Why Dosen't Lincoln Heritage Do An MIB.

[risingstarlife]

I have had heard from clients of mine that they heard that Lincoln Heritage didn't pay a death benefit when there family relative passed away as they are waiting on the MIB, Why don't they run the MIB at the begging of the policy.

 

[Todd King]

Maybe it's because they don't expect the policy to stay on the books very long before it gets replaced!

 

[Newby]

I have had heard from clients of mine that they heard that Lincoln Heritage didn't pay a death benefit when there family relative passed away as they are waiting on the MIB, Why don't they run the MIB at the begging of the policy.

LH is one of the WORST policies that a family can bring in a funeral home. As a funeral director, if a family brings one in and it's within the 1st two years, we just tell them they don't have anything. The Funeral Benefit Society deal that they have with that policy will tell them the same thing. A HUGE % of those policies will be rescinded. LH does NOT release stats on how many of these don't pay but I would have to guess that it's the worst in the industry.

Settlers gives those stats out every year for agents to proudly show on appointments. That policy is MUCH more trustworthy if a death occurs in the 1st 24 months and is priced better for the consumer AND pays better to the agent.
And the reason you would choose to sell LH is....?

 

[risingstarlife]

I used to sell them once upon a time but never understood the whole Mib thing. I work with Todd King now with Monumental And let me tell you things have changed around for the better ever since then.

 

[Mark]

I'm starting to see companies with ads that says NO MIB or RX Check. I would be very afraid of those companies.

 

[SA210]

I have had heard from clients of mine that they heard that Lincoln Heritage didn't pay a death benefit when there family relative passed away as they are waiting on the MIB, Why don't they run the MIB at the begging of the policy.

That's the risk that you run when selling a simplified product. You have to understand that MIB is not the clients actual medical records. Not every company runs MIB's and also just because they say they run MIB's on a simplified product you would be surprised on how many of them fall through the cracks.

 

[Mark]

The companies gets more info from the rx check these days than the MIB.

 

[Newby]

That's the risk that you run when selling a simplified product. You have to understand that MIB is not the clients actual medical records. Not every company runs MIB's and also just because they say they run MIB's on a simplified product you would be surprised on how many of them fall through the cracks.

No but companies that advertise to agents that they don't check anything are trying to attract the bottom-feeder agents who don't think twice about putting all kinds of bad paper through to make a quick buck.

Basically what they are doing is selling a GI 2-year ROP but making the consumer (and some unsuspecting funeral directors) believe they have something better. It's misleading and a black eye on the entire insurance industry.

PLUS the agents that sell this will get commissions charged back from day one.

 

[Mark]

No but companies that advertise to agents that they don't check anything are trying to attract the bottom-feeder agents who don't think twice about putting all kinds of bad paper through to make a quick buck.

Basically what they are doing is selling a GI 2-year ROP but making the consumer (and some unsuspecting funeral directors) believe they have something better. It's misleading and a black eye on the entire insurance industry.

PLUS the agents that sell this will get commissions charged back from day one.

I feel sorry for the mga and Imo that recruit for those no mib or rx check companies. It is going to end up being one big chargeback and debit balance that the IMO will end up eating.

 

[jas100]

Most of the time when a Insurance Carrier does not do a RX, MIB, or a P.I. they are basically using the application and how the questions are answered to approve or decline a case. So if a claim has to be paid in the future they have more chances to deny the claim based on disclosure of information on application.. They are basically underwriting Death Claims versus the application in the initial stage..Can you say "Rescind?"