Buying Books of Business

[VolAgent]

That is the problem. When he started he was probably hungry and would X-dated and cold called. Now he prefers that calls come in and the CSRs handle the problems. Don't make waves. He has a Tee time. Am I close?

Except for the golf, he could use some exercise. But to his credit, he is in a growth mode right now. Trying to add new business, and added a commercial producer and a group guy.

I'll be honest, I'm going to make some waves though. He doesn't pay me a dime, if I don't produce, I don't get paid.

 

[WinoBlues]

Looking to buy small books of business in Colorado (Life Insurance) anybody have any tips on where to start looking.

THANKS!

Hey man, I totally high jacked your thread. Sorry.

I too would like to get some tips.

I have gotten a few books from widows. I make a deal to defend any replacements and have an understanding on any replacements I do. I do not replace any first year. Has worked out well.

 

[Denveragent]

Thanks Wino. That is exactly what ive been thinking on this whole thing. Especially VUL's that are going to explode. I don't mind making the calls because it wasnt me that put them into it and I'm the one coming to help them out. How do you get in touch with widows with businesses?

 

[VolAgent]

Thanks Wino. That is exactly what ive been thinking on this whole thing. Especially VUL's that are going to explode. I don't mind making the calls because it wasnt me that put them into it and I'm the one coming to help them out. How do you get in touch with widows with businesses?

Just curious, why do you think VULs are particularly likely to explode?

 

[WinoBlues]

Thanks Wino. That is exactly what ive been thinking on this whole thing. Especially VUL's that are going to explode. I don't mind making the calls because it wasnt me that put them into it and I'm the one coming to help them out. How do you get in touch with widows with businesses?

In my case I have been fortunate enough to have a couple companies that have given me orphans to run. I always look up the agents on the DOI website to see if they are active. Then I may call them to see if we can make a deal.

I do not run into many VULs out there. But I have done the same thing with old ULs.

 

[Denveragent]

Vol,
VUL's are bombing out if they were underfunded just like UL's and because the market they were struggling because when agents were getting clients into VUL's they were expecting a 10% return or so.

 

[VolAgent]

Vol,
VUL's are bombing out if they were underfunded just like UL's and because the market they were struggling because when agents were getting clients into VUL's they were expecting a 10% return or so.

I hope you don't run into too many underfunded VULs. Any agent that had someone underfunding an VUL either didn't get the concept or was unethical. Too much risk in those if you aren't loading them up with cash. I like them, but best used when max funded.

 

[Denveragent]

Yeah I think there were some agents out there that didnt know exactly what they were selling and left behind clients that thought they had a policy that would last their whole life and have no idea it is about to lapse.

 

[sman]

I rarely come across a VUL that is funded properly. Unless the premium and insurance amount is large, I'd say many would be just as well off buying a 30-year term policy and fully funding a Roth. A lot less fees and the concept is the same - tax-free income down the road.

I hope you don't run into too many underfunded VULs. Any agent that had someone underfunding an VUL either didn't get the concept or was unethical. Too much risk in those if you aren't loading them up with cash. I like them, but best used when max funded.

 

[VolAgent]

I rarely come across a VUL that is funded properly. Unless the premium and insurance amount is large, I'd say many would be just as well off buying a 30-year term policy and fully funding a Roth. A lot less fees and the concept is the same - tax-free income down the road.

That is a shame. VUL is definitely a great product, if done right.

If someone qualifies for a Roth, a VUL probably isn't the right fit for them. Always a case by case basis, but probably isn't right. But yes, if you aren't going to do it right, buy collectible coins off tv. At least they are worth what the precious metal is worth.