Can I replace my LH business?

[noah]

There are a gang of agents contracted with an IMO near me that are replacement artists. They will replace your T policies NT,lie and run down good companies just to replace. They don't explain the contest ability period. They write a lot of Columbian. I guess they don't run a script check or do a phone interview?

 

[tikibarrister]

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?

What if he got them first day coverage?

 

[Newby]

I have been asked this very question many times through the years. Here is what I always say: Just buy NEW leads and work like normal. Occasionally someone you sold before will be one of your new leads. They are actively shopping again. Meet with them and handle it exactly the same way you would do if you were not the agent of the LH policy. Replace it if it's in the best interest of the client meaning a better enough price that YOU would do the same if it were your own mother. And obviously they need to fit cleanly with the underwriting.

But to actively go after all your old customers you sold is what weak agents do. Those guys never last long in this biz. And you already know it is wrong.

 

[rousemark]

What if he got them first day coverage?

Still going to take longer to settle the claim and it might not pay because it is still in the contestable period. The LH policy would pay immediately since it would not be contestable..

 

[rousemark]

There are a gang of agents contracted with an IMO near me that are replacement artists. They will replace your T policies NT,lie and run down good companies just to replace. They don't explain the contest ability period. They write a lot of Columbian. I guess they don't run a script check or do a phone interview?

Columbian doesn't have the phone interview anymore but they do a script check and MIB on every app.

 

[WinoBlues]

What if he got them first day coverage?

Per many of the FE gurus, a big percentage to contestable claims are not paid.

Not my experience. However, mine is a mix of traditional and SIWL

 

[WinoBlues]

Still going to take longer to settle the claim and it might not pay because it is still in the contestable period. The LH policy would pay immediately since it would not be contestable..

My experience is that LH pay very quickly.

 

[GMDM100k]

If , at any time, you induce, attempt to induce, or assist in inducing a policy holder to surrender, lapse, relinquish, convert to reduced paid up, or otherwise reduce the policy value, you will not satisfy your eligibility requirements to continue to receive future commissions from Lincoln.

So in other words. If you replace any policies and they find out, you will lose any money they are sending you every month.

You shouldn't have to worry about vector if you don't have any debt. If you do, they would remove you from vector if you set up payment arrangements and ask them nicely.

 

[Rearden]

Let sleeping dogs lie.

 

[noah]

Columbian doesn't have the phone interview anymore but they do a script check and MIB on every app.

So how did they not pick up insulin and gabapentin ?

The box checked no in part 2 off the app that asks about neuropathy.

Policy issued 1st day coverage instead of graded.

I also reviewed an LBL policy on the spouse that's preferred and the spouse was on insulin and gabapentin.....that's MWL 3 year wait.

These are brand new policies issued 04/20 and they have been on the meds had the complications prior to the app being taken.

They were already covered with RNA issued in 2017,the correct company.

The replacing agent told them RNA was "not a good company".