Wednesday, February 13, 2008

Stupid Client Tricks #3

OK, this probably should be Stupid Client Tricks #2, but in all fairness, Matt Horn (a frequent contributor) did tell us (in his comments) about something one of his clients did that definitely qualifies for SCT #2.

Last year a client asked to buy life insurance.

Now I should tell you that I do not sell life insurance, but I do respond when someone asks to buy.

That being said, I took his information, secured quotes from multiple carriers and made my recommendation.

From past experience I have learned to notify clients in advance that final rates on life insurance can vary widely depending on final lab results.

This was no different.

Long story short, I quoted a rate of $601. Once his lab results came back the carrier moved him from a preferred rating to standard due (primarily) to a highly elevated cholesterol reading (294).

The resulting premium increased to $1198.

He argued, saying the readings were off and wanted a recount (so to speak). I suggested he go to his doc and have the test repeated. If the new readings were significantly lower we can appeal.

He grumbled, gave me a check for the premium difference.

A few months later he asked me to look into health insurance for him as his COBRA was ending. (In reality, his wife was my client but he was involved in all the discussions for her coverage).

I asked about his cholesterol and what meds he was taking.

He told me his doc told him to change his diet and that would be enough.

However the health insurance carrier disagreed. They asked for doctor records only to discover his doc had told him to take a cholesterol lowering medication and come back for a check up in 3 months.

He failed to follow doctors orders and his application was denied.

Fast forward to yesterday.

He emailed me, complaining that his renewal life premium had doubled from $601 last year to $1198 this year.

Since it was a 15 year term policy this was impossible.

Also, I had copies of last years application, quote, initial premium, amendment rider and check for the additional premium. I sent all this to him and reminded him of the scenario.

I told him I would be glad to shop his plan again this year if his cholesterol was lower.

This morning I got his response.

"I want a new agent your fired. my did my premiums go from $601.00 to 1198 per year. was this a switch and bate."

Apparently his mind was made up so there was no need to confuse him with the facts.
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