Young Client Rejected From Transamerica

[VeronicaS]

Submitted an application to Transamerica. Female client age 27, 5'9, smoker, 205. Transamerica rejected her. Who would be a good replacement company for this client....and would not reject her? And how can I get contracted with them?

 

[billyb]

What is the reason for the decline? What type of coverage?

 

[VeronicaS]

They said weight......$5,000 whole life policy.....other than that...she has no known health issues.

 

[DHK]

Either they're lying to you, or you aren't giving the whole decision.

Here's a build table for a conservative underwriting company.

For 5' 9" at 205 lbs is well within 'standard'.

 

[DHK]

Wait a sec...

Why on earth would you sell only a $5,000 whole life policy on a 27 year old?

They didn't decline on health. That policy probably isn't AVAILABLE at that age!

Sell her a $1 million term policy, learn your products, and learn how to properly advise your clients.

 

[VeronicaS]

This is what her mother requested.....that is why I sold it to her. When I called Transamerica the next day.....I was told by the underwriter that...that is why she was declined. They (the mother) were just mainly looking for burial coverage.

 

[DHK]

If you were a doctor... and a patient came in and said "Don't examine me. Don't do your job. Just give me XYZ prescription."... would you do it as a doctor???

Why would you do it as a licensed insurance professional?

NEVER let a client dictate your recommendations without you doing your job first.

In fact: "Prescription without proper diagnosis and examination is malpractice." It also applies in our business too.

Go back and do it right. Sell a term policy, not a "burial" policy for a 27 year old.

 

[VeronicaS]

Thanks for the advise.......I will talk to the client and her mother.

 

[Life Hawk]

They said weight......$5,000 whole life policy.....other than that...she has no known health issues.

Work with Liberty Bankers.

 

[Lloyds of Lubbock]

You assume she can qualify for a Million dollars of term?
She may not even be employed for all you know.
Do a factfinder, you may uncover a nice sale.
At least you will know the reasoning behind the request.