Lincoln Heritage Marketer Conversation

[Birdman300]

Got a call today from LH Marketer. Interesting conversation. He asked about the commission levels I'm currently at (I told him a general average of all my carriers) and he tells me they offer 80% plus they will finance my leads for me. 80%????? (that's like 30 points lower...lol) FINANCE!!! REALLY??? He asked carriers I write with so I list a few...he starts to pick at them one by one. I listened patiently, then I responded by telling him that despite his perceived weaknesses of my carriers, those same carriers had replaced thousands of dollars in AP from LH. The phone went silent for a few seconds. He then started to inform me that LH was far superior because of all the benefits of LH compared to other carriers. I asked what those benefits are...he said they pay their claims within 24 hours. I'm still pretty new at this but 24 hours sounds pretty fast. Of course he added that the caveat is that the 24 hours only comes into play after the 24 month contestable period. I have no intention of adding LH, but I'd sure like to understand their products a little better. He also talked about this Consumer Guardian Society and how they supposedly pay out immediately for certain things while the claim is in process. Anyone know anything about this?

Also, what is the average time that most FE companies take to pay their claims (inside and outside the 24 contestable period)? Some other benefits that he talked about are:
1. They don't require SSN for the application
2. No height/weight requirements.

These are nothing special...not enough for me to even think about adding them to my list of carriers...but I think it's good to understand the competitions products. Other than price, I'm curious to know what other ways some agents use to compete with LH.

 

[jdeasy]

Re: Linconld Heritage Marketer Conversation

Got a call today from LH Marketer. Interesting conversation. He asked about the commission levels I'm currently at (I told him a general average of all my carriers) and he tells me they offer 80% plus they will finance my leads for me. 80%????? (that's like 30 points lower...lol) FINANCE!!! REALLY??? He asked carriers I write with so I list a few...he starts to pick at them one by one. I listened patiently, then I responded by telling him that despite his perceived weaknesses of my carriers, those same carriers had replaced thousands of dollars in AP from LH. The phone went silent for a few seconds. He then started to inform me that LH was far superior because of all the benefits of LH compared to other carriers. I asked what those benefits are...he said they pay their claims within 24 hours. I'm still pretty new at this but 24 hours sounds pretty fast. Of course he added that the caveat is that the 24 hours only comes into play after the 24 month contestable period. I have no intention of adding LH, but I'd sure like to understand their products a little better. He also talked about this Consumer Guardian Society and how they supposedly pay out immediately for certain things while the claim is in process. Anyone know anything about this?

Also, what is the average time that most FE companies take to pay their claims (inside and outside the 24 contestable period)? Some other benefits that he talked about are:
1. They don't require SSN for the application
2. No height/weight requirements.

These are nothing special...not enough for me to even think about adding them to my list of carriers...but I think it's good to understand the competitions products. Other than price, I'm curious to know what other ways some agents use to compete with LH.

Funeral Consumer Guardian Society is nothing more than a gimmick.


Been discussed here many times if you want to bother reading that drivel.

They do pay non contestable claims within 24 hours of death. They came from the funeral preneed business where that's the norm. Forethought did that. Homesteaders, etc do that.

But, any funeral home in America can assign a life policy from any company that's out of the contestable period and get paid within 24 hours.

As for a company, LH is just high priced whole life with tougher underwriting than most of the companies out there that specilize in FE.

They will tell you differently. But they will just lie. There's no other way to describe their recruiting pitch.

 

[JoshC]

Re: Linconld Heritage Marketer Conversation

Funeral Consumer Guardian Society is nothing more than a gimmick.


Been discussed here many times if you want to bother reading that drivel.

They do pay non contestable claims within 24 hours of death. They came from the funeral preneed business where that's the norm. Forethought did that. Homesteaders, etc do that.

But, any funeral home in America can assign a life policy from any company that's out of the contestable period and get paid within 24 hours.

As for a company, LH is just high priced whole life with tougher underwriting than most of the companies out there that specilize in FE.

They will tell you differently. But they will just lie. There's no other way to describe their recruiting pitch.

I've had two LH agents in homes behind me. Neither ended up making money in those homes, both called me and tried to recruit me afterward. The poor schmucks are sold on easy underwriting because they can get almost anyone written with their ROP plan. They actually sell it as a positive to people that they get some interest on their money those first two years.

 

[Gooner]

I've had two LH agents in homes behind me. Neither ended up making money in those homes, both called me and tried to recruit me afterward. The poor schmucks are sold on easy underwriting because they can get almost anyone written with their ROP plan. They actually sell it as a positive to people that they get some interest on their money those first two years.

If I'm writing a ROP, I also sell them on the fact that they are getting interest. That's the only positive about writing it.

I know where you were going though.

 

[JoshC]

If I'm writing a ROP, I also sell them on the fact that they are getting interest. That's the only positive about writing it.

I know where you were going though.

Right, obviously anybody who can sign their name can qualify for a ROP plan. Some of their ROP clients can get first day with others though.