Life Insurance – A Snowstorm to Remember
What is the relationship between life insurance and a snowstorm you ask? While shoveling snow in one of the many snowstorms we have been having in Massachusetts this winter, I had a flashback to an experience I had as a new agent in the life insurance business.
I received a call one day to schedule an appointment to meet with a couple in which the husband had recently cancelled his life insurance policy as there was cash value the family needed. The family had recently experienced some financial difficulties as the husband had recently been laid off and was unable to find new employment. He did not convert his group life insurance that was available to him from his employer as the premium was too expensive.
We discussed a variety of life insurance policies and the family decided to apply for a new term life policy on the husband. I completed an application for a term life policy and arranged an exam for the client. The exam was required due to the age and amount of life insurance. I asked for an initial payment, which would have resulted in temporary insurance for the client while the application was being underwritten. The client rejected the opportunity to get temporary insurance as he felt the policy would be issued in rapid time, as he didn’t have any health issues.
I left the client’s home with an application for life insurance and a scheduled exam. A few days after I submitted the application to the insurance carrier, we experienced a historic blizzard, which is still described as one of the largest blizzards in Massachusetts’s history. After a period of one week in which non-essential vehicles could not be on the road, I returned to work. In the interim, the client was able to complete his exam before the blizzard and the insurance carrier issued the policy as applied.
I called the client’s home to schedule an appointment to deliver the policy and collect the premium to activate the policy. The wife, who said her husband would soon join us, greeted me at the door. As I sat at the table, I saw the husband walking with a cane and his voice was different than when I last saw him. I asked what happened to him and he stated he had a stroke shoveling snow during the blizzard. The agent guide of the insurance carrier I represented stated that a producer has a clear fiduciary responsibility to the insurance carrier to report any relevant changes in a client’s circumstances between the time a policy was underwritten and its delivery. I could not deliver the policy and collect the premium payment having to leave the client without life insurance.
Don’t wait for a change of health to purchase your life insurance, as you may never be healthier than you are today. There’s no better time than now!
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.