Rate comparison, Lincoln Heritage and Senior Life

[goillini52]

According to a reliable source at SLIC, the GI rate for a male age 67 is $141.41 for $10,000 of coverage, excluding ADB and their Legacy Benefit (casket merchandise at wholesale). GI clients DO NOT qualify for more than $10,000, so this is the maximum they can get under those health conditions. Comparing the rate for $10,000 with SLIC to $15,000 with any other company is comparing apples and oranges.
The GI rate with SLIC for the 68 year old male is $149.81 for only $10,000. Again, this excludes the additional premium for ADB and Legacy.

If the client passes away in the first year, 110% ROP.
If the client passes away in year 2, 110% ROP.
If the client passes away in year 3, 110% ROP.
Full benefits are payable in year 4.

Same 67 yr old male client with Gerber, for example, premium is only $137 for $15,000. The 68 yr old would pay only $141. Either way, Gerber saves the client a minimum of $5/mo., depending on actual age; plus, gives the client an additional $5,000 benefit; and, only requires a 2-yr wait.

NOTE: The SLIC client's benefit payout is reduced by the amount of Legacy benefits exercised. If the beneficiary maximizes the Legacy benefit of $3,500, which would include casket, headstone and burial vault, the beneficiary receives the difference is cash of $6,500.


"It's the bottom line that counts...., provided you know how to count."

$15K GI with Sons of Norway is only $107.79 for a 67 year old/ $112.95 for a 68 year old. Also a 2 year wait with 104.5% ROP.

 

[theinsuranceman]

According to a reliable source at SLIC, the GI rate for a male age 67 is $141.41 for $10,000 of coverage, excluding ADB and their Legacy Benefit (casket merchandise at wholesale). GI clients DO NOT qualify for more than $10,000, so this is the maximum they can get under those health conditions. Comparing the rate for $10,000 with SLIC to $15,000 with any other company is comparing apples and oranges.
The GI rate with SLIC for the 68 year old male is $149.81 for only $10,000. Again, this excludes the additional premium for ADB and Legacy.

If the client passes away in the first year, 110% ROP.
If the client passes away in year 2, 110% ROP.
If the client passes away in year 3, 110% ROP.
Full benefits are payable in year 4.

Same 67 yr old male client with Gerber, for example, premium is only $137 for $15,000. The 68 yr old would pay only $141. Either way, Gerber saves the client a minimum of $5/mo., depending on actual age; plus, gives the client an additional $5,000 benefit; and, only requires a 2-yr wait.

NOTE: The SLIC client's benefit payout is reduced by the amount of Legacy benefits exercised. If the beneficiary maximizes the Legacy benefit of $3,500, which would include casket, headstone and burial vault, the beneficiary receives the difference is cash of $6,500.

On the other hand, Gerber will pay $15,000 to the beneficiary to shop their own casket, headstone, and vault, assuming a traditional funeral is sought. The beneficiary would have to spend in excess of $8,500 on these items for SLIC and their Legacy benefit plan to even make sense.

Here lies the potential conflict of interest and ethical concerns: SLIC agents make the assumption that everyone wants a traditional funeral and burial.
Why? Because their commission is reduced by 30%, if they don't sell Legacy's product(s) along with SLIC's insurance policy. This equates to an agent who has a 100% commission contract actually being only a 70% contract. However, In the case of a GI policy, it gets worse. The agents commission drops so low, he may as well be a social worker. He's lucky if he earns 20% without Legacy, which has absolutely NOTHING to do with life insurance.

"It's the bottom line that counts...., provided you know how to count."

Some of your info is correct and some is wrong. The 30% reduction you mention is also wrong. Legacy also has products for cremations too which you seem to not have been aware of.

We never assume they want the traditional funeral. I ask them in the early stages of my presentation which one are they leaning to, you know, to draw them into the conversation. I ask them who will be handling that for them, etc. But that is for a different thread on making the sale happen. Legacy has $500 urns for $99 available for those that want to take advantage of that.

The Legacy also has a "wish team" that will do a price comparison of funeral home prices for the family in about a 50 mile radius. This wish team then helps the family negotiate the cost of the funeral (burial or cremation) to protect the family from abuse and being over charged from the funeral home or crematorium. This can save a few more thousand of dollars, at least several 100's of dollars on the cost of the funeral.

You overlooked the fact that Legacy allows up to 4 additional family members to also get their casket, vault, and monument locked in at $3500 (or less). These 4 additional family members get immediate savings, doesn't matter how old or young they are, doesn't matter if they are under hospice care and expected to pass in a few days....the savings are immediate, even though none of these 4 family members are getting a policy.

It's more than helpful for GI or age 85+ family members because the approx. $4k savings on the casket, vault, and monument is like getting $4k of life ins. with immediate coverage even if the family member is 110 and under hospice care.

Gerber's premiums are cheaper than SL in this example. I believe Gerber would be cheaper than most of the FE carriers right?

The client would still be better off with SL because mathematically the 4 additional family members getting their casket, vault, and monument locked in at $3500 will more than compensate for the higher insurance premium. I've laid the math out in great detail on this forum on 2 different occasions in the last year or so. Look it up and see if you can poke a hole in it. There's no holes to poke, it does a great job in saving the family $$$ on funeral costs.

How's Gerber's charge back period for their GI products? Does Gerber pay renewals on their GI? I don't know and I'll bet most agents who use them probably don't know either.

But hey, if you don't like SL and what they offer then stick with what you got.

Have a great day!

 

[theinsuranceman]

$15K GI with Sons of Norway is only $107.79 for a 67 year old/ $112.95 for a 68 year old. Also a 2 year wait with 104.5% ROP.

That's a great rate! Wonder how long before they make a course correction on that? Aren't they a fraternal organization like Foresters?

 

[Abrasax]

That's a great rate! Wonder how long before they make a course correction on that? Aren't they a fraternal organization like Foresters?

They're a fraternal for men with extremely high testosterone levels.

 

[shonceman]

It's possible if the client or agent left a serious med (heart for ex.) off. The SLICE app on the ipad makes everything almost error free, which means agents get paid on time rather than having to rewrite corrections, amendments, etc.

Whatever else somebody might think about SL, you gotta admit they seem generally ahead of the tech curve for a FE company. I think that SLICE app oughtta be called the "SLICK" app!

 

[goillini52]

They're a fraternal for men with extremely high testosterone levels.

I don't know if Greg has the stones to be a Viking.

 

[Abrasax]

Whatever else somebody might think about SL, you gotta admit they seem generally ahead of the tech curve for a FE company. I think that SLICE app oughtta be called the "SLICK" app!

I agree their tech is heading in the right direction, and they seem agent focused in some areas. It just makes the whole package awkward when their contracts disadvantage the agent more than most other carriers. I wish they were all the way one way or the other.

 

[rousemark]

I agree their tech is heading in the right direction, and they seem agent focused in some areas. It just makes the whole package awkward when their contracts disadvantage the agent more than most other carriers. I wish they were all the way one way or the other.

Don't know of any company that is... They are have some bad, some good..

 

[Abrasax]

Don't know of any company that is... They are have some bad, some good..

Some companies are overwhelmingly agent focused. RNA is a good example Americo Eagle seems to be, though I haven't written them. Trans is overwhelmingly agent hostile lol. You can at least tell where their priority is, but with SL, it depends on the angle you view it from.

 

[theinsuranceman]

Some companies are overwhelmingly agent focused. RNA is a good example Americo Eagle seems to be, though I haven't written them. Trans is overwhelmingly agent hostile lol. You can at least tell where their priority is, but with SL, it depends on the angle you view it from.

SL is making changes that agents like:

_SLICE app on your Ipad
_LEADSTHEWAY on your smart phone
_DM leads just $25 filtered for PO Boxes as well as saying "Not affiliated or endorsed by the US Government, Federal Medicare Program, nor any state agency. Returned card requests free info about life insurance underwritten by Senior Life Insurance Company, Thomasville, Ga.". THAT'S STRONG for just $25 (in most states).
_Started paying renewals on GI business
_Will start back taking Direct Express card with drafting on the correct date the client gets their check.
_Group term, disability, and cancer insurance for agents and their families.

These are changes made in just the last 6 months or so designed to help agents. And there's more coming down the pike! Advice for the bold text above: View this from the agent's/manager's perspective because that's what really counts.

I see a tidal wave of agents on the horizon joining SL. They really do have the best agent opportunity in America. Even though the competition likes to talk trash about it because they just can't match it.