I contracted with this company and they pump you up with all the training they will give you and how they will help you succeed. I got half a field training day with a manager whom English was not her first language. She was pushy and signed people up on policies who really did not want them nor could really afford it. I actually got 2 charge backs and 2 policy cancelations very quickly. The company says it self generates leads and charges you anywhere between $33.00 and $45.00 When I would work the leads I was given immediate resistance. For one. The leads were old and those that did remember filling out the card where lead to believe by the lead or television ads they viewed, said the company would send additional information in the mail. I show up and people were really put off. My so called manager came to town once a month when he suited her and she barley checked in with me.
In fact I pretty much gave up cause my lead account balance was over a $1000 and the company could not give me anymore leads. They insisted I spend 8 hours a day door knocking to earn a living and issue business. My managers manager is the one who told me this. It took almost 3 weeks for my so called manager to "text" me back to tell me what the head manager said. This pissed me off. After I called. Left message. Left text messages and sent emails. She texted. I texted her a very equal worthy response. Not long after I was sent. Letter the company was ending my contract. they said I owed them my lead account balance. Plus all the advances I got from the business I did issue. And my charge backs. I can't believe they have the nerve to charge me for my advances. Even though the company is keeping the application on the books and receiving those monthly premiums. I don't see how this is legal. So all agents stay away from them.
This company is a rip off, Sold three polices, did not pay off on funeral and accidental death. Sales person mis lead about policies. On advertisment said everyone approved. (wrong) So beware do not buy anything from this company, they do not live up to their word!
Lincoln Heritage offers funeral advantage LIfe Insurance. Prices are way high, they court new agents and misrepresent income, paythru acct, chargebacks and avoid telling you about the high dropout rate. You will have very high expenses, very high cost for leads $25 to $37 per lead and they want you to purchase at least 20 per wk. Misrepresentation of total sales and incomes. They also want you to pay back all commissions earned when you leave. Run from this company. They make money from unsuspecting agents who carry all of the expenses for the company customer contacts, sales expenses for travel, etc and then get ripped off on their pay. The paythru account takes 25% off the top of all commissions earned before you get paid, yet they will send you a 1099 that has total earnings including the deductions for paythru so you pay taxes on money not recieved. You have to figure all the numbers out yourself which your pay winds up actually about half of what they send to the IRS as your earned income on a 1099. You will not recieve the paythru account back, the managers pocket all you should have earned. This company preys upon the trusting job seekers looking to make an average living.
1. This is a captive agency and it does not say this in the contract.
2. The leads are very expsensive. $27 in the State of Maine. They are bad quality and the compnay will very rarely if ever give you a credit even if there is no phone number or age written on the lead card. You are made to buy no less than 20 leads per week in areas that are not up to you to choose.
3. The product is anyplace from 25% to 50% higher than competitores for people in their 50's. ""And most leads are people in their 50's""
4. Turn over rate is always high in the insurance industry. However Lincons Turn over rate is double that of any I have ever seen in my 6 plus years in the industry. They will hire anyone. Then just throw them against the wall and see who sticks. Again not many at all do. When that agent leaves they owe the company a lead debt as well as a charge back debt.
5. People fall off the books extremely fast despite there numbers formula. This means residuals are not long term at all. ""The whole reason most people sell insurance is for residuals""
6. Vesting period is 2 YEARS. Most agents last 3 months to 6 months. What this means is the company get whatever book of business that agent wrote in that time. The agent is charged for whatever leads were not paid during that time. The agent also owes any charge backs when people fall off the books. It is a WIN WIN WIN WIN for the insurance company and the district leaders and managers.
7. It starts out great for the 1st month or 2. You make a sale you get roughly a 80% advance on that sale. ""About 8 months worth of commisions up front"" However soon you owe for leads and then the carge backs start to happen. As soon as this debt is a combination of $2,000 ""which only takes a few weeks"" you advance is cut by 50% with the other 50% gong towards your leads and charge backs.
8. The handful of top producers in the company that there are work well over 40 hours a week to make a very low 6 figure GROSS income. Just over $100,000. But as I mentioned that is GROSS. That is before lead cost and charge backs are taken out of it which will again range about 50% when all is said and done.
9. There is no incentives working for the compnay aside from 1 trip a year that the top producers can go on. The company has consistenltly several hundred agents. ""By far mostly new agents"" and only a hand full of agents go on this trip yearly.
10. The company boasts how it is the largest life insurance company in the country and sales are sky rocketing. However this is not passed down to the agents in anyway.
NOTE. There are several better choices out there in the insurance world where people stay on the books longer and the agent is treated much better.
Insurance agents BEWARE, stay away for Lincoln Heritage and Funeral Advantage program. In 2011 I was averaging over 8K monthly in business. I contracted with a couple other final expense companies and the regional manager in KY where im at called Lincoln Heritage to terminate my contract with Lincoln Heritage. WOW, just like that your future, commissions, renewals and livelihood is gone, just a phone call.
They make promises they dont keep and have double standards, the managers and many other agents are dual contracted with many insurance companies since we are INDEPENDENT CONTRACTORS who are sent a 1099 at the end of the year but somehow they attempt to control you, esp when your LEAD debt and CHARGEBACKS add up and then it seems an agent then has no way out.
I was terminated because I contracted with a ""competing"" company yet agents all over Kentucky and many other states are contracted with multiple companies. Managers take the commissions and renewals when they terminate agents so as one manager told me "" most Lincoln agents dont last long, 4-6 months and write 30-50 policies and then we terminate them or they quit and us managers then have the remaining commissions and renewals ROLLED UP to us"" going on to quote this manager...
""thats how ______ , our regional director is making 200K and more per year"" ALL I CAN STATE is if you are considering the insurance business or are an existing agent,,, run from Lincoln Heritage and dont make a mistake like I did, I have been in the insurance business over 20 years and should have investigated more before I committed and waisted nearly a year of my career with such an organization.
Lincoln Heritage Life Insurance Company Reviews
I contracted with this company and they pump you up with all the training they will give you and how they will help you succeed. I got half a field training day with a manager whom English was not her first language. She was pushy and signed people up on policies who really did not want them nor could really afford it. I actually got 2 charge backs and 2 policy cancelations very quickly. The company says it self generates leads and charges you anywhere between $33.00 and $45.00 When I would work the leads I was given immediate resistance. For one. The leads were old and those that did remember filling out the card where lead to believe by the lead or television ads they viewed, said the company would send additional information in the mail. I show up and people were really put off. My so called manager came to town once a month when he suited her and she barley checked in with me.
In fact I pretty much gave up cause my lead account balance was over a $1000 and the company could not give me anymore leads. They insisted I spend 8 hours a day door knocking to earn a living and issue business. My managers manager is the one who told me this. It took almost 3 weeks for my so called manager to "text" me back to tell me what the head manager said. This pissed me off. After I called. Left message. Left text messages and sent emails. She texted. I texted her a very equal worthy response. Not long after I was sent. Letter the company was ending my contract. they said I owed them my lead account balance. Plus all the advances I got from the business I did issue. And my charge backs. I can't believe they have the nerve to charge me for my advances. Even though the company is keeping the application on the books and receiving those monthly premiums. I don't see how this is legal. So all agents stay away from them.
This company is a rip off, Sold three polices, did not pay off on funeral and accidental death. Sales person mis lead about policies. On advertisment said everyone approved. (wrong) So beware do not buy anything from this company, they do not live up to their word!
Lincoln Heritage offers funeral advantage LIfe Insurance. Prices are way high, they court new agents and misrepresent income, paythru acct, chargebacks and avoid telling you about the high dropout rate. You will have very high expenses, very high cost for leads $25 to $37 per lead and they want you to purchase at least 20 per wk. Misrepresentation of total sales and incomes. They also want you to pay back all commissions earned when you leave. Run from this company. They make money from unsuspecting agents who carry all of the expenses for the company customer contacts, sales expenses for travel, etc and then get ripped off on their pay. The paythru account takes 25% off the top of all commissions earned before you get paid, yet they will send you a 1099 that has total earnings including the deductions for paythru so you pay taxes on money not recieved. You have to figure all the numbers out yourself which your pay winds up actually about half of what they send to the IRS as your earned income on a 1099. You will not recieve the paythru account back, the managers pocket all you should have earned. This company preys upon the trusting job seekers looking to make an average living.
Agents New or Old Beware!
1. This is a captive agency and it does not say this in the contract.
2. The leads are very expsensive. $27 in the State of Maine. They are bad quality and the compnay will very rarely if ever give you a credit even if there is no phone number or age written on the lead card. You are made to buy no less than 20 leads per week in areas that are not up to you to choose.
3. The product is anyplace from 25% to 50% higher than competitores for people in their 50's. ""And most leads are people in their 50's""
4. Turn over rate is always high in the insurance industry. However Lincons Turn over rate is double that of any I have ever seen in my 6 plus years in the industry. They will hire anyone. Then just throw them against the wall and see who sticks. Again not many at all do. When that agent leaves they owe the company a lead debt as well as a charge back debt.
5. People fall off the books extremely fast despite there numbers formula. This means residuals are not long term at all. ""The whole reason most people sell insurance is for residuals""
6. Vesting period is 2 YEARS. Most agents last 3 months to 6 months. What this means is the company get whatever book of business that agent wrote in that time. The agent is charged for whatever leads were not paid during that time. The agent also owes any charge backs when people fall off the books. It is a WIN WIN WIN WIN for the insurance company and the district leaders and managers.
7. It starts out great for the 1st month or 2. You make a sale you get roughly a 80% advance on that sale. ""About 8 months worth of commisions up front"" However soon you owe for leads and then the carge backs start to happen. As soon as this debt is a combination of $2,000 ""which only takes a few weeks"" you advance is cut by 50% with the other 50% gong towards your leads and charge backs.
8. The handful of top producers in the company that there are work well over 40 hours a week to make a very low 6 figure GROSS income. Just over $100,000. But as I mentioned that is GROSS. That is before lead cost and charge backs are taken out of it which will again range about 50% when all is said and done.
9. There is no incentives working for the compnay aside from 1 trip a year that the top producers can go on. The company has consistenltly several hundred agents. ""By far mostly new agents"" and only a hand full of agents go on this trip yearly.
10. The company boasts how it is the largest life insurance company in the country and sales are sky rocketing. However this is not passed down to the agents in anyway.
NOTE. There are several better choices out there in the insurance world where people stay on the books longer and the agent is treated much better.
Insurance agents BEWARE, stay away for Lincoln Heritage and Funeral Advantage program. In 2011 I was averaging over 8K monthly in business. I contracted with a couple other final expense companies and the regional manager in KY where im at called Lincoln Heritage to terminate my contract with Lincoln Heritage. WOW, just like that your future, commissions, renewals and livelihood is gone, just a phone call.
They make promises they dont keep and have double standards, the managers and many other agents are dual contracted with many insurance companies since we are INDEPENDENT CONTRACTORS who are sent a 1099 at the end of the year but somehow they attempt to control you, esp when your LEAD debt and CHARGEBACKS add up and then it seems an agent then has no way out.
I was terminated because I contracted with a ""competing"" company yet agents all over Kentucky and many other states are contracted with multiple companies. Managers take the commissions and renewals when they terminate agents so as one manager told me "" most Lincoln agents dont last long, 4-6 months and write 30-50 policies and then we terminate them or they quit and us managers then have the remaining commissions and renewals ROLLED UP to us"" going on to quote this manager...
""thats how ______ , our regional director is making 200K and more per year"" ALL I CAN STATE is if you are considering the insurance business or are an existing agent,,, run from Lincoln Heritage and dont make a mistake like I did, I have been in the insurance business over 20 years and should have investigated more before I committed and waisted nearly a year of my career with such an organization.