Legacy from Senior Life. An alternative idea

[theinsuranceman]

SL has no a.m. best rating, and legscy assurance has no certifiable proof they will be able to back up their claims on funeral merchandise years into the future. It all sounds well and good but it's no better than a prescription discount card used to induce a sale.

I pay auto insurance premiums and I may never have an accident to collect any $$$. But I continue to pay the premium each month.

Legacy's savings have a higher probability of being used than my auto insurance being used. And my auto premium is so much higher too.

Nothing in life is really guaranteed for any of us except death.

 

[myinsurebiz]

Don't forget Legacy not only provides $4000-$5000 discounts on the total price of the casket, vault, and monument (and urn) as well as negotiating the price of the funeral/cremation with the funeral home on behalf of the family. Legacy has added: discounts on diabetic socks, diabetic shoes, hearing aids, free annual hearing exam, 24 hour tele-medicine AND these savings are included for up to a max. of 4 family members completely free.

$0 consultants? Or is there a fee each time?

 

[theinsuranceman]

$0 consultants? Or is there a fee each time?

Fee for telemedicine, kinda like paying a copay fee at the doctor's office.

 

[titeye]

6 months ago I had a 22 year old guy who issued $20k-$28k each month who lived out west. He moved back to Fl and he was transferred to the RVP of south FL. Didn't faze me at all. Why? Because it's best to worry about things you can change, not things you cannot change.

As a general rule, SL doesn't allow agents from jumping around from mgr. to mgr. And mgr.'s don't usually tolerate it either. Creates too much friction. We're on the same team and have a gentleman's agreement about these matters.

I don't know if I agree with you here. It sounds to me like you work for SL, rather than you running and controlling your own business. If it's your business and it's your agent writing $20k plus per month, how do you justify SL taking $4,000-$5,000 per month away from you and still call it "your business"? Please explain how that makes sense, because according to you, that's over $50,000 per year. I don't know of any small business that doesn't care about losing that kind of money. I assume you have grown accustomed to a certain standard of living from this source of income: private schools for children, college funding, more expensive home in better neighborhoods, retirement plans in effect, ect.
Also, what team are you talking about? SL doesn't lose one red cent by transferring your agent(s) to another RVP. You are the only loser in this scenario, yet you still feel like you all are on the same team. How do you benefit from this situation? Would you mind addressing those issues for the forum?

 

[titeye]

That's correct. That's why AM Best doesn't guarantee anything to anyone.

Sr Life meets the financial requirements of each state dept. of insurance it does business in. That's all that matters. BBB and AM Best are of little value. All you have to do is purchase a membership and then they'll say nice things about you.

Greg, that still does not answer the question as to "why" SL does not have an AM Best rating, when every other major carrier does. They, too, meet the state dept. of insurance requirements. Don't they? The general public does not remember Settlers. However, they do "perceive" an AM Best rating to be useful in determining the financial stability of the insurance company.

 

[rousemark]

You don't - so what's your point?
Every company has their own marketing selling points and value propositions.

If you have COPD and don't smoke LBL does the job...but I'd bet there are thousands of policies that were written at other carriers that are graded/modified for those same COPD sufferers...

Aetna Accendo is level for both smokers and non smokers with COPD.

 

[rousemark]

I don't know if I agree with you here. It sounds to me like you work for SL, rather than you running and controlling your own business. If it's your business and it's your agent writing $20k plus per month, how do you justify SL taking $4,000-$5,000 per month away from you and still call it "your business"? Please explain how that makes sense, because according to you, that's over $50,000 per year. I don't know of any small business that doesn't care about losing that kind of money. I assume you have grown accustomed to a certain standard of living from this source of income: private schools for children, college funding, more expensive home in better neighborhoods, retirement plans in effect, ect.
Also, what team are you talking about? SL doesn't lose one red cent by transferring your agent(s) to another RVP. You are the only loser in this scenario, yet you still feel like you all are on the same team. How do you benefit from this situation? Would you mind addressing those issues for the forum?

The only way I would perceive that as fair would be if an agent moved to NC from FL then they would transfer that agent to Greg..

 

[theinsuranceman]

Greg, that still does not answer the question as to "why" SL does not have an AM Best rating, when every other major carrier does. They, too, meet the state dept. of insurance requirements. Don't they? The general public does not remember Settlers. However, they do "perceive" an AM Best rating to be useful in determining the financial stability of the insurance company.

Man I don't know. I've heard AM Best requires a $60k fee to be included by them. If you know how the BBB works it would be easier to understand. In 21 years straight of selling FE I can't recall ever being asked by a prospect about the AM Best rating. With the BBB all you do is cough up a membership fee and they'll say nice thing about you even if you have negative reviews on ripoffreport.com. AM Best is the same way I think. Settlers had an A- AM Best rating but the very next day they were in receivership with the Va. Dept. of Ins. Shows how useless an AM Best rating is.

I'm sure annuity prospects would probably be concerned with AM Best, Moody's, the whole 9 yards.

If you really want an answer call the home office and ask them. Remember, Dept. of Insurance trumps AM Best, BBB, Moody's, and any other organization out there.

 

[rousemark]

Man I don't know. I've heard AM Best requires a $60k fee to be included by them. If you know how the BBB works it would be easier to understand. In 21 years straight of selling FE I can't recall ever being asked by a prospect about the AM Best rating. With the BBB all you do is cough up a membership fee and they'll say nice thing about you even if you have negative reviews on ripoffreport.com. AM Best is the same way I think. Settlers had an A- AM Best rating but the very next day they were in receivership with the Va. Dept. of Ins. Shows how useless an AM Best rating is, especially for FE.

I'm sure annuity prospects would probably be concerned with AM Best, Moody's, the whole

If you really want an answer call the home office and ask them. Remember, Dept. of Insurance trumps AM Best, BBB, Moody's, and any other organization out there.

The Settlers BK had nothing to do with their final expense.. It was very profitable.

 

[theinsuranceman]

The only way I would perceive that as fair would be if an agent moved to NC from FL then they would transfer that agent to Greg..

I don't know if I agree with you here. It sounds to me like you work for SL, rather than you running and controlling your own business. If it's your business and it's your agent writing $20k plus per month, how do you justify SL taking $4,000-$5,000 per month away from you and still call it "your business"? Please explain how that makes sense, because according to you, that's over $50,000 per year. I don't know of any small business that doesn't care about losing that kind of money. I assume you have grown accustomed to a certain standard of living from this source of income: private schools for children, college funding, more expensive home in better neighborhoods, retirement plans in effect, ect.
Also, what team are you talking about? SL doesn't lose one red cent by transferring your agent(s) to another RVP. You are the only loser in this scenario, yet you still feel like you all are on the same team. How do you benefit from this situation? Would you mind addressing those issues for the forum?

I have to follow their procedures, underwriting, etc. All agents have to do that with the carriers they write for. Your figure seem to be assuming I had a 20% to 25% over write. I only had a 5 point spread on this young beast. I take care of producers like that.

As a side note, some of his leads would be in gated communities. I heard he started dressing up like a UPS driver to get thru the guard at the gate to door knock the leads. That deserves an A for originality...lol.

I'd prefer to have him but tis is the life of someone in sales...lol. I don't let mud holes take me off my path. I either step around it or over it or in it and keep right on trucking.