LH Now Requiring Notary to Cancel??

[rousemark]

Replaced a LH in Cleveland. 2000 more coverage for 16$ less a month. The LH agent went back and told them she would get 3 months free insurance from him if they keep LH.

Cleveland? I thought you were in Florida... If so, he did nothing wrong because rebating is legal there..As long as he would make the same offer in every similar situation and he has complied with other requirements of the law (which is doubtful)

 

[WinoBlues]

When I replace ULs they are either crashing which we get current illustrations to show when they will expire at current premium and a 2nd illustration to show how much to increase the premium to carry to age 95. If both look bad and reducing face won't fix, we replace with a new WL. I've found many of those.

Others are recently sold (often sold by Good Neighbors) and the consumer had no idea that they didn't get whole-life. The agent that sold it usually pleads ignorance too when it's pointed out to them.

I'm all about guarantees. DIvidends are fine that just extra gravy. But if the consumer can do everything they are supposed to do (pay the scheduled payment every month) and still lose ALL their money and their death benefit through no fault of their own they should clearly understand that going in. Non-guaranteed UL should not be sold to the average consumer in my opinion.

Could not agree more. You are definitely not who I was talking about, you are in my option much more an agent. One caveat to the Re: accumulator type ULs. They can be a very strong product if funded correctly for the correct purpose. For the average FE client? No.

 

[argar5]

Cleveland? I thought you were in Florida... If so, he did nothing wrong because rebating is legal there..As long as he would make the same offer in every similar situation and he has complied with other requirements of the law (which is doubtful)

Rebating is not legal in Ohio

 

[rousemark]

Rebating is not legal in Ohio

Yeah.. but for some reason I thought you were in FL, where it is.. Guess, I had you confused with someone else.. happens to old guys..

 

[jacobtn]

When I replace ULs they are either crashing which we get current illustrations to show when they will expire at current premium and a 2nd illustration to show how much to increase the premium to carry to age 95. If both look bad and reducing face won't fix, we replace with a new WL. I've found many of those.

Others are recently sold (often sold by Good Neighbors) and the consumer had no idea that they didn't get whole-life. The agent that sold it usually pleads ignorance too when it's pointed out to them.

I'm all about guarantees. DIvidends are fine that just extra gravy. But if the consumer can do everything they are supposed to do (pay the scheduled payment every month) and still lose ALL their money and their death benefit through no fault of their own they should clearly understand that going in. Non-guaranteed UL should not be sold to the average consumer in my opinion.

I do the same. I would also recommend keeping the illustrations in the clients file, to cover yourself in case the kids accuse us of scamming the parents down the road.

Every now and then I'll come across a conservatively and correctly designed UL, but it's rare. Esp on ones over 20 years old.

 

[John Galt]

I do both traditional and "FE" regularly. I have not been captive in over 25 years. I do believe many "FE" agents will replace a non contestable Whole Life and GUL much faster than a Traditional captive agent. Justification runs from, they wanted the $197. Cash values to ULs are bad. Of course the clients did not want the CV the day before and a lot of agents are grossly uninformed or flat lie about UL.

Just my 2 cents.

Oh, and I very much believe most new agents have next to zero training outside of sales training they could get at any sales job. Mortgages, car sales, home improvements.

You just lost a lot of "knowledge points" with me on that ignorant evaluation and post. Are you kidding me? Really? What kind of FE agents have you been hanging around, must be pure scum. If you hate FE products and the agents so much why do you even come to this forum? Not being hateful but actually clueless why you "torture" yourself.

 

[WinoBlues]

You just lost a lot of "knowledge points" with me on that ignorant evaluation and post. Are you kidding me? Really? What kind of FE agents have you been hanging around, must be pure scum. If you hate FE products and the agents so much why do you even come to this forum? Not being hateful but actually clueless why you "torture" yourself.

You may want to read slower and maybe use a pen and paper to take notes. Where did I say I hated anything or body?

Which knowledge points did I lose with you?

What about my limited experience is ignorant in comparison to your vast experience?

Search out some of my earlier post and you will find many where I say I had a pretty poor opinion of FE agents before coming to this forum and reading post from guys like Newby. That is based on personal experience over a couple years of being an independent life insurance agent. Your experience over the years may be different. I would not be ignorant enough to guestion yours. That would just be stupid.

Torture myself? How so?

Read post from many new FE only agents that ask how to beat XYZ company. How many ask how do I fact find and add more coverage or value? It is about making a sale, I get it.

Again my post was based on my personal experience regularly working on traditional and FE. Your experience working in both must be different.

And I do not take it as hateful. Just you being you. And me being me.

----------

I have a question, how much experience do you have sitting across from captive Traditional agents like say from NY Life?

 

[liorselamb]

I can't imagine that agent don't know to call with the clients and remove a policy from bank draft. That works with all companies including LH. What LH does require to be notarized is the cash surrender form when the cash is more than $50. But since this about learning I'll give you another nugget of info, become a notary and then you can help with that too.

I've done that. It's easy and $30 later (in SC) I can notarize documents

 

[Lalyt93]

Excuse me if im just ignorant but why not just let the policy lapse im guessing they are taking premium directly from the bank I would advise th client to call there bank tell them something to the effect of them being scammed and to no longer allow the money to be withdrawn

 

[Norwayguy]

Excuse me if im just ignorant but why not just let the policy lapse im guessing they are taking premium directly from the bank I would advise th client to call there bank tell them something to the effect of them being scammed and to no longer allow the money to be withdrawn

They have not been scammed. Many banks will require a stop payment fee, why are you afraid to take the bull (LHL) by the horn and deal with company directly?