Lincoln Heritage

[theinsuranceman]

Why don't you describe those 3 sits in detail -- how much could you have saved them, why didn't they buy?

Personally, people in this forum over-exaggerate the ease of replacing policies. Even for fixed-income seniors.

Some people just will not switch for a better premium no matter how much you can save them.

That's why you should be selling more than how you're the cheapest whore on the block.[/QUOTE]

You're correct, people up here don't replace nearly as much premium as they brag about.

 

[Toranaga]

I will describe the sits in a while. For some work to do. So it looks to me like the membership for FCGS is $300. I'm quite sure the paperwork I examined made no mention of this. So did the agent just not tell her, or do LH agents get to give it away for free or what?

 

[JimmyUt]

I had a guy today that I could have replaced his LH policies with $2500 to $3k more coverage for the money and he was ok paying more to them for less. No matter what I tried, he wasn't budging.

 

[TDFnCali]

Why don't you describe those 3 sits in detail -- how much could you have saved them, why didn't they buy?

Personally, people in this forum over-exaggerate the ease of replacing policies. Even for fixed-income seniors.

Some people just will not switch for a better premium no matter how much you can save them.

That's why you should be selling more than how you're the cheapest whore on the block.

I don't over exaggerate.... Term policies thru the mail are VERY easy to replace, same with LH. But can u replace all, No! Some ppl are just to stupid & there's nothing u can do. I've replaced about 90% of ppl u had term, & 100% of the LH ppl.... But 2-3 of those LH ppl were tough, very tough. I'm guessing I've replaced 8 LH policies total.

TDF
Sent from my Sprint Galaxy S4 using Insurance Forums

 

[tomoverton0123]

She is talking about the FCGS. It does not do anything like what she said. But I'm sure she was told that garbage by the agent.

It's actually illegal if sold as funeral preplan so you might want to take it up with Tn DOI.

They will hep negotiate the costs once the policy is out of contestability, {another nugget they leave out}, but that's really a non issue since every funeral home in the country can assign a non contestable policy and get paid immediately.

She was conned by the agent.

But, let's just say the FCGS is a great deal for her. Dhe can buy it direct from the FCGS of $6/mo. Having the RNA policy and paying the FCGS would still save her $11/mo over what she has now.

To add to JD's comment, few FE clients will do this but if they are absolutely sold on the FCGS a single person can pay $6 monthly for life or make a single premium of $300. Couples are $8 monthly or a single premium of $400.

 

[hammerken]

Waiting for the coming fireworks and 1099s to be posted...........

 

[Toranaga]

So last week I called and set an appointment with a married couple. Made sure they'd both be there. I got there and the lady was headed out to work. I stayed for about ten minutes just chatting and she said she had just bought a policy. It was a Baltimore life policy, she got it in the mail a few days prior. Still in free look. I took a look at it and it was running about $53. I ran a quick quote on my phone for RNA, came up at $46. She said it sounds good come back tomorrow after work.

So I came back and spent some time telling war stories with her husband until she got home from work. Once she got home, I recapped everything I had gone over with them from the day before. We talked about the importance of using whole life for final expenses and I praised her policy from BL. Then I asked her a couple of health questions, determined that she qualified for RNA, and ran the quote. Again it came up $46. So I says, "now which one would you rather do?" She said, it sounds good, and I pulled out the app. The husband then pipes up and says, "I used to sell life insurance and I haven't had the chance to go over this policy in order to properly advise my wife."
Toranaga: OK, great, I'm glad you are involved. Let's go over it again, what questions specifically, did you have concerning the Baltimore policy (Which she bought over the phone).
Man: None
Toranaga: Hmm. Well, tell me if you understand the alternative policy I have described to you?
Man: Yes
Toranaga: Great! So seeing as the policies both do the same thing, and have the same benefit, but one is pricier, which one makes the most sense for you?
Man: I don't know I need time to read her policy
Toranaga: Well, we just read it together, is there something I left out or covered to quickly?
Man: No
Toranaga: You understand that Royal Neighbors includes the same benefit, the same guarantees, and the added fraternal benefits that Baltimore life doesn't include, all for a lower price?
Man: Yes
Toranaga: Good. Now let's see what do we have to gain from staying with Baltimore Life?
Man: I need to read the policy
Toranaga: We just read it together, let's read it again
Man: I need to read it this weekend
Toranaga: You free look period ends on Friday
Man: I need to advise my wife
Toranaga: I'll call you on Saturday
Man: Yes, call me on Saturday

He won't answer my calls of course. I knew all along his objection was a lie. Thats 1.
- - - - - - - - - - - - - - - - - -
Met with prospect # 2 on the same day. He was a real nice guy. Had a one year old LH policy, graded, and was awaiting delivery of a new Colonial Penn policy, also graded. With this guy I got to do a proper warm up and presentation. We covered the difference between term and whole and then the four questions. At the end, he agreed that immediate benefit WL was the smartest option. Good news, he qualified for Monumental immediate coverage at the exact same face amount he had in his two graded policies, for $5 more bucks. I'm thinking this is a lay-up. Wrong.

He tells me he has to be a man of his word, and he told those folks that he would buy their policy and that's what he was gonna do.

Anyways, I had no come back at all for that one. But he calls me Saturday and tells me he had decided to buy a United of Omaha policy for a lower face amount for less premium. So much for being a man of his word, I guess.

 

[jdeasy]

I will describe the sits in a while. For some work to do. So it looks to me like the membership for FCGS is $300. I'm quite sure the paperwork I examined made no mention of this. So did the agent just not tell her, or do LH agents get to give it away for free or what?

It's almost impossible for the person that wasn't to diagnose the problem. If there even was a problem.

Sometimes the person is just too stupid to listen to reason. I've only run across two people ever with LH policies that were healthy enough to change but wouldn't. Both cases I could save the people about $2 or $3/mo and they had over $1000 in cv. Also they were both in Ky where the replacement was safe and simply a financial transaction. The FCGS had nothing to do with either case. They were just set in their ways and not going to change.You can't replace them all.

You are new and I will bet you run across cases like these in the next 2 or 3 years where you replace them easily.

I recently had a case where the lady had 2 LH policies. She told me right off the bat she was keeping her policies but just wanted a little bit more coverage. I went through my normal presentation and explained everything. She was paying a little over $90/mo for $14,000 face. She thought she had $15,000.

I asked her what her goal was and she said she would like to have $20,000 total if she could afford it. I showed her what $6000 would cost and it was $30 something a month putting her at a little over $120/mo for $20,000 coverage and having 3 policies.

Then I said I have a better recomendation for you. I can get you $20,000 for $108/mo and you also have over $2000 cash value that LH would have to send you.

I couldn't get the application out fast enough for her to sign. She was so happy that when I delivered her policy she had her daughter and neice there to take out coverage with me. The daughter was a small $30/mo and replaced an AGLA policy. The neice wasa $50/mo new policy that was no replacement.

Ended up $200/mo from that home where she was deadset against replacing from the start. You just never know in this business.

The bottom line is being educated on the products and then being able to get them to trust you enough that you can show them educated options.

 

[Toranaga]

Then comes today's appointment. I set an appointment with this lady on Saturday. Showed up on time. I get about two minutes into my warm up and she says," wait, is this about insurance? I just bought insurance on Friday."
Toranaga: Good, I'm glad you're covered. Who'd you buy it from?
Lady: Lincoln something
T: Lincoln Heritage?
Lady: Yes
T: Good! Great company. Do you mind if I see the paperwork the agent left with you?

She goes to get it. It's a very nice leave behind folder, looks great. Inside is a homemade printout of the difference between term and whole, and a conditional receipt. $8,000 for $83.03.

So i ask her a couple of health questions and she seems fit as a fiddle, 77, no meds, great health. RNA for 8k is 66 bucks.

I show her this, and explain to her all that she has bought from LH and all that RNA has to offer.

Lady: But they are going to plan my funeral for me and I don't want my kids to have to do that.
T: Wow, that's great. What do you mean.
Lady: They do this thing where they choose your whole insurance plan and send an agent to deal with the funeral director and my family wont have to do anything?
T: OK. Do you have the paperwork showing that plan?
Lady: The man said it's gonna come in the mail.

At this point I'm thinking it's just a memorial guide, as I had no familiarity with the FCGS at this point. Now that I have heard from you guys and visited FCGS website, I'm still thinking it's just a memorial guide, which I give away free like candy. She's paying a boatload of money for it. But she absolutely had her jaw locked on that funeral plan and was happy to pay the extra 15 bucks a month to get it. I was at a loss.

So that's my story. Three prospects that absolutely could have improved their positions had they gone ahead with my recommendations, but I wasn't able to create the desire.

 

[jdeasy]

Then comes today's appointment. I set an appointment with this lady on Saturday. Showed up on time. I get about two minutes into my warm up and she says," wait, is this about insurance? I just bought insurance on Friday."
Toranaga: Good, I'm glad you're covered. Who'd you buy it from?
Lady: Lincoln something
T: Lincoln Heritage?
Lady: Yes
T: Good! Great company. Do you mind if I see the paperwork the agent left with you?

She goes to get it. It's a very nice leave behind folder, looks great. Inside is a homemade printout of the difference between term and whole, and a conditional receipt. $8,000 for $83.03.

So i ask her a couple of health questions and she seems fit as a fiddle, 77, no meds, great health. RNA for 8k is 66 bucks.

I show her this, and explain to her all that she has bought from LH and all that RNA has to offer.

Lady: But they are going to plan my funeral for me and I don't want my kids to have to do that.
T: Wow, that's great. What do you mean.
Lady: They do this thing where they choose your whole insurance plan and send an agent to deal with the funeral director and my family wont have to do anything?
T: OK. Do you have the paperwork showing that plan?
Lady: The man said it's gonna come in the mail.

At this point I'm thinking it's just a memorial guide, as I had no familiarity with the FCGS at this point. Now that I have heard from you guys and visited FCGS website, I'm still thinking it's just a memorial guide, which I give away free like candy. She's paying a boatload of money for it. But she absolutely had her jaw locked on that funeral plan and was happy to pay the extra 15 bucks a month to get it. I was at a loss.

So that's my story. Three prospects that absolutely could have improved their positions had they gone ahead with my recommendations, but I wasn't able to create the desire.

Then go back to her and show her that she can buy the FCGS for $6/mo. Not sense trying to fix stupid. If that's the real objection she will buy the FCGS and then buy the less expensive life insurance for that FCGS agent to use.