Lincoln Heritage Life Ins Co

[MisterRandyWatson]

And it's apparently not a problem for your integrity. How can you sleep at night knowing you can do so much better for your clients?

Jeez.

Don't get me wrong, I love Lincoln Heritage policies (I've replaced 2 of them in the last 10 days), but I can conceive of a reality where people can both write LH policies AND not lack integrity.

What if it's been an LH agent's experience that LH pays death claims quickly, or that the company has superior customer service, or that the funeral planning add-on really saves clients a substantial amount of money, et cetera? I would think there's more to the equation than simply "who has the lowest rates?"

If Shenandoah comes out of receivership with the lowest rates in the industry, will you lack integrity as an agent if you don't replace all your policies with Shen policies?

 

[sman]

Quality of company definitely comes into play. As I stated earlier, I don't do FE. But I doubt very seriously I'd touch Shenandoah with a ten foot pole after what they put people through.

As several have stated, there are many quality carriers that are less expensive than LHL. If LHL is a couple of dollars more expensive, no big deal, but when they are $10, $20 or even $30 more expensive per month, whose interest are you looking out for at that point? When LHL is the right fit for the client, sell it. But we both know that's not always the case

I've known many an agent who would write business based on how much commission they made and how quickly it was paid. You act as if there are no agents out there placing their own interests ahead of the clients. You're delusional if you think that's the case.

I see it all day long on the investment side. I can't tell you how many people I come across that are in some 10-15 year surrender index annuity. I personally know some guys who somehow seem to think it's the perfect fit no matter the situation. Square peg, round hole comes to mind. They have their place, but it's not for everyone.

This industry is full of people who have convinced themselves they are doing the right thing for the client when in reality they are only looking out for themselves.

Jeez.

Don't get me wrong, I love Lincoln Heritage policies (I've replaced 2 of them in the last 10 days), but I can conceive of a reality where people can both write LH policies AND not lack integrity.

What if it's been an LH agent's experience that LH pays death claims quickly, or that the company has superior customer service, or that the funeral planning add-on really saves clients a substantial amount of money, et cetera? I would think there's more to the equation than simply "who has the lowest rates?"

If Shenandoah comes out of receivership with the lowest rates in the industry, will you lack integrity as an agent if you don't replace all your policies with Shen policies?

 

[MisterRandyWatson]

You act as if there are no agents out there placing their own interests ahead of the clients. You're delusional if you think that's the case.

I act no such way. I never said that nor inferred that. Nice straw man though.

The ONLY point I was making is--wait for it, wait for it, wait for it--you can both write Lincoln Heritage AND have integrity because there's a lot more to the equation than who has the lowest rates.

 

[Newby]

I act no such way. I never said that nor inferred that. Nice straw man though.

The ONLY point I was making is--wait for it, wait for it, wait for it--you can both write Lincoln Heritage AND have integrity because there's a lot more to the equation than who has the lowest rates.

I agree with you that it's not all price. If you truely believe that one company has quality features over another and is in the right ballpark.
The rapid death settlement that is built into LH, ForeThought and a few other companies is a value add for sure. It can be added to any company for 3% at the time of death. SO if anyone is paying more than 3% higher premium for that they are overpaying. Plus at 3% they are better off waiting until the time of death to see if they even need it.
The Funeral Consumer Benefit in my opinion is a complete sham. If someone really thinks they need a 3rd party to shop funeral homes for them they can join REAL funeral consumer societies to do it. The fee is around $60 for LIFETIME membership. Ask the real societies what they think of Lincoln Heritage's version for an eye opener. Also just tell your customers to call YOU if they want to. I guarantee you I can serve the family better than LH can. I can order a WalMart casket and shop prices and they don't have to overpay for their FE policy to get it.

 

[Johnnyboy29073]

And it's apparently not a problem for your integrity. How can you sleep at night knowing you can do so much better for your clients?

Agents like you only interested in making a quick buck are why CMS stepped in on MA plans.

Some of us believe we have a duty to help our clients. Apparently you and JohnnyBOY don't have the same beliefs. (But I bet you both are good Christians).

Rick

You have no currency here.

 

[GreenSky]

You have no currency here.

I don't have time to read the posts of all those who agree with you Johnboy.

All you had to post was that LHL is more expensive than others but in some cases they have their place. Instead you decided to go off on defending their rates for healthy people.

You clearly have limited ethics and will be back to selling used cars shortly. Or were you selling 1% mortgages. I forget.

Will you point out in your next post that you don't have time for this?

Rick

 

[theinsuranceman]

And it's apparently not a problem for your integrity. How can you sleep at night knowing you can do so much better for your clients?

Agents like you only interested in making a quick buck are why CMS stepped in on MA plans.

Some of us believe we have a duty to help our clients. Apparently you and JohnnyBOY don't have the same beliefs. (But I bet you both are good Christians).

Rick

Here's why I think LH's premiums are on the high side:

Their policies come with an accidental death rider that is superior to most other ADD plans. Here's what is included:

(1) Accidental Death.......................................$5000.

(2) Single dismemberment...............................$2,500.

(3) Death due to auto accident......................$10,000.00

(4) Deat due to common carrier accident..........$20,000.00

(5) Death due nact of war or terrorism.............$20,000.00

(6) Transportation of mortal remains.................$1,000.00 (If they die while out of town or out of state)

PLUS: Automatic enrollment in the Funeral Consumer Guardian Society

Probably biggest reason is the underwriting is so liberal and the MDB ages 0-85, not ages 45-80 as with most other Co.'s.

They have their Preferred Plan for healthy people which I've heard is very price competitive.

When I sell a FE policy I don't hold a gun to their head and make em buy. They make the choice and decision to purchase, not me. I just show them what I have available.

If you think that clients are being mis-treated because they are not being shown the cheapest premium on the market....well that's like one grocery store selling steaks $0.20 per pound more than another grocery store. Is the more expensive store mis-treating its customers? (Maybe they're just selling a slightly higher quality steak?)

And probably just as important, when you or the client dials the Home Office....a real human being answers the phone, usually within 3-4 rings.

PS Rick: I was going to pull for you winning the Ca. Insurance Commissioner position, but now I'm not so sure.

 

[WinoBlues]

I do not sell LH. I would if it fit. Has not so far. My biggest problem is with the managers/GAs I have been aware of.

But I give you props for your level, if not slanted, response.

Here's why I think LH's premiums are on the high side:

Their policies come with an accidental death rider that is superior to most other ADD plans. Here's what is included:

(1) Accidental Death.......................................$5000.

(2) Single dismemberment...............................$2,500.

(3) Death due to auto accident......................$10,000.00

(4) Deat due to common carrier accident..........$20,000.00

(5) Death due nact of war or terrorism.............$20,000.00

(6) Transportation of mortal remains.................$1,000.00 (If they die while out of town or out of state)

PLUS: Automatic enrollment in the Funeral Consumer Guardian Society

Probably biggest reason is the underwriting is so liberal and the MDB ages 0-85, not ages 45-80 as with most other Co.'s.

They have their Preferred Plan for healthy people which I've heard is very price competitive.

When I sell a FE policy I don't hold a gun to their head and make em buy. They make the choice and decision to purchase, not me. I just show them what I have available.

If you think that clients are being mis-treated because they are not being shown the cheapest premium on the market....well that's like one grocery store selling steaks $0.20 per pound more than another grocery store. Is the more expensive store mis-treating its customers? (Maybe they're just selling a slightly higher quality steak?)

And probably just as important, when you or the client dials the Home Office....a real human being answers the phone, usually within 3-4 rings.

PS Rick: I was going to pull for you winning the Ca. Insurance Commissioner position, but now I'm not so sure.

 

[GreenSky]

Here's why I think LH's premiums are on the high side:


PS Rick: I was going to pull for you winning the Ca. Insurance Commissioner position, but now I'm not so sure.

While I don't agree with your reasoning, thanks for finally posting your views.

As far as my run for commissioner, please reconsider. I'm sure your "pull" would be all I need to make up the 2M votes I'm short.

Rick

 

[MisterRandyWatson]

I agree with you that it's not all price. If you truely believe that one company has quality features over another and is in the right ballpark.
The rapid death settlement that is built into LH, ForeThought and a few other companies is a value add for sure. It can be added to any company for 3% at the time of death. SO if anyone is paying more than 3% higher premium for that they are overpaying. Plus at 3% they are better off waiting until the time of death to see if they even need it.
The Funeral Consumer Benefit in my opinion is a complete sham. If someone really thinks they need a 3rd party to shop funeral homes for them they can join REAL funeral consumer societies to do it. The fee is around $60 for LIFETIME membership. Ask the real societies what they think of Lincoln Heritage's version for an eye opener. Also just tell your customers to call YOU if they want to. I guarantee you I can serve the family better than LH can. I can order a WalMart casket and shop prices and they don't have to overpay for their FE policy to get it.

This is all some excellent information; and I don't disagree with any of it.

My main beef is with the how-can-you-sleep-at-night melodrama and subsequent butthurt all this nonsense causes. I won't discourage anyone from selling LH. We should be so lucky that every prospect we sit in front of has an LH policy already.

Well, actually I do have TWO problems with Lincoln Heritage policies: 1.) that there aren't more of them for me to replace in my sales territory; and 2.) apparently LH doesn't teach its career agents to ask for and run referrals very effectively.

When replacing a policy, I always ask, "who else of your friends and family did the Lincoln Heritage agent go see?" But the LH man never seems to have asked for referrals. Bummer. I would love to be able to find a LH agent's referral chain, and gobble those up like Pac-Man chasing ghosts.

I suppose the LH's qualified lead program must be friggin' awesome since they're apparently too swamped to trifle with referrals.