Can I replace my LH business?

[Keith Angelle]

I was with LH over two years and my contract vested. I did not write much business during my second year because I started smelling the stench. I was terminated for lack of production. Not a surprise.

I owe nothing to LH. No leads or debit balance. Most of my business is past the 9 month advance period.

I am not new to the insurance business, but I was new to FE. I didn't do my research but after a few months I learned that LH is possibly the most corrupt (at least to its agents) FE company out there. Lesson learned.

I am now Indy with a reputable IMO I found through this forum. I love everything about it.

I know that it is frowned upon to replace our own business, but jeez, this is LH I am talking about. Other than the LH Kool-Aid Guzzlers on this forum, I know that almost everyone would agree that my LH clients are better off somewhere else. I truly feel horrible about placing business with LH.

So...what can LH do if I replace my business? I wouldn't touch anything under 9 months to create a chargeback. If by chance I do create any chargebacks, I will pay any monies owed to LH immediately upon notice.

I do understand that I will receive comments stating that I should move on and forget about it.

I just want to know the legal and Vector ramifications.

Thanks.

 

[Life Hawk]

Thin line we walk young padawan.


The client needs to be the focus... placing them in a better position should be the end result. And so you know, I'm to old to drink kool-aid anymore.

Read your contract, vector issues arrise when advances are left unpaid.

Congratulations on moving past LH.

Choose wisely.

 

[Agentguy5]

At some point, we all have to look inside ourselves and ask "am I doing this for the better needs of my client, or am I just doing this to make another commission, a second commission?"

You can answer your own question!

 

[UKTX]

Likely to be some small print in your contract etc. Not worth the hassle.

Plenty more folks need what we have

 

[MrBob]

What does that LH policy look like to the next agent that wasn't you? If there are restrictions that prohibit or make it challenging for you to rewrite the business for the betterment of the client, is there any restriction on someone else replacing it? I would wager the answer is no, and that any other agent could replace that LH policy.

Perhaps there is a way for you to help the clients that you feel are burdened by those LH policies that doesn't expose you to whatever liability you may have signed up for if you were to go back and churn your old business and if there's a way for you to receive some compensation along the way, I imagine you wouldn't be against that either eh?

 

[Life Hawk]

@Keith Angelle send me the names, and a copy of the deck page and I'll do it for you... then you can sleep better at night.

 

[WinoBlues]

I have many clients that have LH policies. I can only think of a couple times that I have replaced them or any other company. Once I am their agent no other agent gets in.

Just go visit the clients. Write more coverage on them and their families and friends.

 

[Thedude]

You going to go back and replace every policy a year from now if the company you are writing is now not the cheapest thing?

You are an adult that apparently can't make your own decisions about who you work for and you now want to go back and replace all your business? You can't make new sales? If I heard an agent say this I'd be worried as hell haha peace!!

 

[Thedude]

And your chargeback comment tells us all we need to know about your motives. I'd be worried giving anyone like you a contract.

 

[Baseball7]

Ask yourself if the beneficiary call 23 months from now to tell you your client died would you be comfortable with the decision you made?