Lincoln Heritage

[Newby]

It's right on RNA's literature that the rate will never increase on the whole life.

The scare tactics some use about fraternals are just that, scare tactics.

In reality, a STRONG fraternal might be better off than other insurance companies. The fact that they CAN make assessments from the certificates cash value COULD be better than a default that would happen to a non-fraternal.

For instance, if RNA needed to raise a $100,000,000 (one hundred million dollars) and let's say they had one million certificate holders of cash value certificate holders, they could take $100 from each and have their $100,000,000 loan. While this sounds like a negative, it could be much better than a non-fraternal that had to declare bankruptcy.

But the fact that they have the ability to do that sounds like a huge negative to the public.

 

[WinoBlues]

Thanks for the insight guys - I never knew much of this stuff about Fraternals.

While it was drilled in my head, I'm forbidden to even mention the existence of a "you know" in VA, I had no idea about the "assessments" or their ability to raid cash values. Makes me want to be careful about saying "your rate will never go up" when quoting RNA, etc.

Andy

Newby's ""Fraternals aren't bad. I use them when they are a good choice. I like RNA a lot. But if everything else is equal I think people would prefer a policy. "" fits for me as well.

I also use GUL, ROP term or fully underwritten if it is appropriate. I am an Independent Life Insurance agent, I have a full quiver of arrows.

 

[seeknulfind]

It's right on RNA's literature that the rate will never increase on the whole life.

The scare tactics some use about fraternals are just that, scare tactics.

If I understand the gist of the conversation, while the "rate" will stay the same, an "assessment" that cost a client money could still be a hard pill to swallow.

Believe me, I'm not knocking RNA, I'm on my way to write an app today - I just want be clear about what I tell folks.

Newby's ""Fraternals aren't bad. I use them when they are a good choice. I like RNA a lot. But if everything else is equal I think people would prefer a policy. "" fits for me as well.

I also use GUL, ROP term or fully underwritten if it is appropriate. I am an Independent Life Insurance agent, I have a full quiver of arrows.

Same here. I started out with an FE focus but I'll sell whatever best fits the client's needs, and that includes Fraternals.

Andy

 

[jdeasy]

If I understand the gist of the conversation, while the "rate" will stay the same, an "assessment" that cost a client money could still be a hard pill to swallow.

Believe me, I'm not knocking RNA, I'm on my way to write an app today - I just want be clear about what I tell folks.



Same here. I started out with an FE focus but I'll sell whatever best fits the client's needs, and that includes Fraternals.

Andy

RNA has been in business 118 years and never used the assesment. Thay are A rated. I might be concerned about if it was one of the samll fraternals that are even rated, much less A rated.

Having said that, I'm above using it either to replace a fraternal but the last time I did I told the guy, "it will probably never happen but since you can get a policy for the same coverage at the same price would you like to do so?" He said yes.

 

[WinoBlues]

If I understand the gist of the conversation, while the "rate" will stay the same, an "assessment" that cost a client money could still be a hard pill to swallow.

Believe me, I'm not knocking RNA, I'm on my way to write an app today - I just want be clear about what I tell folks.



Same here. I started out with an FE focus but I'll sell whatever best fits the client's needs, and that includes Fraternals.

Andy

I am the opposite in experience I was always a life insurance agent. I started at one of the big mutuals. Old school life insurance guy. My exposure to FE guys was not very favorable. I wrote some as SIWL but always tried to get clients into "real Life Insurance" first. A + rated companies I had one A- company.

This site has really raised my SIWL app count. It is just another tool I use to fix a client's problem.

I do not use RNA much, but if I did not have other choices they would be alright. I just choose other options. I may quote them if I think I will need to compete for the business. I give the client the facts and let them chose. They normally have no problem paying a couple dollars more.

There is no right way or wrong way. No Absolutes.
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RNA has been in business 118 years and never used the assesment. Thay are A rated. I might be concerned about if it was one of the samll fraternals that are even rated, much less A rated.

Having said that, I'm above using it either to replace a fraternal but the last time I did I told the guy, "it will probably never happen but since you can get a policy for the same coverage at the same price would you like to do so?" He said yes.

JD, I thought they were A- with AM Best? If an A that makes them a stronger option.

 

[jdeasy]

I am the opposite in experience I was always a life insurance agent. I started at one of the big mutuals. Old school life insurance guy. My exposure to FE guys was not very favorable. I wrote some as SIWL but always tried to get clients into "real Life Insurance" first. A + rated companies I had one A- company.

This site has really raised my SIWL app count. It is just another tool I use to fix a client's problem.

I do not use RNA much, but if I did not have other choices they would be alright. I just choose other options. I may quote them if I think I will need to compete for the business. I give the client the facts and let them chose. They normally have no problem paying a couple dollars more.

There is no right way or wrong way. No Absolutes.
- - - - - - - - - - - - - - - - - -


JD, I thought they were A- with AM Best? If an A that makes them a stronger option.

They are A-........................

 

[fredshatz]

I worked for Lincoln Heritage but have not submitted business in over 3 months. I have a lead balance which has been going down. I have no policies that have lapsed. Saturday I got a letter they want me to pay my lead balance plus my advances. Has anyone had a similar experience?

 

[hassy99]

Just started with them. It's going to take a couple of months to get a good sample but their leads seem fine to me. I will usually contact the customer by phone and because LH sends out the letter beforehand the client is usually very easy to deal with and happy to hear from me. The way I prefer to do it is take the application over the phone and then mail it out. I will schedule a time to come pick up the application after they have signed it. The TV leads seem far better than the postcard leads but again I don't have a large enough sample to go on. Most of the policies are FE in the $5,000-$10,000 range. I will post again in a few months and let you know how it is going.

Always has been good marketing. In this business much more than how much better or cheaper another plan might be
Had a personal experience tat really opened my eyes.. I was doing mailings to association members with two offerings. Gerber at $10,000 face was around $18 per month. But had a deal. For $1 for first months premium Security mutual e paws around $ 10 per month for same type policy and face. The client and others chose the $1. Plan. I was sure we would enroll more with security at almost half the cost
Bottom line (at least from this experience). When choosing Gerber they were only making a $1 decision. The policies with Gerber stayed in force for quite some time

I am an independent agent (for quite some time). And do not work with LH. But could probably learn a couple of things to better market my products

 

[Norwayguy]

I worked for Lincoln Heritage but have not submitted business in over 3 months. I have a lead balance which has been going down. I have no policies that have lapsed. Saturday I got a letter they want me to pay my lead balance plus my advances. Has anyone had a similar experience?

My quess is they termed your contract prior to the what 2 year vesting period so you are not vested in your first year commissions and you owe back the advance. I would call them and ask about being reappointed and submit more business at least until you are vested.

 

[yellowbirdnj]

In appointed with them now, just starting. Im always scared of advances and signing bonuses knowing how they can hurt you in the end if you decide to leave, regardless of what kind of job you do.