We take several calls per week directly from orphan clients – clients who had a financial planner who exited their business one way or another, but didn’t take care of their direct business insurance or annuity clients.
Mrs. Stehly had called John Hancock after receiving several letters about rate increases and changes on her long term care policy. She was so confused and crying for assistance at age 82. Luckily, John Hancock referred her over to Westland for possible assistance..
She left a message where she indicated her extreme frustration and that she was alone with only a daughter who lived out of state. She thought her LTC policy was going to be canceled or feared it was already cancelled. She couldn’t afford the $497 monthly amount needed..
After I called her back and had some discussion to calm her, I finally set a time the next morning where we would just call John Hancock together and get to the bottom of everything.. That is what we did and once JH verified her identity and gained her approval to speak with me, we got things figured out.
Long story short; She had originally received correspondence about monthly billing needing to be on a bank draft program and she ignored or refused to give her bank information to JH. So JH put her on a quarterly billing and when she received the quarterly invoice, she thought this was her new monthly rate, that she could not afford and did not pay. When she didn’t pay she received a cancellation notice that totally compounded her anxiety and confusion. She was at her wits end, having paid diligently on this policy since 1990.
During the call with JH, the service agent was very patient with Mrs Stehly, we were both able to explain options to her and get her to understand exactly what she needed to do to get her policy reinstated. Moving forward, she would have to set aside and budget $166 per month and then have enough funds saved to pay her quarterly amount. She said she could do this.
We spoke after the JH call and I explained the other details about her account and benefits, assured her that her coverage was still in force and sent her a letter and form to become her servicing agent from here on out.
She was so thankful and relieved. The accolades heaped on me gave me the warmest of feelings that just left me on a high for the day. I took the time to spend 20 minutes on a service call that literally was life changing for her. What if she lost her insurance and needed it?.
Fortunately, this story turned out all right, but many cases don’t end up so positive. Many cases end up with nothing that can be done for a variety of reasons, but mainly, because the advisor did not transition direct business accounts, just lost touch or is not taking the time to understand what their clients have, even if they didn’t sell it to them..
Thousands of clients are hurt by simple neglect. Don’t let this happen in your practice. These are real people, with real needs and lives. If you don’t help, then who will? The insurance protection they have can be truly life changing – don’t put this in jeopardy.
Make sure insurance is an integral part of your practice and reviewed annually.
Use Westland to assist you!
Best Practice: Stay in touch at least annually with all account holders and take the time to understand their current circumstances with special attention to all insurance protections. This could be a life changing service.
Rewards beyond monetary ones will continue to rain on you.
Hopefully these ideas will get your juices going and thinking of clients where you can add real additional value to their family with protection and legacy strategies.
Call for your personalized case designs today. We are here at your service.