Legacy Safeguard

[goillini52]

Not sure why you're asking me....I'm not a lawyer. But I believe businesses that have memberships (Costco, Sam's Club, gym membership, etc.) have this type of verbiage.

Because it's part of the Legacy Assurance contract that you're so proud of.

 

[theinsuranceman]

Because it's part of the Legacy Assurance contract that you're so proud of.

Childish.....pure childish. Especially from a guy 70 years old.

 

[goillini52]

Childish.....pure childish. Especially from a guy 70 years old.

Childish?

Avoiding the question?

Thankfully I'm a few years away from 70.

 

[shonceman]

Childish.....pure childish. Especially from a guy 70 years old.

I'm not sure how it's childish to raise an objection. I'd actually like to know the answer! FE Life insurance is partly sold on its guarantees. If Legacy is bundled into the sale, I imagine most clients infer that it's guaranteed in the same way. Not my intention to pick on the product, but I think @goillini52 raised a valid point. So, if a client discovered this language (either on his own or with help from another agent) and called you about it, what would you say?

 

[DonP]

Greg's throwing around childish bets. All i know is every single house i enter with a Senior life policy its a high priced policy i replace . And i believe every single agent on this board says the same thing.Those are the facts on the ground. So these fantasy prices and underwriting Greg talks about are no were to be found . Most subjects on this board are corroborated by many agents . Every single thing Greg talks about is just from his mouth. How come there's not one other Senior life agent on this whole board who backs anything Greg ever says? Doesn't anyone find it odd if SL is such a great company we don't see one other agent touting them on here . In the end Gregs just a recruiter like many others on this board.GO GREG

 

[theinsuranceman]

I'm not sure how it's childish to raise an objection. I'd actually like to know the answer! FE Life insurance is partly sold on its guarantees. If Legacy is bundled into the sale, I imagine most clients infer that it's guaranteed in the same way. Not my intention to pick on the product, but I think @goillini52 raised a valid point. So, if a client discovered this language (either on his own or with help from another agent) and called you about it, what would you say?

I would do the same thing if Ms. Jones called and asked me anything about her policy that I was unsure of. I'd say "good question Ms.Jones, let's do a 3 way call with Legacy Assurance and find out".

Wouldn't you do the same thing if you received a question from a client that you weren't sure of?

That's why I said he was being childish above. Asking me a simple question with a simple answer in such a way as be saying "ha ha now what are you going to do"?

Tell him to humor me some more and I may buy him some bananas...lol.

 

[theinsuranceman]

Greg's throwing around childish bets. All i know is every single house i enter with a Senior life policy its a high priced policy i replace . And i believe every single agent on this board says the same thing.Those are the facts on the ground. So these fantasy prices and underwriting Greg talks about are no were to be found . Most subjects on this board are corroborated by many agents . Every single thing Greg talks about is just from his mouth. How come there's not one other Senior life agent on this whole board who backs anything Greg ever says? Doesn't anyone find it odd if SL is such a great company we don't see one other agent touting them on here . In the end Gregs just a recruiter like many others on this board.GO GREG

Childish bets? You are a broke fool trying to look somewhat important up here. The reason you don't see SL agents up here is because:
-this is a very, very, very small % of the industry
-most SL agents/managers/RVP's are making $$$ and not wasting their time up here (something I need to get back to doing).

Think about it. As much time as some members spend up here it's obvious they don't sell too much of anything. Like you.....lol.

 

[shonceman]

I would do the same thing if Ms. Jones called and asked me anything about her policy that I was unsure of. I'd say "good question Ms.Jones, let's do a 3 way call with Legacy Assurance and find out".

Wouldn't you do the same thing if you received a question from a client that you weren't sure of?

That's why I said he was being childish above. Asking me a simple question with a simple answer in such a way as be saying "ha ha now what are you going to do"?

Tell him to humor me some more and I may buy him some bananas...lol.

But I would only need to make that three way call one time. Then I would know the answer.

Really, in your heart, I think you know the answer. It's right there in the verbiage. It's not guaranteed. That doesn't mean it's not a value to the client, or that you shouldn't sell it. But in my opinion, it should be presented in a way that makes it clear that it's not part of the policy, but a separate item.

At one time insurance commissioners frowned upon "bundling", especially when a non-insurance item was bundled with insurance. I think it's because agents would imply that you couldn't get one without the other (which is a point @rousemark has raised before about Legacy Assurance). But it also leads to the other problem of the consumer perception that the membership is part of the policy, therefore subject to the same guarantees.

Of course it may be different if certain policies are only available to members of an association, like the NYL policy for AARP members, or the DI policy I obtained when I was a NAIFA member (but still get to keep even though no longer a member). But I haven't gotten the impression that Legacy Assurance is a required membership like that.

In any case, I don't have an issue with selling it as long as the client has the clear understanding that it's a separate membership program.

 

[rousemark]

Not sure why you're asking me....I'm not a lawyer. But I believe businesses that have memberships (Costco, Sam's Club, gym membership, etc.) have this type of verbiage.

Not the same Greg.... Costco, Sam's, etc. are not telling people that the items they sell are "locked in" for years to come.... That implies the product is "guaranteed" to be there when the client needs it. If I sell a renewable at the option of the company health plan, I explain the renewability provisions to the client. Does SL train their agents to do the same with Legacy Assurance?

 

[goillini52]

I would do the same thing if Ms. Jones called and asked me anything about her policy that I was unsure of. I'd say "good question Ms.Jones, let's do a 3 way call with Legacy Assurance and find out".

Wouldn't you do the same thing if you received a question from a client that you weren't sure of?

That's why I said he was being childish above. Asking me a simple question with a simple answer in such a way as be saying "ha ha now what are you going to do"?

Tell him to humor me some more and I may buy him some bananas...lol.

Way to duck the question. That's a very "FLIMSY" guarantee. If an agent runs into a SL policy, all they have to do is point out that worthless guarantee. Legacy Assurance can cease at any time.

I can't stand bananas.