A short YouTube transcript of Richard Canfield warning clients about surprise premium increases at policy renewal when they fail to recall or understand the original term period (e.g., 'term 10'). He highlights clients being astonished by renewals that are multiple times the original premium and attributes this to poor retention of meeting details and application documents from years earlier.
Chapters
Someone's coming to the office or whatever and you looking at the statements like your renewals coming up in like a year or in two years or they say, oh hey, I just got this renewal notice. And they are blown away, astonished at what the new premium is going to be and the fact that it's three, four, five, maybe even six times the current premium level. And in every instance that that's happened and I've asked them, do you remember looking at the schedule and when you sign the paperwork and understanding that this was for a certain term period and that the premium is going to go? It's like, no, nobody told me that, like, well, I'm pretty sure they did. I'm pretty sure you signed the application, you looked at the whatever the illustration was and I'm pretty sure the fact that it said term 10 is a pretty good indicator, but it's indicative of how little people retain and recall about a meeting that they had 10 years ago.