a prospect to avoid? (2)

yesterday, i blogged on an apprently wealthy prospect whom i agreed to meet in his 'palace', a luxurious bungalow with all the trappings of his affluence for all to see and admire.

yes, a good prospect, one might be led to believe with the potential of 'big' business within sight.

yet why did i mention that i have to beat a hasty retreat?

my comments:

u may recall that he wished to dispense with the mandatory financial needs analysis and sought my advise on a comprehensive h&s plan (from his basic medishield coverage).

everything went rather well after more than 3 hours on my recommendation of an integrated shield plan.

but from here, there was never the proverbial sweet ending to our meeting.

what happened?

because he was hesitant in declaring that he has a medical history and once this was disclosed, i said that it was highly unlikely that none of the shield providers will take his business, although his spouse and children should be fine.

and that was where i brought up the aviva moratorium underwriting route guaranteeing acceptance* for him. (*terms and conditions apply).

instantly his face lighted up and we duly completed the 'paperwork'.

but when we were about to call it a night that he told me he remembered some years ago, his one and only insurance application was declined. to which, i reminded him of the primary qualification for the aviva moratorium underwriting earlier in our meeting which is never having a history of any life application or reinstatement either declined or postphoned.

he responded by saying that nobody need ever know about this if he and i kept silent on this. and since it is only one application to only one insurer (which was not aviva anyway) and happened some years ago, nobody will be the wiser.

i did not hesitate in talling him firmly: "sir, with all due respect to u and your family, there can be no compromise in demonstrating utmost good faith in disclosing all the material information to aviva (or any other insurer)".

he laughed and said, "surely u can close your eyes once". but to his surprise, i stood my ground and that's when things turned ugly and the best course of action for me was to beat a hasty retreat.

i know this blog entry is definitely not positive and i've been 'advised' against posting it but i will still record this episode with 2 clear objectives:

a. that i am sending out a strong message there can be no compromise in upholding
the principle of utmost good faith* in all of our dealings with any or all
insurers and;
b. that readers of my blog can save their time and mine if there is any
expectation on their part for me to side with them in terms of disclosure.

i am already in my 14th year in the financial industry and i have no plans to retire and by the grace of God, i shall continue to uphold my raison d'etre in professionalism, and more importantly, with ethics and integrity.

* from wikipedia:

Uberrima fides (sometimes seen in its genitive form uberrimae fidei) is a Latin phrase meaning "utmost good faith" (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal.