Had a customer who called me. Their mother got a letter saying their life policies (another company) are underfunded and will run out soon (not too uncommon for UL policies written 30 years ago). I did a conference call with them to the company.
First issue was that we were speaking with a rep that admitted she didn’t know very much about the policy (likely unlicensed). I asked her about different payment scenarios and how those would affect the life of the policy. She advised that it would have to be passed off and they would need SIX WEEKS to run the scenarios and mail them to her. We are talking about a policy of which underpaying has a compounded negative effect the longer you wait.
I can’t imagine how hard it would be to get a claim paid with a company/situation like this. /rant over.
First issue was that we were speaking with a rep that admitted she didn’t know very much about the policy (likely unlicensed). I asked her about different payment scenarios and how those would affect the life of the policy. She advised that it would have to be passed off and they would need SIX WEEKS to run the scenarios and mail them to her. We are talking about a policy of which underpaying has a compounded negative effect the longer you wait.
I can’t imagine how hard it would be to get a claim paid with a company/situation like this. /rant over.
