Can't Replace LH with Settlers? - Internal Replacement?

[Birdman300]

My understanding is LH is kind a weird place, they are Very in House with everything they do and want everything done there way. High Priced but they have an added feature where they have a program that works directly with the Funeral Homes. Therefore essentially adding a service to the client where they wouldn't have to worry about any arrangements while they grieve.

But I have heard they have an Independent Side, which has a weird system to it. I know people have worked there and they said it reminded them alot of Bankers Life.

I was never at LH but having a direct relationship with any funeral home is not my understanding of anything they offer. From my understanding, they have a program called Funeral Consumer Guardian Society that seems to be a completely separate legal entity. I think it was designed to create the perception of value in the eyes of the policyholder. The agents I spoke with claim they are taught to tell clients that if the policyholder dies within the contestable period then FCGS will act as a temporary payer of the policy to the funeral home even before the death claim is even filed with the carrier. And they also claim that FCGS will act as an intermediary with funeral homes on bahalf of the beneficiary to negotiate better pricing and not take advantage of the beneficiary during their time of grief.

I read the contract a few years ago and from what I recall it appeared that FCGS would essentially provide a LOAN to the policyholder on a case by case basis for a portion or percentage of the death benefit, but not the entire thing. And they have a person on staff that will provide some form of limited assistance to the beneficiary to help shop for and negotiate funeral pricing. I'm sure there are a few more details. That's my understanding...I may be wrong.

 

[FinalExpenseDojo.com]

My understanding is LH is kind a weird place, they are Very in House with everything they do and want everything done there way. High Priced but they have an added feature where they have a program that works directly with the Funeral Homes. Therefore essentially adding a service to the client where they wouldn't have to worry about any arrangements while they grieve.

But I have heard they have an Independent Side, which has a weird system to it. I know people have worked there and they said it reminded them alot of Bankers Life.

It's funny because most of the people I run into that own LH don't ever remember all that extra stuff... lol.

 

[Birdman300]

It's funny because most of the people I run into that own LH don't ever remember all that extra stuff... lol.

I spoke with a lady that swore up and down that she had insurance already and her agent told her that LH was the only company that doesn't have a two-year contestable period. I called the LH claims department and asked on speaker phone...they spilled the beans. She wasn't happy.

 

[Enter the Race]

It's funny because most of the people I run into that own LH don't ever remember all that extra stuff... lol.

Let's put it this way it was an Agent that told me that and when he explained it to me that is how I interpreted it.

 

[Todd King]

So are you saying that though you are Independent, Settlers wants you to "ACT" Captive

That is exactly what I'm saying. They would deny this, but it really is what they want. They really believe they are a go-to company. All they really are is a "go-to" when you've got nowhere else to go. That's all the "go-to" they will ever amount to until they wake up and realize what world they are really in. Personally, I think that means getting rid of Bontell. It might even mean getting rid of Michael Lowe, who readily admits he was thrown into the job and really knew nothing about running an insurance company. I had to learn very quickly. If I'm not mistaken, NGL bought them to bail them out after Martin R. Frankel ran his scam and put the company in peril. It was Michael Lowe that was hired as the corporate attorney to investigate and fix all the stuff that was going on, from a legal standpoint. NGL just kept him there to run the whole thing.

 

[Birdman300]

Does anyone on here use them consistently? Just curious.

 

[rousemark]

My understanding is LH is kind a weird place, they are Very in House with everything they do and want everything done there way. High Priced but they have an added feature where they have a program that works directly with the Funeral Homes. Therefore essentially adding a service to the client where they wouldn't have to worry about any arrangements while they grieve.

But I have heard they have an Independent Side, which has a weird system to it. I know people have worked there and they said it reminded them alot of Bankers Life.

The Funeral Advantage Program is nothing more than a gimmick.... They used to charge for it but I think they give it free now... Perhaps, they got tired of IAs replacing their business by telling folks that if they really liked the funeral advantage they could keep it and save more than enough with the new policy premum to pay for it.

 

[WinoBlues]

I listened to one of their people use it to disguise a Modified plan in a rewrite. A client's husband told me that LH was going to reinstate the wife's policy. and no contestability. That does not sound right I tell him. Then he tells me it is going to be twice the premium than before. Something like $240mo. I tell him that is not a reinstatement and it is probably a two year modified plan. Nope, he says. Yup, I say. So he calls them, I am listening as he asked if the funeral would be paid if she died later this year. This girl goes into this wordy diatribe about them working with the funeral home on their behalf. Completely glossed over the ROP for two years. The husband is giving me the thumbs up thinking they were good. So I chime in and say I am the brother. I ask if Mary dies Next month, Next year or the year after will the the policy pay out the whole death benefit? She starts with the Funeral Advantage stuff again. I stop her and ask again. She finally replied that they would return premium plus interest. So I wrote AIG GI

The thing is I left those policies alone years ago when I saw my LH buddy's card on the refrigerator. I did text him a pic of my card on top of his. So anyway when the insured called in instead of calling my buddy and saying hey your client needs a new policy this girl rewrites it. Not cool!

 

[Birdman300]

The thing is I left those policies alone years ago when I saw my LH buddy's card on the refrigerator. I did text him a pic of my card on top of his. So anyway when the insured called in instead of calling my buddy and saying hey your client needs a new policy this girl rewrites it. Not cool!

THAT is what I need to start doing.

 

[Enter the Race]

I listened to one of their people use it to disguise a Modified plan in a rewrite. A client's husband told me that LH was going to reinstate the wife's policy. and no contestability. That does not sound right I tell him. Then he tells me it is going to be twice the premium than before. Something like $240mo. I tell him that is not a reinstatement and it is probably a two year modified plan. Nope, he says. Yup, I say. So he calls them, I am listening as he asked if the funeral would be paid if she died later this year. This girl goes into this wordy diatribe about them working with the funeral home on their behalf. Completely glossed over the ROP for two years. The husband is giving me the thumbs up thinking they were good. So I chime in and say I am the brother. I ask if Mary dies Next month, Next year or the year after will the the policy pay out the whole death benefit? She starts with the Funeral Advantage stuff again. I stop her and ask again. She finally replied that they would return premium plus interest. So I wrote AIG GI

The thing is I left those policies alone years ago when I saw my LH buddy's card on the refrigerator. I did text him a pic of my card on top of his. So anyway when the insured called in instead of calling my buddy and saying hey your client needs a new policy this girl rewrites it. Not cool!

Not to disrespect the person on the phone, but she sounds like a customer service rep just following a script, and just kept trying to re route the question. Probably wasn't trained to answer those questions but were good enough to re route the question had you not been there.

At the same time though how many other carriers could someone find an issue with if they really tried.