Lincoln Heritage

[mswebb06]

What does everyone know about Lincoln Heritage Life Insurance? I am hearing that if one becomes appointed with them, and uses the lead system they have, you MUST buy 30 leads per week at $20 dollars a pop? Can anyone verify this? You are looking at $2400-2500 on just leads every month!

 

[Frank Stastny]

Have you tried contacting them directly to get accurate information?

Once you find out what they are offering then begin looking to see if there is a marketing organization that may be offering a better deal. However, I doubt that you will find one.

$20.00 for a "lead" is outrageous, especially if it is a direct mail lead. The only "lead" I would consider even close to being worth $20.00 is one where prospect called the company, said they had cash in hand and asked to be contacted by an agent. However, even those should be free to an agent in the prospects geographic area. The company would be making money both from the sale of the policy and from the agent.

It is apparent that insurance companies have no problem biting the hand that feeds them.

 

[HomeService]

Yes, I met with the GA or mgr or whatever, signed all the paperwork. All he could talk about was me buying leads, leads, leads. He made me wonder if he was a lead salesperson. A few months go by, I take zero leads, write zero business, contract terminated.

 

[Newby]

What does everyone know about Lincoln Heritage Life Insurance? I am hearing that if one becomes appointed with them, and uses the lead system they have, you MUST buy 30 leads per week at $20 dollars a pop? Can anyone verify this? You are looking at $2400-2500 on just leads every month!

I know their premiums are outrageous and their "funeral plan" is very gimmicky and is not really a benefit (although it MAY seem beneficial to the uneducated.)

They do run TV ads constantly so they probably do have the leads.

 

[sannikay]

I work for Lincoln Heritage, but not in the final expense arena, I sell pre-need for a funeral home. I don't pay a dime for the leads and they set my appointments for me. Is the premium high? Yes, because they aren't paying for the policy until they are 95 years old. It's a set period of time, 3, 5, 10 and 20 years, so ultimately the premium IS higher. Gimicky? Don't know what that means. They are the most user friendly insurance company I have ever worked with!

 

[Newby]

I work for Lincoln Heritage, but not in the final expense arena, I sell pre-need for a funeral home. I don't pay a dime for the leads and they set my appointments for me. Is the premium high? Yes, because they aren't paying for the policy until they are 95 years old. It's a set period of time, 3, 5, 10 and 20 years, so ultimately the premium IS higher. Gimicky? Don't know what that means. They are the most user friendly insurance company I have ever worked with!

I'm not talking about their pre-need funeral plans. I'm talking about their final expense plans where they have people go on a web site and look at caskets and enter information and "feel" like they've preplanned.

Only thing is, they don't have any inflation protection on those plans. So I see it as a gimmicky way to get people's minds off how much they are overpaying for the final expense insurance they are buying.

 

[HomeService]

when I talked to them it seemed as though they were in the "lead sales" business for sure

 

[gradyinsurance]

I am not appointed with Lincoln Heritage, but a good friend of mine sells their final expense stuff. It seems a touch high to me, but they do have various paid-up options that are rarely seen in the market today, and, according to my friend, they are very easy to work with (i.e. you can get your cases through underwriting).

He never mentioned that they had a leads program, though.

Dave

 

[jdeasy]

What does everyone know about Lincoln Heritage Life Insurance? I am hearing that if one becomes appointed with them, and uses the lead system they have, you MUST buy 30 leads per week at $20 dollars a pop? Can anyone verify this? You are looking at $2400-2500 on just leads every month!

I am contracted with LH and have been for going on two years now. I have never once been told to buy leads.

They have direct mail leads for $19, TV leads for $27, internet leads for $14 and policy holder leads for $12, {I think, it's been a while since I got one of those}.

I buy leads occasionally from my GA. Even if they have mailed my area, they ask me if I want them and how many. I've gone months without buying any of their leads and never once been pressured to buy any. I do not buy the TV leads as I think they are junk. The leads are not resold to other agents, {see NAA}. If you buy it, it's your's.

Before this year, LH did not have a good alternative for healthier clients. If an agent sold the FE whole life to a healthy client, it would probably get replaced on price. This year they introduced the preferred whole life for healthier clients, {the underwriting is still pretty liberal}, and it runs about 20% less for a monthly premium. They also have a 10 year term now if you need that in your tool bag.

They have a twenty pay whole life, {paid up in 20 years}, and their graded benefit whole life is paid up in 15 years.

They will draft monthly from a checking or savings account or they will bill monthly, quarterly, semi annually or annually.

Their Funeral Consumer Guardian Society benefit is first class. Some call it gimmicky, it is anything but. It will save the member's family hundreds, if not thousands, on the cost of the funeral. They do not go online and pick out anything. They call the representative toll free at the time of the member's passing and they put the funeral plan in place if the member has one and if not, they assist the family in making arrangements and assit with getting discounted pricing.

They are the most agent friendly company that I work with. You can get almost anyone covered with the FE whole life and, if they are in pretty decent health, you can get them covered with the preffered at much better rates.

One unit of their accidental rider costs the member $1/mo and you can add up to 8 units in most states.

If the GA is pushing leads, maybe you should try a different GA.

Their business model is to not call the leads. They do send a letter to everyone that replies a letter telling them that an agent will be getting in contact with them. They then want the agent to just show up at the door. I do not do that even when I take their leads. I call. If there is no number on the lead and I can't find one, I mail a letter with my card. I don't want someone showing up at my doorstep, so, I certainly don't go to someone's home unannounced myself.

 

[Newby]

That's why there is more than one FE company...we all like different things about different companies. I've softened on Lincoln Heritage a little bit after talking to jdeasy about his experience with them.

I like that they mail the letter to all their leads.

I like that they accept monthly billing.

I like that they have liberal underwriting.

I like that they have immeadiete payment at death (according to jdeasy) similar to the preneed insurance. Lincoln Heritage also offers preneed insurance.

I like that they have a funeral shopper service at no additional charge.

I don't like that they pay low commission AND charge for leads. Most companies pay higher commission if you pay for leads or supply leads free if you take the lower commission.

I don't like that they lower your commission further if you write someone on the preferred rates. I think that will tempt agents to not offer preferred rates to people who do qualify for them.

I think they would have to save families a whole LOT of money on funeral costs because they cost them several thousand on the death benefit. I recently sold a policy to a lady who had Lincoln Heritage and she got $11,000 coverage for the same payment she had $7,500 for with Lincoln.

I'm all for a company that tries to differate themself from others by adding value rather than being the cheapest. And I think Lincoln Heritage has tried to do that. But I don't think the things they have added are good value to the agent or the client when you look at the money both of them are losing by doing business with Lincoln Heritage.

I think if Lincoln Heritage tightened up their margins a little and gave a little better value they would be a company worth having.

That's my opinion...I could be wrong (D Miller)