Index of Lives Program/Opportunity for Addt'l Income

May 14, 2008

  1. Omni
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    Omni New Member

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    I wanted to write this to spread the word on a new program I have become aware of which I feel will create a good source of additional income for everyone involved. The company I work for has been hired by a large banking organization in an effort to conduct research on the longevity/mortality of seniors who have life insurance policies. The bank wants to compile enough data to gain a better understanding of the senior market in life insurance.

    The requirements for the clients/submissions are as follows:

    1. Age 60+

    2. Current life policy declaration page. The type and size of the policy does not matter...for example, it can be anything from a $5,000 term policy to a $50,000,000 UL policy

    3. An illustration

    4. A Verification of Coverage from the carrier

    5. Life Expectancy reports (if available)

    6. A HIPAA signed and executed by the insured

    7. A consent and acknowledgement form signed and executed by the insured


    For each client submitted you will receive $100.

    I've been on these boards for a while now and thought with the number of agents here, it might be a good way to go back through your books of business and bring in some addtional income. There is some special verbage that must be on the HIPAA and Consent form in order to allow the bank to have access to the records etc. If you have your own HIPAA, I can send you what needs to be added to the documents. Otherwise, I will send over the necessary HIPAA and consent form.

    Please email me if you are interested and I will answer any questions you may have. Thank you.


    Jay
    [email protected]
     
    Last edited: May 14, 2008
    Omni, May 14, 2008
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  2. Mr. Bill
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    Mr. Bill Guru

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    I hate to say this, but SCAM comes to mind!
     
    Mr. Bill, May 14, 2008
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  3. Omni
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    Omni New Member

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    Sure sounds like it but it's not. We've already submitted several files and received payment.
     
    Omni, May 14, 2008
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  4. theinuranceguy
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    theinuranceguy Guru

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    Sounds like a lot of work, Id rather go out and sell more life insurance and make 6 times that per app
     
  5. midwestbroker
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    midwestbroker Guru

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    It does sound fishy to me as well.

    The company you work for was hired by a large banking organization to find out the longevity/mortality of seniors with life insurance. What are they wanting to know exactly? What is the purpose of them knowing this?

    If they are looking to invest money with an insurance carrier, then why wouldn't they just go the carrier to look at their active policies and P&L statements?

    It sounds to me like they are wanting a list of active policy holders with their premium and benefit amount and are going to turn around and sell them another policy.
     
  6. Dave020
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    Dave020 Super Moderator Moderator

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    Stoli?
     
    Dave020, May 14, 2008
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  7. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    What company do you work for and what is the name of the large banking organization?
     
  8. Mr. Bill
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    Mr. Bill Guru

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    Or offer them to sell their old policy (they would have enough information to lowball the client an offer) and then sell them a new one.

    Honestly, YOU WOULD BE AN ABSOLUTE FOOL TO GIVE OUT THAT MUCH PERSONAL INFORMATION FOR $100!!!
     
    Mr. Bill, May 14, 2008
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  9. arnguy
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    arnguy Guru

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    I believe that mortality tables are public information available to anyone. In fact, the IRS publishes mortality tables that are used in conjuction with the MRD for IRA's. This idea doesn't appear to pass the smell test in my book.:skeptical:
     
    arnguy, May 14, 2008
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  10. Omni
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    Omni New Member

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    From what I've been told..."The use the data collected will be used to revise pension fund administration concerns as well as to generally track longevity/mortality." I'm getting more information every day but that is the summary of what I know.

    What organization is going to buy a $5,000 term policy? What would the success rate be in contacting a random senior citizen who has no idea who you are and telling them that you will buy their old policy and sell them a new policy? Probably just about zero...wouldn't be worth the work either for a $5,000 policy.

    Do you mean stoli in the sense of the bank purchasing the policies? I'm assuming they are doing research on the settlement market and how they can structure pension funds etc. They will pull a life expectancy report and share it with you if you request it. Again, the banks who purchase policies are not interesting in $5,000 term policies on 61 year olds. They're busy buying $5MM UL policies.

    I see your point but the matter of the fact is that you should have access to all of the things necessary and should be able to get them with relative ease. I'd rather have 10 former clients a day sign off on these rather than try my luck getting an app filled out. I'm not saying stop selling insurance but it's an added source of income from clients that already have policies. We have implemented the verbage into our HIPAA and ask clients before they sign off on the consent form if they have any problems participating in the research...if they do, they don't sign the consent form and that's that.
     
    Omni, May 14, 2008
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