Replacing Overpriced Lincoln Heritage... Notary Required

[Iwillpay]

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.

Good advice. It is hard to fight the insurance companies they have the financial muscle. I never like replacing policies. never know what might happen in doing the changes. Use these LH as a base to generate new business and referrals. The hawks may come down on me but despite all the negative about LH remember that LH policy is providing the protection that the policyholder need. Beneficiaries never complain about what type of policy the deceased had.

 

[pcbinsurance]

"Beneficiaries never complain about what type of policy the deceased had."
*************
I disagree. Think about all those who passed away with a graded policy? Do you think the beneficiaries might have complained?

 

[gordon112]

Exactly, how can they make it a rule for replacing that it has to be notarized?

This is downright dirty and unethical imho. They are the worst for putting fear into a clients mind with all those nasty letters they send and now notarized for a replacement.

The insurance commissioner in each state should be notified of this garbage.

 

[jdeasy]

Exactly, how can they make it a rule for replacing that it has to be notarized?

This is downright dirty and unethical imho. They are the worst for putting fear into a clients mind with all those nasty letters they send and now notarized for a replacement.

The insurance commissioner in each state should be notified of this garbage.

No, not a notarized replacement form. The cancel letter to surrender the policy and get the cash value is what has to be notarized.

I recently replaced two LH policies in a home and one AGLA. The lady had cash value in all three.

Only on the LH did she have to have the cancel letter notarized.
They are the only company I've run across that requires that. I replaced a Physicians Life on Tues. this week. Once the guy was pproved on the POS we called PL to stop the draft and tell them he wanted to cancel. I asked about the surrender form and was told they didn't need one. Just write it down, have him sign it and fax it to them and they would send a check.

Monumental allows you fax the form. it does have t be witnessed but not notaized. AGLA won't allow you to fax the form. It has to be witnessed and signed and them mailed. Not notarized though.

 

[gordon112]

No, not a notarized replacement form. The cancel letter to surrender the policy and get the cash value is what has to be notarized.

I recently replaced two LH policies in a home and one AGLA. The lady had cash value in all three.

Only on the LH did she have to have the cancel letter notarized.
They are the only company I've run across that requires that. I replaced a Physicians Life on Tues. this week. Once the guy was pproved on the POS we called PL to stop the draft and tell them he wanted to cancel. I asked about the surrender form and was told they didn't need one. Just write it down, have him sign it and fax it to them and they would send a check.

Monumental allows you fax the form. it does have t be witnessed but not notaized. AGLA won't allow you to fax the form. It has to be witnessed and signed and them mailed. Not notarized though.

Ah, well its still another big step that they are getting away with. I have never heard of a cash value letter that would have to be notarized. I am still yet to run into one of these LH turd policies. I will be ready for the fight and I thank everybody for letting us know about this dirty little trick.

LH is grasping for straws to conserve the junk that they feed unsuspecting customers.

 

[jdeasy]

Ah, well its still another big step that they are getting away with. I have never heard of a cash value letter that would have to be notarized. I am still yet to run into one of these LH turd policies. I will be ready for the fight and I thank everybody for letting us know about this dirty little trick.

LH is grasping for straws to conserve the junk that they feed unsuspecting customers.

It's just something else that speaks to the company they are.

 

[VolAgent]

"They WILL send it to you. They have to send it to you.
" ************
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.

They can send it to you now, or they can send it to your attorney during discovery. Better to send it now if they are just threatening.

They can't argue you violated the contract if they won't produce a signed copy. Pretty simple really.

 

[xrac]

A notary is only a minor inconvenience. In the securities business some firms require a signature guarantee by a member firm.

 

[Norwayguy]

A notary is only a minor inconvenience. In the securities business some firms require a signature guarantee by a member firm.

Yes but you can normally have your B/D get the signature guarantee.

 

[digfesales105]

They will always send you your contract. Regardless if you're term'd or not.

As far as canceling, the customer can always call LH and stop the bank draft and then it will lapse. If you still fill out a replacement form then all parties are fine. Promise you don't need to have client notarized a cancellation form with LH.