Why is There So Much Hate About Lincoln Heritage?

[Roger Bickley]

I'm looking to join Lincoln Heritage
I see that they are in the lead and have more customers than any other final expense insurance company.
But why is there so much hate from them from Agents that's not part of the company?

 

[suranceman]

Their rates are high, underwriting isn't very favorable (especially when you can't offer other carriers), the FCGS is a pure gimmick, low starting contracts + high lead costs...

They aren't good for the client or the agent.

That's why they get hate.

They're number 1 in FE because they really have mastered marketing this product to consumers and agents. It's not because their product is the best for consumers or for agents.

 

[Todd King]

I'm looking to join Lincoln Heritage
I see that they are in the lead and have more customers than any other final expense insurance company.
But why is there so much hate from them from Agents that's not part of the company?

Are you new to the industry? If so, why do you think LH got in touch with you? They recruit as heavy or more than any other outfit. They prey on new agents who don't know what they are doing yet. And yes, with as big of a work force as they have, they are going to sell a bunch even when it's not good for they buyer. Of course, the agents don't really know any better because they are brainwashed to believe that LH is the absolute best on the market.

Just wait until you get into the rah rah meetings. Your manager(s) is going to show you his big checks or 1099s. I ask....what does that have to do with you though? They are on higher contract levels than you and have a bunch of agents under them. That's 2 things you don't have unless you stick around long enough to build those things. Still, it's an inferior product. If that is what you want to sell to people and you can lay down at night with peace of mind....go for it!

 

[WinoBlues]

I'm looking to join Lincoln Heritage
I see that they are in the lead and have more customers than any other final expense insurance company.
But why is there so much hate from them from Agents that's not part of the company?

*Not a full time FE agent. Sold my first "FE" policy in the 80s Sold my last one a few days ago.

My + and -

+The number of producers that started there is interesting. -Their rates are higher than many, +They sell a real policy with real guarantees. +The agents I know from there get hands on training. -It is said that they Vector everyone that leaves with any lead debt. Not sure if that is true and if that is true of other agencies also. It is said that they teach clean sheeting, however I have run into that a lot more from independent agents. Same with twisting and churning. +I have not heard that they drag their feet paying claims, the opposite actually. -Seems to me they teach their agents to write smaller policies, not trained to fill the need. -Like a lot/most FE agents they rely on leads over prospecting or servicing their book.

Again, I am not a full time FE agent. I replaced them a few days ago.

 

[myinsurebiz]

I'm looking to join Lincoln Heritage
I see that they are in the lead and have more customers than any other final expense insurance company.
But why is there so much hate from them from Agents that's not part of the company?

Because they suck . . .

 

[WinoBlues]

Because they suck . . .

How so?

 

[myinsurebiz]

Because they suck . . .

How so?

You posted many reasons yourself right above my post . . .

 

[KOC Agent]

I'm looking to join Lincoln Heritage
I see that they are in the lead and have more customers than any other final expense insurance company.
But why is there so much hate from them from Agents that's not part of the company?

Cons:
1- They are a true MLM, recruiting a downline is almost mandatory to making it there.
2- Lots of mandatory meetings and lengthy phone calls which was interesting since we were allegedly independent agents.
3- Very limited product selection, either you qualify for same day coverage or you have to accept a modified contract.
3- Premium rates are normally more expensive than other policies with the same benefits.
4- Unless you are direct to one of the groups founding members, expect a considerably lower commission rate.
5- Lead cost is higher than what's available elsewhere. $35+ per lead. 6- Leads are oftentimes recycled from previous agents.
7- FCGS sounds good but is really only a sales tool.
8- Sometimes local offices will limit the areas that you can sell in. Some states are off limits, they're exclusive to another LH office.

Pros:
1- A one page, 10 question application.
2- A know before you go POS phone underwriting.
3- A lot of support and rah rah if you feel you need it but you give up a significant sum of money for this privilege.
4- They provide a lot of hands on training but again you give up a lot.

You have a lot to think about, my recommendation would be to talk to some of the imo's on this forum and see which one is a good fit for you.

 

[PA Bill]

One of the problems with LH is you can get offered anywhere from 50-100%. Just depends on how many middle men you are required to support. In my opinion, they're fine at 100% but a stone cold rip off at 50. You will starve and die at 50.

p.s.- I see you're from PA. Those LH guys in Pittsburgh are whores and will offer you 50.

 

[FinalExpenseDojo.com]

Captive companies automatically have a bad rep with Indy agents. Typically they're great practice companies & that's about it.