Will I Still Get Paid on this Replacement ?

[yogooglethis]

I got a call from an old friend from my neighborhood who found out I sold insurance from my facebook page. He said he just applied for a 25,000 FE policy 2 weeks prior but would rather give the business to me than to a stranger that just knocked on his door if I can match or beat the deal.

I get to his house and based and I already knew what carrier I was going to to offer him for the best premium but and it turns out to be the same carrier the door knocker sold him.I told him that was the best plan for his situation and it would be a waste of time to replace that because i wouldn't get paid.

He asked me if he where to just cancel it and I rewrite it would it be worth my while I told him I don't recommend someone cancel their insurance until the new insurance is approved .Although the policy was just approved a few days prior he had not received the policy and the policy had a future effective the effective .

I told him I would see if I could find another policy that would be better than that one and get back to him.Well he calls me today and said he canceled the other application and he wants me to come back to rewrite it and be his agent.

Will I have any issue getting paid by carrier if it was canceled 2 weeks ago and I rewrite and submit with replacement form as a replacement to the original policy? The original policy was 25k DB but he decided now he only wants 20k

I was think about putting with another carrier but this is the best SIWL premium and he doesn't want to go to the hassle of a fully underwritten policy application.

Would rather not mention the name of the carrier in this situation but it is one of the top 5 in FE

 

[Indy007]

I don't see any reason why not. He free looked the other one.

 

[Newby]

I got a call from an old friend from my neighborhood who found out I sold insurance from my facebook page. He said he just applied for a 25,000 FE policy 2 weeks prior but would rather give the business to me than to a stranger that just knocked on his door if I can match or beat the deal.

I get to his house and based and I already knew what carrier I was going to to offer him for the best premium but and it turns out to be the same carrier the door knocker sold him.I told him that was the best plan for his situation and it would be a waste of time to replace that because i wouldn't get paid.

He asked me if he where to just cancel it and I rewrite it would it be worth my while I told him I don't recommend someone cancel their insurance until the new insurance is approved .Although the policy was just approved a few days prior he had not received the policy and the policy had a future effective the effective .

I told him I would see if I could find another policy that would be better than that one and get back to him.Well he calls me today and said he canceled the other application and he wants me to come back to rewrite it and be his agent.

Will I have any issue getting paid by carrier if it was canceled 2 weeks ago and I rewrite and submit with replacement form as a replacement to the original policy? The original policy was 25k DB but he decided now he only wants 20k

I was think about putting with another carrier but this is the best SIWL premium and he doesn't want to go to the hassle of a fully underwritten policy application.

Would rather not mention the name of the carrier in this situation but it is one of the top 5 in FE

If you could give some specifics as to age, tobacco, etc we could be more helpful. It's rare that one carrier is the only dog in the race if someone is trying to do business with you like that.

If I had to guess, the carrier you are dealing with is Lafayette. I don't know what their rewrite policy is. You need to call them. Some companies wouldn't let him reapply at all. Others (Aetna being one) would protect the original agent for 6-months.

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After re-reading your post and the $25,000 amount jumped out at me it occurred to me that you might not be competing with an FE policy at all but either an RNA essential life or a GUL or a fully underwritten WL from Lafayette, Ohio National or some other participating company.

If that's the case, this sale should be easy. Lots of options if he's healthy enough for fully underwritten. Let us know more details and you can sell this one.

I know I sound like a broken record but your upline should have solved this for you in about 2-minutes.