Replaced by Lincoln Heritage

[WinoBlues]

Not really. But it is a good scare tactic if you need one.

I don't.

You sell a lot more Fraternal than I. I sell a few RNA. Am I wrong about the cash values?

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Even the face amount is nor guaranteed as the assessment can reduce the face amount.

I did not know that. _IF_ so GUL has stronger guarantees.

Speaking of UL if a Fraternal has a UL or GUL and needs to raid the insured cash value wouldn't that sink the certificate?

 

[rousemark]

I don't.

You sell a lot more Fraternal than I. I sell a few RNA. Am I wrong about the cash values?

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I did not know that. _IF_ so GUL has stronger guarantees.

Speaking of UL if a Fraternal has a UL or GUL and needs to raid the insured cash value wouldn't that sink the certificate?

You are not wrong. I posted this about a Fraternal that was declared insolvent in 2008. The assessment was later increased from 24% to 40%. People that were paying for a 10K benefit only had 6K coverage. Even if the amount of premium the policyowner paid remained the same that is a de facto premium increase. They are paying more per thousand.

http://www.nh.gov/insurance/legal/rehabs/documents/aca_assess_ltr-1.pdf

 

[lgreen]

You are not wrong. I posted this about a Fraternal that was declared insolvent in 2008. The assessment was later increased from 24% to 40%. People that were paying for a 10K benefit only had 6K coverage. Even if the amount of premium the policyowner paid remained the same that is a de facto premium increase. They are paying more per thousand.

http://www.nh.gov/insurance/legal/rehabs/documents/aca_assess_ltr-1.pdf

Exactly, How are you going to explain that to the insured if and when it happens? I am sure that JD and all the other agents that sell Fraternals explain this to the insured before the application.

 

[jdeasy]

Exactly, How are you going to explain that to the insured if and when it happens? I am sure that JD and all the other agents that sell Fraternals explain this to the insured before the application.

We are required to explain the difference. Those not rated fraternals that failed were sitting ducks. But even then the member were warned well in advance of a problem. They could have jumped ship.

Ask someof those shenandoah policy holders how they could access their cash value. Also ask them about the warnings they received so they could get out.

Personally I would prefer to sell a policy over a certificate and all things being equal, I will.

All things are not equal.

 

[goillini52]

We are required to explain the difference. Those not rated fraternals that failed were sitting ducks. But even then the member were warned well in advance of a problem. They could have jumped ship.

Ask someof those shenandoah policy holders how they could access their cash value. Also ask them about the warnings they received so they could get out.

Personally I would prefer to sell a policy over a certificate and all things being equal, I will.

All things are not equal.

Isn't RNA your lead company?

 

[Newby]

100 from 100000 policies correct?

Yes. Or $10 from a million policies.

 

[Klutch]

They have to put the ht/wt on the app but it's like AmCon's, it doesn't matter.

You could do the same and reduce coverage and be under the price of LH again. He probably sold them on the gimmick of the FCGS.

And that's all it is, a gimmick.

I know FCGS is a joke, but what is it, exactly? I want to know what they're telling these people so I know how to tell them it's useless. Know thine enemy ;-)

 

[Newby]

I know FCGS is a joke, but what is it, exactly? I want to know what they're telling these people so I know how to tell them it's useless. Know thine enemy ;-)

It's a guy in a corn field in New Albany, IN that if the family calls them (they never do) will call three funeral homes and get price comparisons. They also claim they will try to grind the funeral homes for a lower price.

If people actually want a service like that, they can join it directly for $3.99 monthly and not have to buy the insurance policy.

It has been a great marketing gimmick for Lincoln.

 

[Rearden]

Funeral Consumer Guardian Society : FCGS

Quite the gimmick.

You'd think that they'd use more substantive and quantifiable testimonials to promote their offerings, if it were as beneficial as it's made out to be.

If you get this objection from the prospect, I explain to them how everything's negotiable at the funeral home anyway, and, even if the average price for the home's normal funeral is $10,000, they will find a way to get your business if all you have to offer is $7,000, as that money keeps staff busy, pays bills, etc.

I'll also ask the prospect if the Lincoln Heritage agent mentioned that the FCGS is a stand-alone product that can be bought for six bucks a month? Usually they say no, and I respond that's because they use this service to justify them gouging you.

That's usually all it takes for them to open their minds to what I have to offer.

 

[Newby]

Funeral Consumer Guardian Society : FCGS Quite the gimmick. You'd think that they'd use more substantive and quantifiable testimonials to promote their offerings, if it were as beneficial as it's made out to be. If you get this objection from the prospect, I explain to them how everything's negotiable at the funeral home anyway, and, even if the average price for the home's normal funeral is $10,000, they will find a way to get your business if all you have to offer is $7,000, as that money keeps staff busy, pays bills, etc. I'll also ask the prospect if the Lincoln Heritage agent mentioned that the FCGS is a stand-alone product that can be bought for six bucks a month? Usually they say no, and I respond that's because they use this service to justify them gouging you. That's usually all it takes for them to open their minds to what I have to offer.

Have you noticed that they've taken the page off the website where people could buy direct? Must have actually had someone wake up and cancel their Lincoln policy and buy one.