Replacing Overpriced Lincoln Heritage... Notary Required

[jacobtn]

Well I got an early xmas present today... wrote $250 FE premium on a couple, husband's was with LH. He's getting back around a thousand bucks in cash value. Why do they require a notary on surrender values above $100? What do you guys do on these? Send them to their bank?... I gotta get my notary bond and stamp.

 

[Norwayguy]

Well I got an early xmas present today... wrote $250 FE premium on a couple, husband's was with LH. He's getting back around a thousand bucks in cash value. Why do they require a notary on surrender values above $100? What do you guys do on these? Send them to their bank?... I gotta get my notary bond and stamp.

At least in Maine it is unethical to notarize a document that will result in a commission for you.

 

[SportsNut]

About every city and state has mobile notaries... those that will come visit Mom and Pop at the kitchen table... would cost you fitty (not cents) bucks, but for a 3.5K comm I think you could spring. It is all in staying in control of that deal.

 

[Fisher]

Me, I'd have driven them down to closest notary immediately. But that's just how I roll. Total control.

 

[jdeasy]

Well I got an early xmas present today... wrote $250 FE premium on a couple, husband's was with LH. He's getting back around a thousand bucks in cash value. Why do they require a notary on surrender values above $100? What do you guys do on these? Send them to their bank?... I gotta get my notary bond and stamp.

I didn't know it was for over a hundred. They have been requiring that they be notarized for a couple of years now. I guess the ones I've done have all been over a hundred dollars.

Just something for LH to make it more difficult. I always take the person to a notary or take a notary to them. Most don't charge for it here even when I offer to pay. One lady did charge me $2.

Leave it to LH to come up with crap like this. But, it does help seal the deal that they did the right thing in getting away from LH.

 

[Cornelius]

Is that a state requirement or just something for that specific carrier? I would think all carriers would have the same replacement guidelines.

 

[Fisher]

I would think all carriers would have the same replacement guidelines.

Not even.
...................

 

[jacobtn]

the wife of one of my parttime agents is a notary so if its a local sale I've got that handled, but it seems like I always run into LH when I'm 100+ miles away... not that I'm complaining of course. I'm just going to pick up my notary and make it simple from now on.

 

[jdeasy]

Is that a state requirement or just something for that specific carrier? I would think all carriers would have the same replacement guidelines.

I have replaced many, many companie's policies. The only one that has ever required the surrender notice to be notarized is LH.

They also send out the nastiest letter to the client telling them how the replacing agent is doing a dastardly deed and is just doing it to get paid. I warn everyone about the letter they will get from LH. They usually call me and say, "you said it would be bad, but I didn't think you meant this bad".

I was in a home about a year ago with one of my clients that I had put with LH about 5 years prior. I could have gotten her a better deal since then but she just wanted to stay with LH. She called me because she had been wanting to borrow against her cash value with LH and was getting the runaround when she called them. I told her that I would stop by when in the area and we would call together to help her get the process started. I called LH on a speakerphone and told them who I was and who I was with and what she wanted to do. The service rep proceded to chew me out for being there with "their" client and said I had no business being there since I didn't work for them anymore. The lady spoke up and said "I asked him to be here". There was dead silence then as I suppose the rep just realized he was on a speaker even though I had told him upfron that he was on a speakerphone.

Once we got off the phone the lady said, "can you still get me a better deal with another company?". I could and did.

That was a situation where I had stopped asking that lady if she wanted to replace her policy because she had said she was happy where she was. LH caused their policy to be replaced by their attitude. Of course, she did have to have the notice notarized.

That is dealing with LH in a nutshell. That's who they are. They are not just overpriced crap, they are just crap period.

 

[Justin Bilyj]

I am surprised they aren't getting in trouble for this!