- 17,072
If they answer yes to any of those is it a complete knockout?
Senior Life Unannounced Rate Increase-Normal/Abnormal?
- Thread starter titeye
- Start date
- 1,832
Just had a client call me on a SL policy I replaced that their SL dirtbag wrote with 2 lies on the app. Client is a smoker and was written NT. Client also has COPD. Box on SL app checked "no" on their COPD question.
This is common in my area especially since I'm not too far from their home office.
I'm going to start carrying forms from the Insurance Commissioner's office and have the client sig,fax them in for them,help them report these dirtbags.
I had to fax them to remove her from draft,which they did and sent her a bill in the mail.
She called me today to tell me they drafted $4 for their "Legacy Assurance" scam.
When we called SL customer they play dumb,tell you you have to cancel Legacy Assurance by calling a different number......they won't give you a fax number,they require a cancellation on a recorded line. They act as though they have no control over the Legacy Assurance billing.
Wonder how many of our people are getting charged $4 a month from these slimeballs and don't even realize it ?
- 4,872
Just so you know, Legacy and SL are two different companies. They probably want to record the cancellation because a lawyer recommended it. And yes, SL does not have control over Legacy's billing. When you talked that lady into cancelling her Legacy membership you really hurt her and probably don't realize it.
You should call the home office and tell them the agent's name on the application who misrepresented the tobacco/nicotine question and the COPD. One bad apple doesn't spoil the whole barrel.
- Thread starter
- #35
I have to agree with Greg. There are bad agents and employees within every insurance company, which contributes to why we all get a bad rap. At the same time, there are also agents who exhibit a high degree of integrity with all companies as well.
I would also have to agree with Greg's argument concerning Legacy. Although SL may own Legacy, it is in fact a separate business entity. The client's premium is paid directly to SL, in exchange for a lump sum cash claim upon death. The client pays their Legacy membership fee directly to Legacy, in exchange for the products and services they will provide. It is for this reason that canceling one would not negate the other. I, too, have replaced policies. However, I have also recommended they keep the Legacy benefit.
I talked to a funeral home and cemetery yesterday for a client who wanted more insurance, but did not want a cremation or burial in the ground. Instead, she wants to be placed in the mausoleum. She had no clue what it would cost, but she knew her $7500 LH policy was not enough. Well, this was knew to me and I didn't know how much it costs either, and offered to call the funeral home and find out together. By mistake, I called the funeral home of her choice, forgetting that they don't sell mausoleums. I didn't realize my mistake until the representative corrected me and advised me to call around to a few cemeteries she suggested. During this conversation, she applauded me for pre-planning and admitted that it is very rare that people do, and how often they are taken advantage of during their time of grief. She then emailed me an itemized price list of all the services they provide, including a variety of caskets. What I discovered is that most of the caskets were much more expensive than Legacy, but their were a few that were just as competitive, if not a little less expensive.
When I called the cemetery, the representative said almost the exact same thing, word for word, regarding how often people are taken advantage of who are not proactive.
The point is, you will never lose a replacement sale, because you advise someone to continue paying their $3-$4 monthly membership fee to Legacy. In fact, you may find it surprising how loyal they become simply because you recommended that they keep a benefit provided by your competitor. If for no other reason, the family advocate benefit that Legacy offers can be priceless, particularly for those families who procrastinate.
Other forum contributors may have an even different perspective on Legacy.
- 5,933
damadcrapper
Super Genius
- 166
Has anyone taken a look at the new pricing and determined how significant the pricing change is? Any specific ages / Smoker/Nonsmoker, hit harder then others?
- 1,832
Question: We know that you are or have been a licensed funeral director,correct ?
Regarding Legacy Assurance by Senior Life.....
1.If it's such a great deal for the insured,why aren't Foresters,RNA,Am Am or any of the other large FE carriers offering something similar?
2.The local funeral director has the assignment of the death benefit signed at his place of business by the beneficiary,right ?
3.Can you see the local licensed funeral director assigning any of those benefits,$, for funeral merchandise to a third party,competitor for merchandise he can sell to the beneficiary in his own showroom,place of business? I mean he has the beneficiary right there in his place of business,sales showroom ? Doesn't it help him being that he's part of the community,could already have built a solid relationship with the family,handled services for that family ?
What's the actual reality of the beneficiary having educated knowledge of Legacy Assurance at the time of bereavement,planning a funeral ?
4. How can Senior Life Legacy Assurance provide a real time(not fairy dust)opportunity for Miss Susie in Bumfunct,South Dakota,to actually shop,feel,touch,inspect funeral merchandise hands on ?
5. How come the sale of Legacy Assurance on a Senior Life Final Expense Policy has an effect on the commission structure providing the agent with a higher contract ?
Thanks
The best online merchandise purchase is usually the urn and you don't need a monthly membership and with urns you have easier recourse if something goes wrong. Because of the "Funeral Rule" funeral homes must accept outside merchandise and can't charge a handling fee. They are required to have their General Price List with itemized prices on certain items.
So a funeral home can raise itemized prices on things like embalming. services, transportation and then lower prices on merchandise like caskets and still compete. Then they bundle items including caskets and create packages; and of course those are the best value options A, B or C each with your choice of these four caskets. The package savings adds up to a huge percentage maybe 25% or more make sure you include some value added items and only a fool wouldn't want the package. If you purchase casket from the outside you lose the package savings.
I admit people are using outside caskets and many are coming in damaged. Some are not even usable and creating problems for families that is another story.
So a funeral home can raise itemized prices on things like embalming. services, transportation and then lower prices on merchandise like caskets and still compete. Then they bundle items including caskets and create packages; and of course those are the best value options A, B or C each with your choice of these four caskets. The package savings adds up to a huge percentage maybe 25% or more make sure you include some value added items and only a fool wouldn't want the package. If you purchase casket from the outside you lose the package savings.
I admit people are using outside caskets and many are coming in damaged. Some are not even usable and creating problems for families that is another story.
