Bank Loan DI

Aug 8, 2007

  1. somarco
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    somarco That Medicare Expert Guy

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    I have recently discovered some highly specialized products for the bank loan industry. The DI plan can be issued to business owners, professionals and some blue collar individuals as well. The idea is to collateralize loans with life & DI in the event of the death or disability of the borrower.

    Life is not an issue but DI is more of a challenge. The policies pay a lump sum benefit to the lender. Benefits are over & above any personal DI benefits or BOE benefits.

    Has anyone used this in the market place? How well is it received? How do you prospect?
     
    somarco, Aug 8, 2007
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  2. salpro22
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    salpro22 Guru

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    I haven't heard of this before, although I'd be interesting in knowing more details. You got a link Bob?
     
  3. somarco
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    somarco That Medicare Expert Guy

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  4. James
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    James Guru

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    You basically go thru the Bank and they refer you to the client. Guardian I believe is the one that created this idea (I might be wrong about this?), even though I understand that the DI will pay the premium or you can do a lump sum, you can also sell DI to protect the clients Qualified Savings so their Retirement still grows with regular deposits. Yes, they promote the idea of that being above the usual max of personal DI they will pay, as in you don't personal recieve the money.

    Most Banks and Credit Unions have Financial Planners and yes some Life Agents, yet most know little if anything about DI. You simply go in with references such as years of selling DI with Guardian or any company that is known for their DI Ins., plus clients and basically show an expertise in DI policies, which is quite a speciality.
     
    Last edited: Aug 13, 2007
    James, Aug 13, 2007
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  5. WBunch
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    WBunch Super Genius

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    Peterson International Underwriters is an awsome group. They handle what your run of the mill DI, Health Co. will not take as far as excess. I am really good friends with some people at the LSU Athletic Dept. and was able to help out "Big Baby" Davis with some NBA Draft Protection DI. Nothing fancy it is just a policy that usually gets dropped not to long after they are signed to a contract because it is no longer needed. I would like to focus more on the budding athletes that we have here in Louisiana. Trick is to talk to them about before the get an agent b/c after that your chances are shot b/c the agent has someone that takes care of all of that. But Peterson has some awsome products.
     
    WBunch, Aug 13, 2007
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