When a client calls to cancel, many financial advisors either ask what’s changed or restate the policy’s value. Often, though, the decision is already made.
Next time you get one of those calls, I’d like you to try something different. Put a big smile on your face and say, “No, I can’t do that.”
This always leads to the same question from clients: “Why not?”
My answer is always, “Because I have a responsibility to make sure that this is not the worst financial decision you will ever make. I know you wouldn’t be canceling this insurance if you’d recently been diagnosed with a serious illness, would you?”
They’ll say no.
Pause before you cancel
“Before we cancel anything, doesn’t it make sense to make sure there is nothing nasty going on inside you that you’re not aware of? Let’s just put the premiums on hold while you have a thorough medical to guarantee this is a wise decision. If everything’s clear, we can cancel the coverage with the certainty that it’s a sensible decision.”
Some clients will protest and not do it, but many are going to see the wisdom in your advice. By doing so, not only may it save their policy, but it can also save their life.
Why it works: Real-life example
My client Cam thought testing was an excellent idea before he canceled a few million in life insurance coverage and reduced his critical illness by more than $500,000.
Cam texted me a few weeks later confirming he didn’t have cancer and his blood tests were good. He finished by saying, “When my heart test clears in a few days, we’ll finalize the changes.”
A few days later, I got a follow-up message saying, “Heart test results weren’t good. Bypass surgery scheduled in two days.”
Instead of canceling most of his critical illness coverage, a few weeks later Cam’s claim was paid, not for the reduced coverage of $250,000 but for the full $800,000, and he also decided to keep his life insurance.
The only reason Cam is alive today is because he took my advice. In my business, this idea has now led to over $2 million being paid to clients on coverage they wanted to cancel. And most importantly, it may have saved some lives.
Guy Mankey is a 24-year MDRT member and a Top of the Table member. This was excerpted from his 2026 MDRT Annual Meeting presentation, “No, I can’t do that.” MDRT members can see the full presentation when they log in.
