Leaving Company
- Thread starter dan58
- Start date
- 4,686
The real question I have is why are you leaving that fine organization?
- 9,744
Don't know if you'll loose them (depends on how tight they are). You might lose them though.
We all know how bad LH gets trashed in this forum but in reality I am sure many fine people do work for the organization. I am assuming you are trying a different endeavor and if it is in the FE arena no matter where you might be going you will probably be making a giant leap forward. Good luck to you.
As far as the commissions it is a crap shoot at best. If your paid heavily up front make sure you get paid before you tell them your leaving. Any future earned commissions I wouldn't count on. Companies like Lincoln Heritage and First Financial have very deceptive ways of robbing you of your future earned commissions.
such as
licensing fees
e&o insurance
unpaid lead costs
charge backs
future cancellations
replaced policies ( by other LH agents)
and I am quite sure there will be others so grab your ass and spread your cheeks cuz it just might hurt!
- - - - - - - - - - - - - - - - - -
the fact that you mentioned on this forum your plans it show you have balls. you have to assume LH monitors this site and your upline already knows of what your intending to do.
again GL
As far as the commissions it is a crap shoot at best. If your paid heavily up front make sure you get paid before you tell them your leaving. Any future earned commissions I wouldn't count on. Companies like Lincoln Heritage and First Financial have very deceptive ways of robbing you of your future earned commissions.
such as
licensing fees
e&o insurance
unpaid lead costs
charge backs
future cancellations
replaced policies ( by other LH agents)
and I am quite sure there will be others so grab your ass and spread your cheeks cuz it just might hurt!
- - - - - - - - - - - - - - - - - -
the fact that you mentioned on this forum your plans it show you have balls. you have to assume LH monitors this site and your upline already knows of what your intending to do.
again GL
Last edited:
- 344
If you are receiving an advance, you will be asked to repay this loan (on all your advances). nfl got it right, LH makes it hard on those who leave.
not quite sure about the advance thing. I beleive you will be ok on the advance monies you received as long as the insured continues to pay the money. My concern would be from what LH and others are known to do. They give the policies to other agents and hope they can rewrite them thus hitting you with a chargeback.
That is exactly what First Financial did to me. A year after I left them they sent me a bill for close to $750 for a few chargebacks that I got hit with which I was never given a chance to save. I found out after the fact they were rewritten by other agents at First Financial. Keep in mind they held back ten percent on everything ever sold to cover future chargebacks after you leave.
I did raise a stink with the state of MIchigan and have not been sent another bill since that time. What really burned me was I was never given notice that they thought I owed them money at all. I receved a collection notice from an agency and when they told me what it was about I hit the roof. It is illegal for them to go to a collection agency without coming to me first. I have perfect credit and was more concerned about the credit rating than the money. The collection notice never appeared on my credit and I never paid the money.
Some Ex insurance companies are like jilted lovers. Everything is hunky dory if your making them money but when you leave they get all dirty, filty and low down and go for your juglular because they feel slighted.
LH, and First Financial are great examples of companies pulling out all stops because of their greed for money.
That is exactly what First Financial did to me. A year after I left them they sent me a bill for close to $750 for a few chargebacks that I got hit with which I was never given a chance to save. I found out after the fact they were rewritten by other agents at First Financial. Keep in mind they held back ten percent on everything ever sold to cover future chargebacks after you leave.
I did raise a stink with the state of MIchigan and have not been sent another bill since that time. What really burned me was I was never given notice that they thought I owed them money at all. I receved a collection notice from an agency and when they told me what it was about I hit the roof. It is illegal for them to go to a collection agency without coming to me first. I have perfect credit and was more concerned about the credit rating than the money. The collection notice never appeared on my credit and I never paid the money.
Some Ex insurance companies are like jilted lovers. Everything is hunky dory if your making them money but when you leave they get all dirty, filty and low down and go for your juglular because they feel slighted.
LH, and First Financial are great examples of companies pulling out all stops because of their greed for money.
Do ALLL of your contracting with your new companies while you're still contracted with LH, that way you dont have any vector issues.
There is a good chance they will put you in a 6 month pending situation where, they wait to see what business of yours stays on the books before they finalize your "official debt" with them. Naturally you wait til the end of this 6 month period to see what your bill is, and in the mean time they report your charge backs to Vector.
I learned this the hard way with a company back in my captive days.
There is a good chance they will put you in a 6 month pending situation where, they wait to see what business of yours stays on the books before they finalize your "official debt" with them. Naturally you wait til the end of this 6 month period to see what your bill is, and in the mean time they report your charge backs to Vector.
I learned this the hard way with a company back in my captive days.
- 897
Feel free to call me. I was a top manager and can break it all down for you and what to expect. It would be way to long of a post to put it all on here. But, in a nutshell:
You will get a letter with a 30 day term and requesting all money's back. Lead charges, chargebacks and advances assuming you are leaving under 2 years? The letter will threaten you with Vector.
Next letter will come after 30 days. It will give you another 30 days and ask you set up a payment plan and the balance will now be a bit different. Higher or lower.
Next, they roll all you debt to your upline. Their biz model is set up expecting YOU won't pay it off. So the manager's paythru will and then will keep your earnings. THAT is how some veteran managers look like they're sooooo successful there. Then it will be up to the manager to come after you for the money which 99% of them don't.
As far as getting paid on biz...it just depends. If they know you're leaving(which you did post this in the open public????), then they will NOT pay you another dime. It's a simple phone call to the home office.
Feel free to contact me if you have any other questions.
You will get a letter with a 30 day term and requesting all money's back. Lead charges, chargebacks and advances assuming you are leaving under 2 years? The letter will threaten you with Vector.
Next letter will come after 30 days. It will give you another 30 days and ask you set up a payment plan and the balance will now be a bit different. Higher or lower.
Next, they roll all you debt to your upline. Their biz model is set up expecting YOU won't pay it off. So the manager's paythru will and then will keep your earnings. THAT is how some veteran managers look like they're sooooo successful there. Then it will be up to the manager to come after you for the money which 99% of them don't.
As far as getting paid on biz...it just depends. If they know you're leaving(which you did post this in the open public????), then they will NOT pay you another dime. It's a simple phone call to the home office.
Feel free to contact me if you have any other questions.
- 8,707
How do they square that with a term in the contract saying you will be paid renewals as long as they are above $250 per month?
- 897
That's if you leave after 2 years. Under 2 years you're not fully vested.
Similar threads
