Senior Life Unannounced Rate Increase-Normal/Abnormal?

[myinsurebiz]

Yes, their rates went up Jan. 1. We heard that state's dept. of insurance were requiring higher reserves due to the covid climate. There are no covid questions on any app. Last rate increase was over 12 years ago.

I would also assume to make more profit. One of the basic laws of capitalism is to charge whatever the market will bear. If LH can have high rates and still sell more FE than anyone else......then why not duplicate the top producing carrier's system.....like an agent would duplicate a top producing agent's system? If high rates made a difference to their profitability, market share, etc. then LH would have lowered their rates over 20 years ago.

Makes sense.

 

[myinsurebiz]

It's simple they raised comp they need to raise rates.

Was pretty obvious eh?

 

[titeye]

So when the beneficiary calls Legacy,does Legacy give them directions to a showroom nearby where they can go pick out the merchandise?

Does Legacy put a lien on the policy so the beneficiary can get the casket without paying cash for the casket ?

Will Senior Life make out a check after the claim has been settled to Legacy for the casket?

Legacy's telephone number is 855-548-2721. It did not matter that I was not a current member or SL agent, they answered all of my questions. If Greg is not providing you with the information you need/want, go directly to the source. No sense in beating a dead horse. Educate yourself, to avoid arguing/debating with him. This way, you know exactly when another individual is not being truthful. It does make a whole lot of sense to challenge him when he knows more about SL and Legacy than you do. Do yourself a favor. Just call them.
I now know as much about SL and Legacy as their own agents. Not only do I know when Greg is exaggerating, my knowledge also helps me compete against them.

 

[Lawsonhj1]

Website shiny prices appear fair but nothing special that couldn't be easily purchased from another online retailer for less if that is that is the route someone wants to go. My mind has a difficult time justifying $48 year to pay more when a simple google search can get an 18 gauge casket for similar or less without membership fee. The memorial and urns same, vault same. The polypropylene vaults you should see what happens when a backhoe accidently hits one.

 

[titeye]

Website shiny prices appear fair but nothing special that couldn't be easily purchased from another online retailer for less if that is that is the route someone wants to go. My mind has a difficult time justifying $48 year to pay more when a simple google search can get an 18 gauge casket for similar or less without membership fee. The memorial and urns same, vault same. The polypropylene vaults you should see what happens when a backhoe accidently hits one.

You are not required to purchase the vault. To my understanding, some cemeteries don't accept fiberglass vaults. You have to remember, you are thinking rational. Those burying loved ones have so many more things going through their minds, everything they do may be irrational. Especially in the case of an unexpected death. I'm not saying $48 is worth it one way or the other. I imagine there are enough consumers who do find value in it, otherwise the business would fail.

 

[theinsuranceman]

Website shiny prices appear fair but nothing special that couldn't be easily purchased from another online retailer for less if that is that is the route someone wants to go. My mind has a difficult time justifying $48 year to pay more when a simple google search can get an 18 gauge casket for similar or less without membership fee. The memorial and urns same, vault same. The polypropylene vaults you should see what happens when a backhoe accidently hits one.

Remember, Legacy does not charge for shipping of the merchandise. I don't know if other retailors charge.

 

[titeye]

Tuesday, I had an appointment with a single parent of 3 young adult boys. The dad is 55, his oldest boy 25, next boy 23, and youngest boy 19. The father is in excellent health. Hight in proportion to weight. No meds. NT. No history of anything. Yet, for some reason, he doesn't think he will live past age 75. As I am talking to him, he says he doesn't want his kids to have to deal with anything upon his death. He was adamant about that. I was reminded of these posts, so I asked how he would feel if he had a casket already picked out and someone who would handle the business end with the funeral home on his children's behalf. To my surprise, he kept saying, "Yes! Yes! Yes!" Then I said, "Well, nothing like that exists." LMAO
No, I didn't tell him that. I asked him if he would be willing to pay a premium for those kind of benefits. Again, he said yes. I told him to have his kids call me, if I don't pass away before you, and I will take of it for them. The point is, this guy definitely would have paid $48/annually for Legacy.

 

[theinsuranceman]

You are not required to purchase the vault. To my understanding, some cemeteries don't accept fiberglass vaults. You have to remember, you are thinking rational. Those burying loved ones have so many more things going through their minds, everything they do may be irrational. Especially in the case of an unexpected death. I'm not saying $48 is worth it one way or the other. I imagine there are enough consumers who do find value in it, otherwise the business would fail.

You can purchase just one, two, or all 3 pieces of merchandise from Legacy. Or the family could purchase zero from Legacy if that's their desire.

 

[theinsuranceman]

Legacy's telephone number is 855-548-2721. It did not matter that I was not a current member or SL agent, they answered all of my questions. If Greg is not providing you with the information you need/want, go directly to the source. No sense in beating a dead horse. Educate yourself, to avoid arguing/debating with him. This way, you know exactly when another individual is not being truthful. It does make a whole lot of sense to challenge him when he knows more about SL and Legacy than you do. Do yourself a favor. Just call them.
I now know as much about SL and Legacy as their own agents. Not only do I know when Greg is exaggerating, my knowledge also helps me compete against them.

Great idea! That will validate that I'm telling the truth about Legacy or Sr Life. I can't recall where I exaggerated anything though.

 

[theinsuranceman]

You can purchase just one, two, or all 3 pieces of merchandise from Legacy. Or the family could purchase zero from Legacy if that's their desire.

Some cemeteries require vaults while others don't.