- Report: #1138745
Complaint Review: Lincoln Heritage Life Insurance Company - Pheonix Arizona
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Author Not Confirmed
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Lincoln Heritage Life Insurance Company
4343 E Camelback Road Suite 400 Pheonix, 85018 Arizona, USA
Phone:
(800) 438-7180
Web:
http://www.lhlic.com/
Categories:
Business Rating:
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Lincoln Heritage Life Insurance Company Agent Beware, Over Priced Bad Quality Leads, Clients Fall off Books Fast Pheonix Arizona
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.
1 Updates & Rebuttals
lyle
Augusta,Maine,
Agreed 100% This is part my experience also
#2Author of original report
Thu, April 17, 2014
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.
