Insurance rep meeting?

supton

supton

Joined
Nov 9, 2008
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Location
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So I've avoided meeting with reps for years--last time was 20 years ago, when getting term life insurance. Well, that's running out and now Prudential wants to meet up, presumably to sell me more insurance. I had plans to tell them to flake off but they got the wife on the phone and so we now have a meeting. Fine, maybe they have something I might be interested in?

Is there anything I could know going into this? Like, should I expect hard sells on annuities or somesuch? I suspect they will push permanent but unless if it's cheap I'm not interested: I think I'm to the point where I have enough cash on hand that I should be able to pay for death costs out of pocket, and more importantly, might carry that cash forward for decades to come.
 
Well, Im someone who keeps things simple (except for my long posts)
For decades now I carried simple Term Life with guaranteed renewal until the age of 70. It's an old product from State Farm no longer offered but gave me a dividend every year at around 5% interest. This last five years the annual dividend = the premium payment. So literally cost me nothing anymore.

Ok, to my thoughts are keep it simple and straight forward. It's then easy to compare price with other companies. I think if anyone is offering me to many goodies using my money then something is amiss. As far as hard sell? Depends on who the person you talk to.
Maybe besides Prudential walk into a State Farm office.
 
Two choices imo, cancel the meeting, or have them come and hear the pitch. I'm real good at listening to pitches and saying no if it doesn't suit me. Odds are they'd be walking out of my house w/o a sale. ;)
 
I'm tempted to see about canceling. I don't see how this would go other than resulting in me spending money--or having to say no a lot. [They probably aren't as bad as car sales people, but I'd rather not find out.]
 
When I'm paying, "I'M" the boss and am the one who sets meetings. More importantly if I have to set a meeting, it's to tell someone what they have to do to keep my money rolling in or it'll go someplace else. Any attempted deviance from that by who my money employs, gets them fired.
 
supton said:
So I've avoided meeting with reps for years--last time was 20 years ago, when getting term life insurance. Well, that's running out and now Prudential wants to meet up, presumably to sell me more insurance. I had plans to tell them to flake off but they got the wife on the phone and so we now have a meeting. Fine, maybe they have something I might be interested in?

Is there anything I could know going into this? Like, should I expect hard sells on annuities or somesuch? I suspect they will push permanent but unless if it's cheap I'm not interested: I think I'm to the point where I have enough cash on hand that I should be able to pay for death costs out of pocket, and more importantly, might carry that cash forward for decades to come.
Click to expand...

You’re fine.

Cancel the meeting.

Manage you’re own finances, retirement planning, ask yourself if you need increased coverage levels, life insurance, umbrella policy, etc…
 
The first question is do you need more life insurance? Eg if your salary stopped today and you were gone would your family have an impact financially. If yes I would listen to pitch for more term insurance /pricing and then have better information. You can also get independent quotes on internet to compare.


Good luck
 
Did the meeting, went well enough. No high pressure. Did not get around to financial planning, but afterwards, I was reminded that I should be setting something up, in case both the wife and I have untimely deaths (the kids will have no idea what to do). Will deal with that later.

Wife is converting some whole (?) life insurance to a new plan, as it would both reduce the premium cost while increasing payout. No brainer. I will likely get another 10 year term, but as he pointed out, I can always cancel at any time (just stop paying). I figure, next 5 or so years, my death would greatly complicate things. But 10 years from now I should be basically financially independent.

Did not get to asking about umbrella policies etc. He seemed to think we should be meeting more often.
 
Well that didn't go as well as expected. I thought all my lab work was normal or close enough, but I must have given permission to get my medical records from my GP. No new policy for me. Strangely, their rejection letter was blank. As in, "the reason for your rejection was ". A literal blank space. I took a picture and sent to the insurance rep but he was not able to resolve it as they wouldn't tell him either (HIPPA stuff).

Oh well. Wife got a great deal on her insurance. Me, I guess I better hope I shuffle off in the next four months.
 
We did our annual meeting with our Edward Jones person and she asked about Life Insurance . We have some term policies that are about to age out in a couple of years so she requested some quotes from a couple of companies . Prudential had one that was kind of affordable and I went through the application process . They sent me to a clinic yesterday to get a " Physical " . Blood , urine , height , weight , BP . We'll see how it turns out .
 
Usually when your 20 year term life expires the new policy is extremely expensive because the odds of you dying have risen because of your age.. When my term expired I didn't sign for another policy. My kids were older house paid off other investments thriving wife back to work. If I dropped dead financially there fine. At that point I was self insured.
 
Just flashed back to my 1981 honneymoon in Hawaii, pur first exposure to timeshare sales.
I have very high sales resistance to high pressure.
I would cancel if doing so does not ruffle the wifely feathers.
 
supton said:
Well that didn't go as well as expected. I thought all my lab work was normal or close enough, but I must have given permission to get my medical records from my GP. No new policy for me. Strangely, their rejection letter was blank. As in, "the reason for your rejection was ". A literal blank space. I took a picture and sent to the insurance rep but he was not able to resolve it as they wouldn't tell him either (HIPPA stuff).

Oh well. Wife got a great deal on her insurance. Me, I guess I better hope I shuffle off in the next four months.
Click to expand...
Women live on average 5 years longer - so it could simply be statistically your likely to not last whatever years and she is. Its all purely a actuarial value as I am sure you know.

They want to meet to sell you financial services. High pressure sales pitches don't work usually for such products - there not an impulse buy. They will learn about you, your family, etc, and try to offer things that will fit those preferences. Its not all bad, other than most of what there selling likely isn't a good deal anyway. Up to you.
 
SC Maintenance said:
Women live on average 5 years longer - so it could simply be statistically your likely to not last whatever years and she is. Its all purely a actuarial value as I am sure you know.
Click to expand...
In her case, she flipped a policy that was started when she was born. Apparently they assign the highest risk category and charge accordingly. Well, despite some health problems she's far from high risk, so, in redoing it she was able to drop cost while adding more value. Works for us.

I'm not bummed as I didn't really want to get more insurance in the first place. It's only the next 5-ish years that it might be nice, then a few years after that my wife would have easy access to my 401k and "plenty" of money to self insure. A few dollars a month for insurance would have been nice; a few hundred per month so as to sleep well... would be better saved.

Will see if he sets something up for next year.
 
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