Insurance Agent looking to do life and viatical settlements

[Jakel]

I am a well-established life insurance producer in Massachusetts. I mostly do final expense/whole life. I am looking to supplement it with some life and viatical settlements.

Can I do both without any conflict of interest?
Who is a good settlement provider to work for?
TIA

 

[Jakel]

Thanks for all the advice, it is appreciated.

 

[somarco]

Didn't take long for a spammer to show up.

If you look at the target market for traditional life insurance vs FE vs viatical I believe you will see very little overlap. This is especially true for viaticals.

 

[Michael Freedman]

@somarco. In two short sentences, you made a lot of baseless assumptions. You are being disrespectful to both the original poster and to me.

I am not a spammer, which is obvious by my posting my email address. I am with a licensed life settlement company. I didn't solicit the world to contact me or promote a website. I think you should look up the definition of spamming.

Further, I was simply reaching out to someone who, two months ago, posted a few questions because he wanted to explore adding life settlements to his current business.

Life settlements are a valuable alternative to the 90 percent of seniors who are lapsing or surrendering their policies. Life settlement pay policyowners significantly more than the policy's cash surrender value -- four or more times, on average, according to both a GAO report and a university study of more than 7,000 transactions. The National Association of Insurance Commissioners has endorsed life settlements as one way for seniors to finance their long-term care needs.

Finally, federal and state rules and regulations are being adopted that require more and more financial professionals to make suitable recommendations and act in the best interests of life insurance policyowners. Life settlements are being embraced by insurance producers and financial advisors because helping a client get more money for retirement and health care needs through the sale of an asset that they are 90 percent likely to lapse or surrender, is in the client's best interest.

I applaud the original poster for asking a simple question as a way to grow his business and help clients who may benefit from getting money in retirement.

Still think this is spam? Please consider being more thoughtful in the future. I also invite you to email me directly if you wish.

Thanks.

Michael Freedman

 

[somarco]

@Michael Freedman the forum has rules which you either ignored or did not believe rules apply to you. BTW, your post was removed.

 

[Michael Freedman]

@Jakel, my previous post inviting you to reach out to me was deleted. If you want to learn more, please read my note above, and feel free to reach out to me.

Hope all is well.

 

[Northeast Agent]

Fined by SEC, Dean Vagnozzi keeps his insurance license, says he plans an IPO

The SEC fined Vagnozzi and his King of Prussia firm, A Better Financial Plan, over $500,000, and ordered that he cease and desist from selling what are known as “viatical” investment funds.

The problem wasn’t the product, according to the settlement, but that he never registered with the SEC. Also, he had too many clients in the funds who didn’t have a high-enough net worth for such a vehicle.

Vagnozzi did not admit wrongdoing. In an email to investors, he said, “My staff and I feel that the results of this investigation are the absolute best reason someone should invest with us.”