Replacing Overpriced Lincoln Heritage... Notary Required

[WinoBlues]

First max loan it.

..........

 

[mamaquilts]

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.

I used one from Craigslist and it cost me $25 plus 2 per page. She was great.

 

[jacobtn]

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.

duh, of course the client can stop the draft. we are talking about them getting their cash value out of the overpriced policy. they are the only company that I have ever come across that requires a notarized surrender form.

otherwise the policy will probably just go into APL mode and the cash will just be eaten up and lost forever. you would recommend they allow lincoln heritage to do that??

 

[theinsuranceman]

I would think that a notarized surrender form is required to prevent an unscrupulous family member, friend, or foe from trying to impersonate the owner of the policy and then this impersonator receiving the cash value check.

Probably recommended by good legal counsel and makes perfect sense to me.

 

[gordon112]

I would think that a notarized surrender form is required to prevent an unscrupulous family member, friend, or foe from trying to impersonate the owner of the policy and then this impersonator receiving the cash value check.

Probably recommended by good legal counsel and makes perfect sense to me.

Most family members will not know about cash value in a policy let alone know that they even have a policy. (especially in the market that LH sells these overpriced policies).

If you are denying that LH is making it so that they can put a damper on replacing and also making it another step for the family to get there cash out of these over priced policies then you might want to check your conscious at the door.

 

[Newby]

duh, of course the client can stop the draft. we are talking about them getting their cash value out of the overpriced policy. they are the only company that I have ever come across that requires a notarized surrender form.

otherwise the policy will probably just go into APL mode and the cash will just be eaten up and lost forever. you would recommend they allow lincoln heritage to do that??

Oxford has begun the same thing. And when you stop the draft they keep drafting as a policy loan. I think they are in the same town as LH too.

 

[digfesales105]

duh, of course the client can stop the draft. we are talking about them getting their cash value out of the overpriced policy. they are the only company that I have ever come across that requires a notarized surrender form.

otherwise the policy will probably just go into APL mode and the cash will just be eaten up and lost forever. you would recommend they allow lincoln heritage to do that??

Did I imply LH to do that??? I don't think so. Geeez...

And as you can see...there are other carriers who practice that.