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When my wife's grandmother passed, I recommended Costco. Even though it would have been there in time, they didn't want to chance it.
Paid triple for peace of mind and having it taken care of by the local funeral home.
Fex Contracting or the Insurance Squad
- Thread starter Kayla Hall
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- final expense insurance
When my wife's grandmother passed, I recommended Costco. Even though it would have been there in time, they didn't want to chance it.
Paid triple for peace of mind and having it taken care of by the local funeral home.
- 26,134
= life insurance
And, likewise they would not have wanted to take a chance on SL getting it there in time..
Would be interested to know what percentage of policyholders ever get anything for their $3 per month by actually using Legacy.. ...Can you imagine how much money they make at $3 per month on the policies that lapse along the way and are not in force at death?
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And, likewise they would not have wanted to take a chance on SL getting it there in time..
Would be interested to know what percentage of policyholders ever get anything for their $3 per month by actually using Legacy.. ...Can you imagine how much money they make at $3 per month on the policies that lapse along the way and are not in force at death?
That's like you asking "I'd be interested to know what percentage of policy holders ever get anything for their $60 per month premium using xyz carrier...can you imagine how much money they make at $60 per month on the policies that lapse along the way and are not in force at death"?
To edumicate you Rouse:
If a SL policy lapses the Legacy membership continues as long as their $3 monthly membership is paid. The deceased's family would still enjoy the Legacy savings, even though the insurance was not in force. Remember, the $3 monthly membership is just like a $3 monthly insurance premium that is providing $3500 in death benefits (the approx. savings that Legacy provides).
In fact, the Legacy savings start the very first day their membership starts....even for the MDB and GI crowd. IMMEDIATE savings of approx. $3500 for someone predicted to pass away any day! Legacy has high margins at the $3500 threshold. Can you imagine how much higher the margins are for the funeral home charging $7500 when Legacy can charge just $3500?
If a SL policy is lost, but still in force via bank draft, the family can find that out just by looking at a bank statement. The Legacy draft is on the bank statement as a separate entry which makes it that much easier to know the deceased had Legacy.
Rouse that should answer your questions.
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Man what would Greg do if we could offer Legacy Assurance with indy products?
Currently that's a no go. We've called and asked.
Greg would be doing the same thing he does now and has done for the last 20 years.....Setting appointments, door knocking, recruiting, and teaching agents how to be successful selling FE....field sales OR tele-sales. Why would I do anything different?
Hoosier, aside from SL being overpriced, how do you overcome this? According to Legacy, they negotiate with the funeral home to meet their price. If they agree, Legacy advises the the family to accept the funeral homes casket, since it's already on site. However, if the funeral home refuses, Legacy says they guarantee shipment to the funeral home within 36 hours. I have not heard of any family preparing a funeral and burying their loved ones within 4-days after death or release from the morgue. What I neglected to ask Legacy is whether or not a SL insurance policy is a prerequisite for becoming a member.
Hoosier, aside from SL being overpriced, how do you overcome this? According to Legacy, they negotiate with the funeral home to meet their price. If they agree, Legacy advises the the family to accept the funeral homes casket, since it's already on site. However, if the funeral home refuses, Legacy says they guarantee shipment to the funeral home within 36 hours. I have not heard of any family preparing a funeral and burying their loved ones within 4-days after death or release from the morgue. What I neglected to ask Legacy is whether or not a SL insurance policy is a prerequisite for becoming a member.
(sorry for the duplicate response. i'm just now figuring out how to reply to a specific individual. this thing doesn't come with instructions)
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How much? lol
- 7,012
Obviously from Greg's response they can still keep the benefits of Legacy Assurance even if their policy lapses.
I only ran into one SL policy in my career. I replaced it and then they called in that same day and saved it.
It was early on in my career and I was replacing GI with GI.
If I knew then what I know now, I probably would have just recommended them to keep Legacy Assurance and the Vantis policy I sold them. Get the best of both worlds.
Don't know about where you live but comparable caskets do not cost $7500 in our area at the funeral home.. They are much less than that, more in the $2500-$3500 range.. Of course you would expect them to be higher years from now..
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