Bait and switch - life insurance
Posted: Mon May 19, 2008 5:13 am
I've been doing this business fr over 25 years. I have found this happen far too often when quoting life insurance.
I try to give the best estimate quote and will ask health questions. If the prospect is over the weight guidelines, blood pressure, I will tell them and quote with the appropriate class and rating. Too often than I care to think, I find that someone else as quoted them best preferred rates, a rate they clearly will not get. I just had this happen to me with an overweight father and a Downs Syndrome child. The other agent quoted best preferred on both of them. Of course the father didn't know it and completed an application.
I consider this to be bait and switch. TO those that don't know how it works....this is what they do. The bait and switch agent just wants a policy in his hand to deliver to the overweight person. At the time of delivery is when he will sell it. Mr. Client, I am sorry this policy came through higher than we hopped but you fall outside their best preferred rating class and would do so with any other company. But at least you have a policy, I am here with one and I recommend you take it.
I find the bait and switch to be unethical. Do you?
This could be ended wit a form that is part of the application package. The form could read:
The agent attests that to the best of his/her knowledge, they have checked the underwriting requirements for the class/rate quoted to you. After going through the full underwriting process, there may be unforeseen events that will preclude you from this class. Sign - agent and sign - applicant.
I try to give the best estimate quote and will ask health questions. If the prospect is over the weight guidelines, blood pressure, I will tell them and quote with the appropriate class and rating. Too often than I care to think, I find that someone else as quoted them best preferred rates, a rate they clearly will not get. I just had this happen to me with an overweight father and a Downs Syndrome child. The other agent quoted best preferred on both of them. Of course the father didn't know it and completed an application.
I consider this to be bait and switch. TO those that don't know how it works....this is what they do. The bait and switch agent just wants a policy in his hand to deliver to the overweight person. At the time of delivery is when he will sell it. Mr. Client, I am sorry this policy came through higher than we hopped but you fall outside their best preferred rating class and would do so with any other company. But at least you have a policy, I am here with one and I recommend you take it.
I find the bait and switch to be unethical. Do you?
This could be ended wit a form that is part of the application package. The form could read:
The agent attests that to the best of his/her knowledge, they have checked the underwriting requirements for the class/rate quoted to you. After going through the full underwriting process, there may be unforeseen events that will preclude you from this class. Sign - agent and sign - applicant.