Anyone Hear of Lincoln Heritage Life?

[jdeasy]

Yesterday, I sold a $20,000 standard WL to a previous heart patient who had also beat cancer 3 years ago. Even though the rates are slightly higher for standard final expense policies, the health questions only go back 2 years, and they don't even consider health circumstances that many companies decline outright. I don't buy their leads, but I have managed to generate my own. If a client is healthy and looking for a large face amount term or UL, I've been running them through AGLA, as the rates and ABRs are a great selling point. However, there are a high percentage of "uninsurables" in my area of the country, and Lincoln Heritage fits in well many times.

"Slightly"higher???? Most good FE companies only ask 2 years and many will cover people that LH won't. For instance, LH won't give immediate coverage to a person on Plavix. Almost every other company will and do it at much lower cost. coumadin is another.

LH offers nothing to the FE except high rates for the consumer and bad treatment to the agents that sell it. If you don't know about that last part, you haven't been with them long enough. That is an education that will come.

 

[EB34]

How are the agents treated badly? Is there something else I should know about them?

 

[jdeasy]

How are the agents treated badly? Is there something else I should know about them?

There's lots you should know about them.

Try leaving them and when your renewals get below $250/mo., they keep them. It's doesn't roll to the next month, they keep it.

I just had a friend of mine that was working for LH. He sold a policy about a year ago to a guy for $60/mo. The guy recently wanted to add coverage, but, couldn't find the agent's number. He called LH and asked how to get in touch with him. They sent the request to his manager. The manager called the guy and told him that the AOR didn't work for LH anymore and went down himself and wrote the additional coaverage. End up paying about $100/mo. for $9000 coverage. When the agnet found out what happened he called LH and complained. LH promptly terminated his contract.

The client was livid because LH had lied to him. He dropped the policy. Good for him as I was able to go write him and get him $10,000 whole for about $70/mo.

These are just recent examples. There are many, many more. The agent that was terminated is getting around $275/mo in renewals. As soon as that drops below $250, he's toast. On a quiet night you can hear LH going chaaching!

 

[EB34]

Thanks for the insight. However, my contract I signed states that the allowable monthly renewal commission minimum is $100/month. If something has changed, wouldn't I legally have to sign a new contract?

 

[jdeasy]

Thanks for the insight. However, my contract I signed states that the allowable monthly renewal commission minimum is $100/month. If something has changed, wouldn't I legally have to sign a new contract?

You are not reading it correctly. That $100 is a minimum deposit. That will roll over. Say you have $75 coming, they won't pay that because it's below the minimum. If the next week you have another$75 to make it $150, they will pay. The $250 in renewals is for everyone. It takes a lawyer to resd it the way LH has it drawn up, it did for me. However, they did use a lawyer when they made it.

Some things with LH cannot be taought. They have to be learned. It is quite an expensive lesson.

My attorney told me that , while it was legal, it did almost take a law degree to figure it out. LH has been challenged on it by much smarter people than you and I and they have been able to keep it intact.

 

[Newby]

Lincoln Heritage has been very good for me. Do not listen to JD. I think he has been raiding Charley Sheen's medicine cabinet.

Sing the company song now!

Lincoln, Lincoln, we ain't stinkin!
Lincoln, Lincoln, what you drinkin.
Lincoln, Lincoln, I been thinkin,
bout getting more Lincoln, Lincoln, Lincoln!

Thank yew! Thank yew vera much!

 

[EB34]

I've scowered my contract with a wire brush, and I can't find any reference to maintaining a due amount of $250 or above to maintain monthly renewals. I can't even find a reference to $250. Are you sure we're talking about the same contract?

 

[theinsuranceman]

The $250 figure is determined by your Regional Director. Some Reg. Directors have different thresholds. The renewals are not kept by the Co., they are kept by your immediate mgr. Hope this helps.

 

[magagent]

He is right, most renewals are kept by your manager. Most agents dont' read their contracts and then when they get screwed they come here and complain.

The $250 figure is determined by your Regional Director. Some Reg. Directors have different thresholds. The renewals are not kept by the Co., they are kept by your immediate mgr. Hope this helps.

 

[Texas Broker]

This is a great company. If you want advances there is no one that issues them quicker, their underwriting is consistent. They are a bit higher but they will write coverages others will not.

If an agent is complaining about Lincoln he probably owes them money and has left or been fired. They are not my primary company but they are honorable and reputable people.