- 17,077
If the people haven't had the policy long enough to have cash value, they can just cancel the bank draft. No notary required for that.
Replacing Overpriced Lincoln Heritage... Notary Required
- Thread starter jacobtn
- Start date
- 19,654
Right. if there is no cash value invlved you don't have to bother with the notary. The surrender form to get the cash is when they require it to be notarized.
- 3,165
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.
Thx again JD for the insight....now I know how to prepare for the day I run into an LH policy holder!!
- Thread starter
- #14
- 2,452
I didn't know about the letter... better call them and warn them. Thanks buddy. Guess I've been lucky up until now with that.
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for 25 more I can get my own notary seal, but I appreciate the info.
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for 25 more I can get my own notary seal, but I appreciate the info.
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- 483
Mobile notaries are normally a great solution because they know how to deal w/ clients, in their homes at night...............cause many of them have done loan docs so they know it's nights and they have professional experience dealing with getting signatures on the right X.
Plus, the state (like 45 of them) caps what they can charge to notarize a signature, which is normally very cheap.......($1-10 per)
They make their money w/ the "travel charge" of say $10-40 bucks, which is still very reasonable for what they are doing for you.
I've had notaries pick up signatures for me, when I couldn't get back to an area for delivery etc..(of course, I still answered all questions by phone) For me it allowed me to make sure the client signed where they were supposed to and for the same money I would've paid to send a FedEx
I got my docs done right (could "fix" any issues right then) and sent back by a Pro that I knew had at least a state notary license , a finger print background check and decent attire (they're used to going to client homes).
Plus, the state (like 45 of them) caps what they can charge to notarize a signature, which is normally very cheap.......($1-10 per)
They make their money w/ the "travel charge" of say $10-40 bucks, which is still very reasonable for what they are doing for you.
I've had notaries pick up signatures for me, when I couldn't get back to an area for delivery etc..(of course, I still answered all questions by phone) For me it allowed me to make sure the client signed where they were supposed to and for the same money I would've paid to send a FedEx
I got my docs done right (could "fix" any issues right then) and sent back by a Pro that I knew had at least a state notary license , a finger print background check and decent attire (they're used to going to client homes).
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FinalXman
New Member
I was with LH for about a a year and a half. I started doing other Insurance sales things. I hadn't written business in a few months and said to my Mgr. I would only be writing a few cases going forward. He went ahead and terminated my contract. I then realied that the clients I had written were paying way too uch and I replaced quite a few (probably about 15) of my own cases. Now they are threatening to sue me. I can't locate my contract but last time I looked at it I thought the only thing I was prevented from doing was pursuing their agents. Any thoughts out there? Do they have a case?
- 264
Yes, they have a case; always keep copies of your contracts.
- 26,147
Find and read what you agreed to and signed.
- 897
All you have to do is call LH and ask for a copy of your contract. (?). They WILL send it to you. They have to send it to you.
But let me go ahead and answer that for ya. I would go silent for a long time because you def violated your contract. Not just with LH but any carrier. You can't just go and start replacing business after you're terminated from a carrier?
At least not so obviously? A couple here. A couple there. A couple a month. But about 15? I see a Vector in your near future.
My advice, whether you want it or not and I'm just trying to help you here, start a payment plan with the home office on your debt and stick with it. You go to them. Don't wait. It will look good in in their eyes and they will be less likely to Vector you. Small payment is fine like $50 a month.
Then, chill out for awhile on replacing. There's plenty of customers out there. You don't need to go that route.
- 4,686
"They WILL send it to you. They have to send it to you.
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Is a Company really required to send a terminated agent the contract that was originally in place? I would think the burden would be on the agent who signed the contract. It's not LH's fault that the guy misplaced his contract. Of course, I could be wrong in my thinking.
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Is a Company really required to send a terminated agent the contract that was originally in place? I would think the burden would be on the agent who signed the contract. It's not LH's fault that the guy misplaced his contract. Of course, I could be wrong in my thinking.
