New zero premium life insurance policy/life settlements

Discussion in 'Life Settlements Forum' started by maryjd123, Apr 13, 2007.

  1. maryjd123
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    maryjd123 Super Genius

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    Hey you all

    one of my hierachy just sent me this --- please email me at [email protected] and i will send you info as soon as I get it -- i have talked to Jim already and this is going to be awesome -- right now its in 5 states and there will be a conference call on wednesday
    i will be posting this here as soon as i know what time.... i am sure everyone is going to want to get in on this... :)
    btw --- i apologize for not being able to post on the forums lately -- we spend about 3 to 4 days a week in denver at the hospital... just the normal life.... but everyone please check this out and pass the info on -- according to Jim this is going to be HUGE for anyone...


    There is now a Zero Premium Universal Life Insurance product available to seniors ages 65 – 85. There are two main components of this program. The first being an A+ rated name brand insurance company that provides a $15,000 death benefit. Two, a Financial Institution that pays the monthly premiums.

    This is a WIN, WIN, WIN, and WIN opportunity. The insurance carrier wins because they sell a lot of policies. The Financial Institution wins because they receive an above average return on their investment. The agent wins by being paid $250 commissions on each policy. Best of all, the client wins by getting $15,000 of Universal Life Insurance at zero premiums.




    Here it is

    I am pleased to introduce a new zero premium life insurance policy. Yes, a zero premium universal life insurance policy! Our company has secured an exclusive national contract with an A+ rated Insurance Company and is currently contracting for sale of this product. We would like to formally extend an invitation to you and any agents associated with you to become a part of the Management and/or sales force for this revolutionary product.

    PRODUCT PROFILE:

    ♦No Signature Required

    ♦No Leads Necessary

    ♦Can Cold Call or Knock on Doors

    ♦Can be Sold by Telephone

    ♦All Enrollment Applications must be Verified by Insurance Company

    ♦All Enrollment Applications can be Submitted Online (Paperless Applications)

    ♦$250 Commission per Application for Agents

    ♦10 days from Submission to pay on approved applications

    ♦No CMS Regulation

    ♦A+ Rated Name Brand Company

    ♦Continuous Enrollment

    This product will make thousands of millionaires in the next few months. No Hype! After all it's free to the client.


    email me your address and i as soon as i get this info -- i will forward it on to you..

    Mary
    [email protected]



     
  2. somarco
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    somarco That Medicare Guy

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    This type of thing has been done before. Many of these marketers target churches in an attempt to set up a plan to fund future obligations of the church with "free" insurance.

    Private investors fund the premium in exchange for a cut of the proceeds when the insured assumes room temperature. Cut can be 30 - 50% depending on how old the insured is, how much the death benefit is and how healthy the old fart is.

    Churches (or other beneficiaries) rarely see the money as promised. Somehow the investors end up with the lions share of the money and everyone else gets screwed.

    Tread softly on this one. You may end up with more troubles than you think. The AG has been in the thick of investigating some of these schemes.
     
  3. BKrocko
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    BKrocko Guru

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    Maryjd123, I don't do anything with senior products but - this product doesn't seem like it passes the "smell test". LOL - I bet the "Financial Institution" that pays the premiums requires you to name it as beneficiary. There is no free lunch in america.

    Hope you and yours are doing better health wise. Hang in there and keep the faith.
     
  4. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    Can I go to a hospice facility and sell these products?
     
  5. LaffAgent
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    LaffAgent Expert

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    By the way, I am a Nigerian prince looking to transfer money to the US and could use your help.
     
  6. maryjd123
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    maryjd123 Super Genius

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    okay now.... this is getting stupid...

    i am not a green agent --- been there done it...

    the people that i work with are reputable and trustworthy so please dont think i am trying to scam anyone... its not going to happen -- and its not happening now..

    this is an awesome opportunity for everyone here -- don't make it dirty

    as soon as i have more information i will post it here

    there will be a website to go to so you can sign up -- from what information i did get is that you sign up with the fmo and that is how you are paid -- it is their contract -- you cannot sign up directly with the insurance carrier...

    the people have to be able to answer to no to 5 health questions and be able to pass underwriting.. from what he said the questions are the same as ones with baltimore life final expense...

    this would be great to offer as an addon to your existing final expense clientel --

    the only glitch i see so far is -- if you are talking to a person on the phone.. i do not like asking for their social security number.....

    so let me ask you all.... or to the ones who are skeptical..

    say it is true what i say... what would you do as a salesperson to sell it?

    SELL A FREE PRODUCT......

    mary
     
  7. midwestbroker
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    midwestbroker Guru

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    Before we start throwing stones, since Mary is more of a regular poster, lets hear her out. If it was her first post on the forum, I would have STI post a spam pix up.

    But since it isn't, lets see what she is talking about. I am green to this concept so I am curious.
     
  8. somarco
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    somarco That Medicare Guy

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    The issue is not so much who you work with, or the carriers. The fly in the ointment is the "investors". They are the ones who usually make all the money & everyone else gets the short end.

    So called "free" insurance has been around for years. Go back 30+ years ago and the big thing was premium financing (which I understand is coming back).

    Then it was mini dip (minimum deposit).

    The last 10 years or so the free insurance has almost always involved a life settlement company. That has been expanded and modified to go beyond just buying "old" insurance policies to encouraging old farts to take out new insurance at no cost.

    The difference here is the small face amounts. Most of the schemes like this involve larger amounts. This approach, using $15k face amounts is more akin to the COLI that has taken a hit in the news and several DOI's and AG's.

    http://en.wikipedia.org/wiki/Corporate-owned_life_insurance

    And this . . .

    Why take a $250 commission on a policy that normally pays 100% of the premium which is almost always much greater than $250?

    As I said, this has been done before and it always falls apart. This time may be different. Folks that put together these kind of things eventually learn from the mistakes made by earlier players in the game.
     
    Last edited: Apr 14, 2007
  9. honestagent
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    honestagent Guru

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    Rather than down someone or someone's post, why not be logical and prudent about the topic's post and do some leg work?

    You know, work....

    Make a few calls and turn some stones. Then, and only then, you will know whether or not this something of legit; and if you want to throw it in your bag to sell. Okay.

    Remember, you get what you pay for.
     
  10. Crabcake Johnny
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    Crabcake Johnny Guru

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    1st of all, there's nothing harder to "sell" then something free because the client's radar will get going a thousand miles a minute.

    Secondly, "thousands of millionaires in the next few months" ??? Off $250 commish?

    Ok....saying a few months is three months that's 4,000 policies sold at $250 commish which is 333 per week or 66 a day. Survery say???

    How 'bout in a year? 4,000 policies sold which is 76 policies per week or 15 a day.

    Enough already.
     

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