Hi NAME, it’s YOUR NAME with AO Globe Life your Veteran Life Insurance. How are you?
I’m calling because I have some good news regarding your application. It looks like it has completed underwriting and has been approved, congratulations!
To remind you on the what you actually had, NAME, you had something pretty special called the Freedom of Choice (FOC) for veterans. Basically, how it works is that when you pass away, your family can take that certificate to any funeral home they choose. When they speak with the funeral director and the director says “I'm so sorry for your loss but NAMES funeral is $10,000. How would you like to pay for that—cash or check?” At that point, your family can simply hand over the FOC, and everything is taken care of from there.
ADB — In addition to that if you die of any accident there will be an additional $XXX for the family to cover the unexpected costs.
10YRC — And lastly, obviously when you die your paycheck dies with you but taking care of the family and putting food on the table needs to happen whether you are there or not. So what you have in place is a paycheck protection totaling $XXX to be received for however many months the family chooses.
NO RATING
Now the great news is they did approve you for the full amount of coverage that you applied for and there were no changes. That's actually a really big deal! So again, Congrats!
So the total monthly premium will be $(COD amount). Now, that is still comfortable and sustainable for you, correct? That amount will draft within the next few days, then again every month on the day you chose (look in your sales records or in Planet policy search). Does that make sense?
RATING
You may recall when you spoke with your agent that there were a few ways the application could turn out: they could approve it as-applied-for, decline it, or approve it with some changes. The good news is they did approve your application, but with some minor changes due to your medical records. This is still a great thing because it means you will be able to protect your family. So again Congrats!!
So the total monthly premium will be $(COD amount)
The rating of $(COD amount) is to be drafted within the next few days and then each month after it will be the $(total monthly premium) on the (date). (look in your sales records or in Planet policy search) Does that make sense?
If want to lower it: What we can do now is get you back into a basic program which is about 50% of your previous coverage. That way, you’ll still have all the benefits you originally enrolled in, but with slightly reduced amounts. Now, at ($$$/month), that should be more comfortable and sustainable for your family, right? *let them answer. The most important thing is that we get something locked in now, just to make sure your family is taken care of if anything were to happen. Let me go ahead and pull up the paperwork and you’ll be protected.
Again, congratulations, I’m so glad we got this taken care of. Look out for your paperwork in the mail in the next few weeks. Feel free to call me if you have any questions.
Affordability rebuttal (RT99 option):
I understand. That’s exactly why I’m calling. It looks like there is another option to adjust the benefits slightly so that the monthly amount we went over together doesn’t change. There’s just one more form to sign to finalize! (Send RT99 from mobile planet, have them sign when they are on the phone with you)
Note: For multiple policy households, repeat the total monthly amount and give the new total monthly amount including the COD. If they press you on why the change, avoid specifics!!! It could be a number of things—prescription history, doctor records, driving history. For their privacy, underwriting does not and will not tell you. There will be instructions to get more info from underwriting included with their policy paperwork. (They write a letter to underwriting requesting the information.) If they had a birthday while in underwriting, this will likely increase the quoted premium.