30 day free look
Anyone have to do one of these? I might, not because the client wants out but because a rider was left off that shouldn’t have been and the carrier might not agree to do what I want to do. I assume it’s a letter from the client saying gimme me money back.
Just call the insurance company and tell them the client has notified you they free-looked the policy. I’d get something in writing for your records but the insurance company shouldn’t require any more than a call from you.
If they are smart, they’d find a way to add what we obviously wanted to do to start with. Granted, this is an insurance company so I probably will resort to what you suggested.
[quote=Gordon Gekko]If they are smart, they’d find a way to add what we obviously wanted to do to start with. Granted, this is an insurance company so I probably will resort to what you suggested. [/quote]
I’ve gotten policies re-issued with new requirements. Call the insurance company and tell them what you want. They may require a part of the app adjusted and re-signed by the client, and they may not even need that. Then they’ll issue you a new policy or an amendment to the old one which you deliver and then when you do so pickup the old policy (if necessary) and send it back to the insurance company. This would be a better way of doing things than free-looking the policy and it won’t interrupt your clients coverage or your commission schedule.
Free looking will cost them about 3k and a good chuck of goodwill and future business from me. It was my bad but give me a flipping break. We would just be turning around and buying the same thing back with that rider (minus goodwill and future business).
I’ve done it. They won’t give you a hassle about it, but they may want a signed letter from the client.
This is an IRA and from I read it’s return of principal. Lesson learned, check your stuff before you submit (as if I didn’t know that already).
It ended up taking a little longer than I would have liked but we did it. Apparently not a big deal - who knew?
Nice post.I like this forum very much.This is cool a site.Thank you…
Free look provisions vary by state (sone are 10 days, others 15, some are principle back, some are contract value). Generally, an insurance company will add the rider but will want a Letter of Indemnity from you or the backoffice and charge you whatever the difference is to hedge the benefit…Can be expensive and a pain in the a**
I meant "principal" obviously
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