Final Expense , Titanic Thinking
I look at final expense like being on the Titanic after it
has hit the iceberg. We all know that we are going to have to get off the ship (or die one day), but some of us
want to wait to the last min to jump off or get on the life boat (buy life insurance).
With final expense, they ship is just moments from going under and the panic has really set in. The older you get
the more you think about the ship sinking and that you need to come up with a plan to protect your family and pay
for your funeral.
The younger clients, are like the people on the Titanic when it 1st hit the iceberg. They are not panicing and
think there is no real rush to do anything and they will just wait to the last min to do something.
I think deep down we all know that we should have life insurance. We just don't want to have to worry about it
right now and will just put it off until later. Kind of like we do taxes. But as insurance agents it is our job to
help them protect their families now and not allow them to put it off any longer.
I want to take a moment to talk about Underwriters and give
you something to think about.
Underwriters are what make an insurance company work. They are a very important part of any company.
But there are some things that you need to know about them.
When you are brand new to a company, they will judge you by your first couple of applications that you write. Then
will look to see if you tell the truth and put all of the health history down. This will determine which
underwriter you will get assigned to from now on. I can usually tell which underwriter they assign to you, what
they really think about you.
Examples, at PFL/PBL if you got Kay O. then you were a good agent. But if you got Monica, which meant that you were
going to get an a.p.s and P.H.I. on every app and they were really looking at you very close.
The underwriters want to get as many applications out the door as they can. They try to go to the applications from
agents that always tell the truth and put a lot health history down first. That way they can get the most
applications out each day. Next they start working on the application from the agents that have history of not
always putting down everything on the app or has been caught lying on an app.
You are the eyes and ears of the underwriter. You are the field underwriter. Take some time to read the
underwriting guide for any company that you are with. If you have a case you are not sure about, then call the
underwriting dept and speak with them about your case and get a case assessment.
Try and get to know your underwriter. Always be nice to them. Never get rude with them no matter how mad they make
you. Let them know that you will always try your best to put everything down on an app.
Example one time I was writing an application on an entire family that had young kids. I noticed they had a
swimming pool in the back yard and I asked her about it and she told me that none of the kids could swim yet. So
believe it or not, I wrote that down in the agents report. I wanted the underwriter to know that I would put down
anything that I thought would help them. I knew that this would not change anything on the app and they would still
get issued. But it showed the underwriter that I was always going to put all the details down. I noticed that my
apps started getting issued faster and that I got assigned to a different underwriter and from that point on, I was
on the good list.
If the client takes something for High Blood Pressure then write it down and give us the last two readings. If
something is now under control, tell us. If they have something like arthritis, tell them how bad it is. Tell them
the name of the last doctor they saw for any reason.
To review what I think is important and will help you with underwriters.
Never lie on an application for any reason.
Get to know the underwriters.
Don’t be afraid to talk to them and get to know them.
Read and study the underwriting guide.
Put all of the health history down on the app with details.
You can also use the agent report to talk to an underwriter or give them notes.