- Thread starter
- #11
risingstarlife
Expert
- 27
They also state that they pay within 24 hours how is that possabile when they don't do an MIB.
Why Dosen't Lincoln Heritage Do An MIB.
- Thread starter risingstarlife
- Start date
- 19,635
They only do that on policies that are out of contestability. That is one thing they do right. The FCGS will pay within 24 hours of death, not upon receipt of the death certificate, within 24 hours of the death being reported to them.
When a policy is still in contestability the FCGS will not do anything. Not even help with paperwork or make a phone call.
- 17,069
The FCGS has nothing to do with them paying non-contestible claims within 24-hours. They have done that long before they invented the FCGS and they still do it today regardless of if the policy has the FCGS benefit or not. (LH policies under a certain dollar amount do NOT have the FCGS and still pay within 24 hours.
LH comes from the funeral preneed industry and paying the claims within 24 hours is a minimum requirement for ALL life insurance companies that sell funeral preneed. Thats the same reason ForeThought does the same thing.
Both ForeThought and LH will pay ANY company's non-contestible death claim within 24 hours for a fee. It doesn't even need to be one of their own policies. They make a lot of money doing that.
- 19,635
You're probably right about that, but the FCGS does pay it on their FE policies and you can put the FCGS on any size policy. I did on some $1000 policies. The FCGS is a good thing when used properly. The company may very well pay within 24 hours without it.
I know other FE companies don't pay that fast.
- 17,069
I got a call from one of my insured's children today that he had died this morning. I had met with him to sell a final expense policy 15 months ago. When I got there I found out he had very serious cancer.
I recommended that he get a Preneed type policy even though he didn't want to decide on a funeral home or anything.
The funeral director faxed in the death claim today around 2:00 and the money is probably in the beneficiary's bank account now. If not it will be there in the morning.
They are all very fast. And the unhealthy ones are non-contestable from the very first day.
They don't rely on any society to do anything.
- 19,635
- 17,069
OK, you convinced me, LH sucks!!
Yes...but they are also very good for us.
- Thread starter
- #18
risingstarlife
Expert
- 27
I agree newby now i have royal neighbors and when i come over to a client home who has lincoln they are really easy to replace.All i say is i will give you 20% cheaper premium then what u are paying with them and give you a scholarship program for your kids and free dental plan and free prescription plan by that time the client is waiting with his check book waiting for me to replace him.
Now i also understand why Lincoln is the only company that if you have a chargeback and you get advance they give you half of your advance and take the other half for the charge back.If they didn't do that nobody would work for them.
Now i also understand why Lincoln is the only company that if you have a chargeback and you get advance they give you half of your advance and take the other half for the charge back.If they didn't do that nobody would work for them.
