- Thread starter
- #61
I must be missing something. I'm thinking, an inch is an inch, regardless of how many sheets of steel it takes, using your example. Is it that 18 sheets are stronger than 20 sheets, even if they both combine to = 1 inch?
Senior Life Unannounced Rate Increase-Normal/Abnormal?
- Thread starter titeye
- Start date
- 4,872
Probably the casket is made out of one sheet of 18 gauge steel or made of one sheet of 20 gauge steel (little thinner than18 gauge).
It's not that the casket walls are one inch thick, but one sheet thick, with the sheet being 18 gauge, 20 gauge, or whatever.
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- 1,832
"I think Legacy is a good tool for offering something a little different than other FE companies. If it helps sell the insurance policy it has done it's job."
If it were of any merit t low income senior citizens,wouldn't Trinity,KSKJ,Foresters offer something similar ?
What a coincidence that Lincoln Heritage and Senior Life are the only 2 FE companies that run this scam on low income poorly educated senior citizens,most that don't even realize they are paying $4 a month that their beneficiary will never use ?
The same 2 overpriced companies that have an overwhelming amount of agents selling these same seniors accidental death and dismemberment without the insured being aware. How many times have you reviewed a policy written by a LH or SL agent on a senior that was being shared addition monies for AD&D and had no idea what it was until you showed it to them on the app ?
Nothing better than reviewing a brand new SL or LH policy for us independent agents.
The first 3 things I'm looking at on review are:
1. Tobacco question,often a material misrepresentation
2. Phony funeral plan upsale,unnecessary add on
3. AD&D.....sold to grandma who rarely leaves her recliner
Pay attention new Independent agents.......great way to help our clients while increasing sales !
- 4,872
Sr Life doesn't have AD&D. They do have ADB though. Are you sure your facts are accurate? I don't think so.
- 1,832
You always find a way to"spin it "
Same unnecessary ad on,way to pad the figures....
I've often wondered,do you train your down line to include the AD&D rider and Legacy Assurance regardless of the client's need,desire,or knowledge of those products ?
I bet they brag at home office amongst themselves about all the extra money they rake in by ripping off poorly educated senior citizens with theses 2 completely unnecessary ad ons ?
New guys....pay attention.....in fact, wait for it....
- Thread starter
- #66
SL and LH are not the only 2 companies that have unethical agents misrepresenting policies and lying on applications. Every company that you and I represent have plenty of agents who do the exact same thing. This applies especially to a field agent, because all it takes is the swipe of the pen, unbeknownst to the client.
It is much more difficult, if not impossible to do with telesales. Each question on the entire application is read and answered (by the client) on a recorded line. Afterwards, it is underwritings job to check Rx and MIB.
I feel you on the Funeral plans and casket mumbo jumbo, but I wouldn't call it a scam on the client. Again, these add-ons or riders should be explained to the client for them to choose whether or not they find them valuable. If anybody is being scammed, it's the agent whose commission is reduced significantly on the life insurance sale if the client refuses the add-ons. This creates the potential for a conflict of interest. In SL's case, if the client refuses the Legacy add-on, the agent now has to decide whether to forego a 90% commission for a 60% commission, or doing something unethical to maintain the 90%.
Fe is a cut throat business . You have tons of unethical agents as the turnover is 90% and the pressure to sell is immense as you have big lead costs. It's agents from all different co's.But one of the main problems is the people we sell. On one side many mail in 5 plus cards a month as their lonely and bored . Just this past week i had a straggle lead far out of the way. On those I'll either try to sell on the phone or pre sell on the phone before going out.. Her exact words were " Isn't this for the $1000 free insurance like the other people who came by". One the other side if they only mailed in 1 card every few yrs your lead cost would be $400 a lead. It's the beast we deal with
- 1,832
There's right and wrong and then there are "spin doctors " who will do anything to deflect when answering questions on this forum.
Upselling poorly educated low income senior citizens with products they did not ask for,agree to purchase,or anyway you want to spin it is just plain wrong. It costs the policy owner an extra $4-$7 a month and sometimes more for these unnecessary ad ons.
Senior Life and Lincoln Heritage rip our seniors off and deprive their beneficiaries of the extra death benefit they could receive without AD&D,Legacy Assurance,or the Funeral Guardian Society (fairy dust organizations).
Sometimes the client can receive an extra 1-2k in death benefit if the SL agent,LH agent didn't "slip" these extras in.
We are here to help seniors,not screw them.
The carrier only gets to keep the insurance proceeds for a certain time period. After that it is turned over to unclaimed funds with the state. Not so with the Legacy.
By saying there is not much commission on $48, I assume you are saying SL does not pay commission on it? On just 100% commission, it would be $48. On 200 apps per year that would be $9600. I know to a rich fellow like you, that is not much but to a poor boy like me, that is a considerable amount.
- 1,832
In the TR King organization Todd's motto is "Do The Right Thing Because It's Simply The Right Thing To Do".
That little nugget is FE gold.
Puts the agent in the other 10% immediately.
Takes the pressure off the agent to lie,steal,cheat,deceive the insured.
But then there agin there are those who aren't geared for complete honesty,so they get in bed with Senior Life and Lincoln Heritage
We are in a great business for people who have good character and believe in doing the right thing
