make a sale"" I wrong. And not only did GUL not exist at that time if it did the premiums close to twice what they are now. I replace many old accumulator ULs. But slambing the other agent tends to reinforce the negative stereo type many consumers have of us and screams Primerica.

But again, if you find enough of those and do a good job as an agent you can have a great year.
 
Those are a gold mine. However, ""Also a lot of the agents who wrote the UL policies low balled the premium to make a sale"" I wrong. And not only did GUL not exist at that time if it did the premiums close to twice what they are now. I replace many old accumulator ULs. But slambing the other agent tends to reinforce the negative stereo type many consumers have of us and screams Primerica. But again, if you find enough of those and do a good job as an agent you can have a great year.


Let me rephrase that, it could have been many things. The agent could have lowered the premium until the price was right. It could also do with mortality tables changing and ultimately the change interest rates.

I'm sure the consumer has a lot to do with it too. Most of the time they don't understand why there paying 40 a month for a 250k UL and it's not gonna run through there 80s.
 
Let me rephrase that, it could have been many things. The agent could have lowered the premium until the price was right. It could also do with mortality tables changing and ultimately the change interest rates.

I'm sure the consumer has a lot to do with it too. Most of the time they don't understand why there paying 40 a month for a 250k UL and it's not gonna run through there 80s.

A lot of those underfunded policies were sold by agents who sincerely believed that the guarantees could never happen.. They felt sure that once banks found out they could charge 12% -14% interest rates that rates would never again go down to 5% or less. They also had faith in the companies to have an actuarial sound basis for the policy. Also, many products were designed to where it was impossible to put enough money in them to run past 70 or so on a guaranteed basis. Add to that the fact that at the time then agetns were dealing with cutthroat BTID competitors and the stage was set for serious problems 20-30 years down the road. yes, there were agents grossly underfunding policies just to make an easy sale and a quick buck but that wasn't the case with most.
 
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