Legacy from Senior Life. An alternative idea

[PhxSunsFan]

for those not using sr life ,with their supposed easy sale bec of all the value of the legacy -lock in pricing for casket etc,,
I've found a work around,, for $999, your clients family can have a casket shipped from amazon, costco, walmrt,, that are so nice looking,, that jc wouldnt mind being buried in one,.
I let my clients know tht when they die etc,, Im on the phone with their family, to help them get that casket and prevent paying too much of that $5,000 check at the funeral home,... I also send this info with my thank you note etc,, ( funeral homes must accept these caskets) thoughts??

 

[Baseball7]

Legacy Assurance is simply a gimmick to make up for the fact that the product is not competitive. When you can show a client better coverage they don't care about the gimmick at that point. But if you wanna offer something similar as a value added service I don't see what's wrong with that.

 

[theinsuranceman]

Legacy Assurance is simply a gimmick to make up for the fact that the product is not competitive. When you can show a client better coverage they don't care about the gimmick at that point. But if you wanna offer something similar as a value added service I don't see what's wrong with that.

Sr Life is not going to be the cheapest in all cases. But they're competitive enough. I'm pretty sure their goal is to make a profit, not be the cheapest premium. That may be the reason a few carriers have exited the FE industry, and others have raised rates, tightened up their health questions, or stop paying commissions on ages 60 and under.

Anyway, here's an example. I'd say this example is pretty competitive wouldn't you?

 

[Baseball7]

Anybody that healthy would qualify for a product that would still be your rates. In fact any company is relatively competitive for healthy clients. You have no competitive underwriting advantages, so unless the person is in good health they get a garbage rate.

i'm not gonna say there aren't some smart technology aspect to Senior life. But you don't need to call re-create create legacy Assurance to beat Senior life you can beat them any other of 100 different ways.

 

[theinsuranceman]

Anybody that healthy would qualify for a product that would still be your rates. In fact any company is relatively competitive for healthy clients. You have no competitive underwriting advantages, so unless the person is in good health they get a garbage rate.

i'm not gonna say there aren't some smart technology aspect to Senior life. But you don't need to call re-create create legacy Assurance to beat Senior life you can beat them any other of 100 different ways.

Even if they've been taking insulin before age 40? or is it 50?

Don't forget Legacy not only provides $4000-$5000 discounts on the total price of the casket, vault, and monument (and urn) as well as negotiating the price of the funeral/cremation with the funeral home on behalf of the family. Legacy has added: discounts on diabetic socks, diabetic shoes, hearing aids, free annual hearing exam, 24 hour tele-medicine AND these savings are included for up to a max. of 4 family members completely free.

When Legacy is explained properly to Ms. Jones the persistency is better. And the closing % is better. Some people who don't need any more insurance will still take out a small FE policy just so they can get these incredible savings for them self and 4 family members that are included completely free.

So even if you had a plan with the same coverage and the monthly premium was $50 cheaper, you are only saving Ms. Jones $50 per month. I'm saving Ms. Jones about $4000 x 5 family members plus the other discounts just mentioned. When I salt the business down in my warm down, Ms. Jones now understands that even if you came by with a premium $50/month cheaper, that $50 savings with you compared to $1000's of $$$ savings with me is no contest. She's staying with me and saying to you "no thanks, I've already got my stuff picked out, I'm not changing anything". And I have to say it again...the closing % goes up about 1-3 applications per 20 leads. That's the difference between an agent staying on board or failing out of the business.

Not here to argue, just to educate the uninformed.

There's more Legacy savings features coming down the pike from what I understand.

 

[BarryNY]

Even if they've been taking insulin before age 40? or is it 50?

When Legacy is explained properly to Ms. Jones the persistency is better. And the closing % is better. Some people who don't need any more insurance will still take out a small FE policy just so they can get these incredible savings for them self and 4 family members that are included completely free.

There's more Legacy savings features coming down the pike from what I understand.

Agreed - The Agent has to be able to communicate the value proposition (training/script) for it to work well...

In your example - really you can find a prem that's $50/month cheaper than SL on average? If so, that $4000 casket savings evaporates at month 80 or 6.67 years. I think maybe $20 month is a better example...even overpriced NorthStar Legacy is usually +30% or +$25 versus others.

 

[PhxSunsFan]

my thought is,. if a really nice casket costs $999. , who needs legacy??

 

[BarryNY]

my thought is,. if a really nice casket costs $999. , who needs legacy??

You don't - so what's your point?
Every company has their own marketing selling points and value propositions.

If you have COPD and don't smoke LBL does the job...but I'd bet there are thousands of policies that were written at other carriers that are graded/modified for those same COPD sufferers...

 

[Baseball7]

The problem isn't necessarily the product. It's also a company that's willing to transfer agents against their will. Do some research before anyone chooses to sell for them even though this isn't the topic at hand.

 

[Adrian Davjs]

for those not using sr life ,with their supposed easy sale bec of all the value of the legacy -lock in pricing for casket etc,,
I've found a work around,, for $999, your clients family can have a casket shipped from amazon, costco, walmrt,, that are so nice looking,, that jc wouldnt mind being buried in one,.
I let my clients know tht when they die etc,, Im on the phone with their family, to help them get that casket and prevent paying too much of that $5,000 check at the funeral home,... I also send this info with my thank you note etc,, ( funeral homes must accept these caskets) thoughts??

Is the $999 guaranteed for life? What about the headstone? Does the client pay the $999 upfront or does it come out of the life insurance proceeds?

You see there are reasons why Legacy Assurance is good for some people.