Diane Higgs's Case

On June 13th, 2016 at 10:57 am, Mrs. Diane Higgs called into our office. She was questioning the amount of life insurance she had on all of her grandchildren. I told her the amount was $25,000 for each child. She told me her bill says she has $50,000 on all her grandchildren except for her grandson, Cooper Turnmier. She said his only showed $25,000 and that she would never have lowered his coverage and not the others. I explained to her that all the policies were for $25,000. She continued to doubt what I was saying so I called Life Company just to make sure because I could also see that her SFPP account had 3 of the policies listed with a $50,000 face amount. I wanted to know the reason for that. She also wanted to know about the assignment form she needed for the funeral home. …show more content…
Higgs and immediately called Life Company at 11:09 am. I spoke with Jose Perdomo (D6TH). He told me what we needed to do about the assignment form and gave me the death claim number. Then I asked him about the coverages on the policies and he told that me she did have $50,000 in coverage that would be paid out in the death claim for Cooper. He said that because she purchased the GIO when she originally took out the policy and is filing a death claim before she had the option to exercise the GIO, it would pay an additional $25,000. I repeated what he said to make sure I was understanding him correctly because I had never heard of that before. He confirmed what he said. I was shocked because I’ve been selling life insurance for 10 years and never knew this about the GIO. I was also very happy about being able to share this with Mrs.