Client with Lincoln Heritage

[JFBAgent]

Have a 64 year old client who can't find his policy but says he has $8,000 Final Expense and he showed me in his checkbook ledger where he is paying $55 a month. Says he bought it last year.

I've read the posts where agents are saying they are way overpriced...does that face amount sound right?

 

[Rearden]

If in perfect health and non-smoker, YES -- it is overpriced.

...But, if he has health issues and smokes, could be accurate.

Please provide more information so we can better help you.

...And did the check ledger not list the company's name? Ask for his bank statement next time.

-Dave

 

[JFBAgent]

Thanks for reply.

Client is in good health but smokes.

Check ledger says Lincoln Heritage...

Hope that helps!

 

[BenS]

Doesn't seem right for LH. Maybe the agent put him down as a non-smoker? Only other thing could be that he's had it a lot longer than a year. Doesn't look like you'll be able to replace that on price.

One other thing to check... Make sure his face amount is actually $8,000. Sometimes people are a little embarrassed to tell you how much they have at first because it is a small amount.

 

[Rearden]

Just get the policy out or call Lincoln Heritage.

Your greed glands should be running hot now you know it's a LH policy.

 

[Newby]

It's probably a $4,000 with an accidental rider.

 

[360]

Policy to me looks like it's right in line with their preferred smoker rates including 4 units of their AD&D....that would put him at $55.40/mo.

 

[jacobtn]

Always call the carrier if they don't have the policy.

 

[RonRoberts]

Have a 64 year old client who can't find his policy but says he has $8,000 Final Expense and he showed me in his checkbook ledger where he is paying $55 a month. Says he bought it last year.

I've read the posts where agents are saying they are way overpriced...does that face amount sound right?

Let's assume worst case and he was 64 when he purchased the policy last year because that is what you have to compare to today:

Final Expense: $8000 @ $57.17/month No ADD
Preferred: $8000 @ $50.72/month No ADD
20 Yr Pay: $8000 @ $59.36/month No ADD

If you compare these figures to Foresters or Assurity you will find that LH is in the ball park. For smokers 50 and above you will find LH to be competitive...especially the preferred rates as far as SIWL...non smokers less competitive. And, for $4.00 (4 units) their ADD is a good deal.

So, in a nutshell LH is not always going to be as easy of a replacement as some think.
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Policy to me looks like it's right in line with their preferred smoker rates including 4 units of their AD&D....that would put him at $55.40/mo.

Brad, is their a company that you can't quote on the fly and compete against?

Just get the policy out or call Lincoln Heritage.

Your greed glands should be running hot now you know it's a LH policy.

No so fast quick draw!

 

[jdeasy]

Have a 64 year old client who can't find his policy but says he has $8,000 Final Expense and he showed me in his checkbook ledger where he is paying $55 a month. Says he bought it last year.

I've read the posts where agents are saying they are way overpriced...does that face amount sound right?

$8000 face for a 63 year old male would be $49/mo. non smoker and $57.16/mo for smoker.

For a 64 year old male it's $50.84/mo non smoker and $59.32/mo smoker.

LH rates are not terrible for male smokers. Still need to find out what he has for sure if you are looking to replace.

It cannot be the preferred plan because it's a $10,000 minimum.

Those prices are with none of the crappy AD&D added in.