About a year ago, I sold a guy a TA simplified policy with a $40000 face amount. He recently called me to tell me that someone had told him that they could get him about 25% more coverage with a fully underwritten policy for the same premium. At the time I sold him the policy I didn't have a good fully underwritten company that I could put him with. I do now and could place him with them (he will go with me if I can match the other guy's offer). Would it cause me problems if I replace a policy that I have written? Or should I let the other guy replace it and avoid any possible problems? He takes no meds and has no health issues and would fly with anybody. And comments would be appreciated.
Replacement Question
- Thread starter MrBigD117
- Start date
- 5,243
I'd save it in a heartbeat. TA is so screwed up they won't even notice. Curious who are you using for your FU policy?
- Thread starter
- #3
I would be using Trinity. I would just hate to be terminated over something like this. Even though it is putting the client in a better position.
- 19,448
All the companies say that we should do what's best for the client. Are you worried that they don't really mean that?
- 3,247
There are no guarantees here! If you have been writing a lot of business to Transamerica and your persistency is good, you should be able to get away with it.
As mentioned above, Transamerica's Left hand doesn't really know what the Right hand is doing!
- 847
I've replaced numerous policies by carriers I'm appointed with that weren't written by me and I've had no problem.
I've replaced two policies that I wrote with different carriers and so far no problem. Each time in that case it did improve the clients situation.
- 19,448
If it improves the client's situation I write the business. Doesn't matter what company they have or who wrote it.
I've only had one problem from a company and that was settlers. And that was a case on an 11 year old who's father, the owner, died. Tried for a month to get the ownership changed to the mother and settlers wouldn't cooperate.
Finally replaced it with the mother as owner. settlers threatened to terminate me over it. Or at least that's how I took the call. Once I told them to go ahead and term me if that's how they did business they backed up and said I misunderstood.
Then they told newby they were going to resolve the ownership problem on the policy to be able to keep it in force. And the people wuld have stayed with settlers.
Never heard from them again on it. Nor did they fix the problem.
Bottom line, do what's right for the client and let the chips fall where they fall.
"Agent friendly." They talk the talk, but don't walk the walk.
- 30,145
I've never replaced my own FE business before, but I replace my own Medicare Supplement business all the time. You have to for the benefit of your client, or another agent will...just like in FE, if your client doesn't have the best policy for them, another agent may replace your business. I fill out the replacement form and I've never had a carrier complain.
