Lincoln Heritage

[360]

Well, that is one way to inflate the app count. If L&H is even close to being competitive on premium, I am sure they would like to reconsider making FEXquotes remove their rates from the quote engine so they attract even more agents when we see how good the premiums are.

They asked FEXquotes to remove the rates from the quoter?

 

[WinoBlues]

My average ap per app is 365. Its low. They include accidental riders though and it only costs $1. So the average ap per policy is kinda hard to calculate. I wrote a policy today for $67 and with the riders it was coded as five apps. Husband wife 3 child riders.

You can add a spouse term rider? What do the riders convert to?

 

[jdeasy]

Makes sense on the number of apps. 11MM is nothing to sneeze at YTD. It does amaze me that some of these large agencies have stayed loyal to LH, they must be paying some huge renewals or something.

Not only are they geting renewals on that business they take the renewla from even the vested agents onc ehte renewal is below $250/mo.

Anyone that says they are an "agent friendly" company is either in the dark or in on the take.

 

[jdeasy]

Im not sure about the renewals for the agencies. But the agency that I work for has been with lincoln for over 25 years. Its hard for them to go outside their box I think.
- - - - - - - - - - - - - - - - - -


I've never been worried about them taking my renewals. They will never fall below 250. Even my new agents have higher rewals than 250. If they are that low you are doing something wrong.

Once you leave them the renewals will continue to go down. As soon as it's below $250 for a month they are no longer your's or your agents.

So, as I said, they are either in the dark or in on the take. You are in on the take.

 

[WinoBlues]

Im not sure about the renewals for the agencies. But the agency that I work for has been with lincoln for over 25 years. Its hard for them to go outside their box I think.
- - - - - - - - - - - - - - - - - -


I've never been worried about them taking my renewals. They will never fall below 250. Even my new agents have higher rewals than 250. If they are that low you are doing something wrong.
- - - - - - - - - - - - - - - - - -


There are only two riders a child rider for $2 covered until age 25, and an accidental for $1. Neither are really convertible.

What happens to the child's insurance at age 25? I misunderstood, I thought you said that one policy covered the husband, wife and children.

 

[jdeasy]

Thanks for showing me the light. But a real final expense man never retires. I will continue to replace my renewals always. If its not with lincoln then with someone else. If my lincoln renewals get below 250 bucks a month and they take it, Then I will just fire my lawn kid to have an extra 250 in my account each month.

At least you finally showed your true character.

 

[Newby]

Calling the LH policies and the FCGS "Funeral Planning" is very misleading. They are selling a whole-life policy the same as all other FE companies.

They give as a "free gift" a lifetime membership to the FCGS which is valued at $295 and you are REQUIRED to buy the LH insurance policy to recieve your "free" membership. (Legal?)

The best known Funeral Consumer Watchdog is Joshua Slocum and he summerizes his report on the FCGS here:

To my mind, any reasonable person would conclude that the relationship between the Funeral Consumer Guardian Society and Lincoln Heritage Life Insurance Company is far closer than a mere mutual endorsement. In several instances, they share the same staff and officers, they appear to share some field employees, and I can find no record of any beneficial activities for the public, devoid of profit motive, performed by the FCGS. Indeed, FCGS staffers seem interested in each case in selling consumers life insurance for LHLIC. I can find no record of the FCGS or its ghostly "parent organization," the American Senior Security Association, being registered with the Internal Revenue Service as a 501(c)(3) organization.

FCGS has provided FCA with no substantive documentation describing the organization, mission, finances, or bylaws of the Society — documents one would expect that any legitimate, nonprofit consumer organization would be glad to make public.

By presenting itself to the public as a nonprofit consumer protection organization — through words, phrases, and literature uncannily similar to those used by Funeral Consumers Alliance — FCGS has packaged itself in a deceptive fashion in order to lure unsuspecting citizens into purchasing life insurance. (Josh Slocum)

Read his full report at funeralwords.blogs.com/funeral_words/files/ReportonFCGS.doc

 

[rousemark]

When a california LH agent sells a policy. They sit down in the house with a planning guide from the fcgs. In that guide is every single question the funeral director needs answered to complete a funeral. The agent then helps the family PLAN thier funeral. When the person dies and the fcgs gets a call they then send the funeral plan to the funeral home of your choosing and if needed help the client make the arrangements.
How is this in any way not a funeral plan. Just because an insurance policy is used to fund it doesn't make it any less a funeral plan. And why should it matter if the fcgs helps lincoln sell policies. The ower of fcgs joe craft used to be an agent through his funeral home. So what. It doesn't mean that he wont help people.
The fcgs makes it easier for families when someone dies. My clients that file claims tell me all the time how easy the funeral was.

The fcgs is a not for profit not a nonprofit. Im not a lawyer but I think it matters as they are adamant that we present it as a not for profit instead of a nonprofit

Anyone can join the FCGS for as little as $5.95 per month. So, if I am able to save them $20.00 per month over what they are paying LH for their FE, then if they want the questionable FCGS benefits they would still be $14.00 per month better off than with the LH plan.

http://www.funeralconsumer.org/images/enrollment.pdf

Also, what happens to the FCGS plan offered by LH if they lapse their LH policy?

 

[Newby]

When a california LH agent sells a policy. They sit down in the house with a planning guide from the fcgs. In that guide is every single question the funeral director needs answered to complete a funeral. The agent then helps the family PLAN thier funeral. When the person dies and the fcgs gets a call they then send the funeral plan to the funeral home of your choosing and if needed help the client make the arrangements.
How is this in any way not a funeral plan. Just because an insurance policy is used to fund it doesn't make it any less a funeral plan. And why should it matter if the fcgs helps lincoln sell policies. The ower of fcgs joe craft used to be an agent through his funeral home. So what. It doesn't mean that he wont help people.
The fcgs makes it easier for families when someone dies. My clients that file claims tell me all the time how easy the funeral was.

The fcgs is a not for profit not a nonprofit. Im not a lawyer but I think it matters as they are adamant that we present it as a not for profit instead of a nonprofit

How is that any different than FE agent selling an FE policy and telling the family to call him (the agent) when the death occurs. Any agent can help the family at the time of need. Any agent has detailed planning guides.

The difference is most agents are not offering to pay the $295 lifetime membership fee for the insured based on the sale of a life insurance policy. I don't think it's legal to do that in most states.

The CFGS does nothing that a well informed agent couldn't do himself. And it's basically a smoke and mirrors sales tool to get the consumer to "feel" like he bought something other than an over priced life insurance policy.

Lincoln Heritage had actual funeral preplanning insurance policies also until last year. Did you make it clear to your families that those were also available? Do you explain the inflation on your non-guaranteed version?

 

[Norwayguy]

Boy this is almost better than a pay per view fight.