Should I use Lincoln for final expense????Go to Top
Looking to get into Final Expense, presently I only have experience with MA and need to change my direction due to the new cms guidelines. I'm trying to figure out which company is the best to work with for final expense? I was on Lincoln's site, looked appealing. Anyone who can offer their advise I would appreciate.
Re: Should I use Lincoln for final expense????Go to Top
If you are talking about lincoln heritage, my own personal experience is they were just trying to sell me leads. Just my own experience. Some people may do fine buying the leads.
Re: Should I use Lincoln for final expense????Go to Top
When reviewing companies you may be requesting appointment with, I believe you may want to seriously look at the products as opposed the offering. It has been my experience, although extremely limited, that what might sound good from an agent offering stand point of the insurance company is not always the most liberal product. As an example: Americo offers final expense, but only to clients at least 50-80 years old. Lincoln offers final expense plans, including a Term product, 0-80, non-med. Now don't get me wrong, each company will have some benefit at some level specific point, so it might not be a bad idea to diversify.
Re: Should I use Lincoln for final expense????Go to Top
Originally Posted by Newby
That's true. Each company has strong and weak points.
Where Lincoln Heritage is strong is liberal underwriting, good riders, and a funeral assistance program.
Where they are weak is higher premiums and lower commissions than most other companies.
Not a terrible company. Just different.
I'm not finding LH's premiums to be out of line. I was told that they were by everyone on this board it seems, so, I went and got some other companies.
I just wrote a 69 year old male smoker with LH a $10,000 WL policy. Cost was $91/mo. Forethought was about $104 as was Chesapeake. RNA was $111/mo. The only comapny that I could find to beat it was Americo at $89/mo. I have the same contract with Americo as LH, but since it an LH lead, I wrote it with LH and the client got the funeral plan as well.
There are instances where those other companies are cheaper premium, but, not by much.
Re: Should I use Lincoln for final expense????Go to Top
Originally Posted by HomeService
I have a company here in TX I write- a smoker 69 male, it's $69 per month for 10K. They are not licensed in all states. Whole life.
Obviously, I didn't have access to that company. Still, people always claim that LH is high on their premiums as a blanket statement. They are not always higher priced. Plus, they have liberal underwriting and don't even do an MIB for policies under $20,000 on their final expense. They are an excellent company to work with. They are the most agent friendly of all the companies I have.
For that same 69 year old male smoker, their preferred whole life was $87/mo. He, nor I, felt that the extra underwriting was worth $4.
Re: Should I use Lincoln for final expense????Go to Top
Originally Posted by jdeasy
I'm not finding LH's premiums to be out of line. I was told that they were by everyone on this board it seems, so, I went and got some other companies.
I just wrote a 69 year old male smoker with LH a $10,000 WL policy. Cost was $91/mo. Forethought was about $104 as was Chesapeake. RNA was $111/mo. The only comapny that I could find to beat it was Americo at $89/mo. I have the same contract with Americo as LH, but since it an LH lead, I wrote it with LH and the client got the funeral plan as well.
There are instances where those other companies are cheaper premium, but, not by much.
Out of all of the companies that I'm aware of, United Teachers has the absoulute best Final Expense Plan I've ever written. Few Underwriting questions, immediate death benefit, additional riders and cheper premiums. Exe...for that same case that you wrote with LH..42.74/month for 10k. The only downside to this product is the issue age..45-85, but because I focus on the senior market does interrupt my business at all. I know a guy who writes tons of underage with another company and places all of his 45+ business whit United Teachers. You should call me if you want more info on this product.
Re: Should I use Lincoln for final expense????Go to Top
Originally Posted by damontjones
Out of all of the companies that I'm aware of, United Teachers has the absoulute best Final Expense Plan I've ever written. Few Underwriting questions, immediate death benefit, additional riders and cheper premiums. Exe...for that same case that you wrote with LH..42.74/month for 10k. The only downside to this product is the issue age..45-85, but because I focus on the senior market does interrupt my business at all. I know a guy who writes tons of underage with another company and places all of his 45+ business whit United Teachers. You should call me if you want more info on this product.
Re: Should I use Lincoln for final expense????Go to Top
Originally Posted by damontjones
Out of all of the companies that I'm aware of, United Teachers has the absoulute best Final Expense Plan I've ever written. Few Underwriting questions, immediate death benefit, additional riders and cheper premiums. Exe...for that same case that you wrote with LH..42.74/month for 10k. The only downside to this product is the issue age..45-85, but because I focus on the senior market does interrupt my business at all. I know a guy who writes tons of underage with another company and places all of his 45+ business whit United Teachers. You should call me if you want more info on this product.
512-531-1554
I apologize..I mis quoted in the previous posting. For some reason I read a 61yr old smoker male...the price for a 69yr old male smoker is 84.24/month. Still cheaper than LH and few underwriting questions.
Should I use Lincoln for final expense????
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