New zero premium life insurance policy/life settlements

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

  1. somarco
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    somarco Well-Known Member

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    Honest - do your own research. I cheated by giving you some links & topics to research.

    nuff sed
     
  2. Slick
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    Slick Well-Known Member

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    I hope it's legit :)
    I can give away insurance.
     
  3. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Well-Known Member

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    Sniff Sniff...Something smells.
     
  4. johnrocks
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    johnrocks Well-Known Member

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    I can't speak for Mary but I would thing you would "tie" that to say a med supp or a pffs plan that pays $300+ then your up to maybe $580-$600 if there is a spouse then you double that(as Festus said "don't ya see Doc") and then your talking more like over a thousand dollars a day, 25-30k a month and uh uh uh ...then take that to a casino and WA_LA be a millionaire in a few months!!!:biggrin:
     
  5. midwestbroker
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    midwestbroker Well-Known Member

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    I am a little skeptical of anything that says I will be a millionaire in a matter of months. However, I am open to new opportunities.

    Let's see how this is laid out and go from there.

    If it is legit, that I know that it is not just a give away. Even with $0 premium MA plans, you still have to educate your client on how it is funded.
     
  6. midwestbroker
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    midwestbroker Well-Known Member

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    Somarco -

    Good link about COLI. Looks like in the past the employee was not aware of the policy on them, and the company would keep the DB.

    But, if I am taking this in correctly, wouldn't the senior have to be an employee of the company taking out the policy on them?
     
  7. maryjd123
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    maryjd123 Well-Known Member

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    I understand everyone's skepticism -- and believe me i am ---------------- BUT

    being on the groundfloor of this opportunity is what it is all about -- it rolls out this week on wednesday
    noone in the management knows what insurance company it is, nor the financial institution that is backing it -- if we knew beforehand then it would be insider trading -- and im not interested in hangin out like Martha S.
    This is completely legal -- i have worked with these people for several years and do not doubt their word at all.

    all i am saying is if you want in --- let me know -- because i have worked with these people in the past - i was called and emailed with this opportunity

    i will be able to post the website where you can get more information hopefully by tomorrow or monday morning

    and on the talk about millionaires -- thats what was emailed to me...

    but think about it...

    when ma's came out -- no cost to the enrollee --

    same concept different situation

    i was thinking of packaging it like this.

    depending on their age -- they have the continental care plan at 24 dollars a month and it comes packaged with a 15k life policy -- who would turn that down???????????

    i know its not available in wyoming but -- by the end of the year it will be in all 50 states -

    - if it were in wyoming --- i would be on the phone from 8 am till 8 pm calling all of my clients and telling them about it. -- you can sign them up over the phone -- it does get a double verification -- one from the manager and one from the company -- to make sure someone isnt signing up someone without their knowledge and consent.
    im thinking of the policies i have already sold that needed more -- but couldnt afford.....

    think of how many people this will help -- and if you are a new agent selling life insurance -- or wants to start out in NAA -- this is simple ( at least to me it is.. ) my opinion

    yes just like an ma there will be things to explain -- as in all policies
    but --- 15k goes to whoever as the beneficiary they want -- as long as they can answer the 5 health questions... its good

    mary
     
  8. Frank Stastny
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    Frank Stastny Well-Known Member

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    Maybe I'm just not getting it but why would it be considered "insider trading" to name the insurance company. There must be something I'm missing. Maybe you financial experts can help me understand that.

    Isn't it a life policy issued by an insurance company? Would it been "insider trading" to know the companies who were going too offer Advantage plans before they were approved by CMS?

    Mary, I would love to be able to make that kind of money "giving away life policies. I have a lot of clients who trust me and if I tell them it is a "good thing" they will sign up based on my recommendation.

    My biggest concern, without knowing more since apparently it is all very hush, hush (If I find out will they have to shoot me?) is that if it is some sort of "scam" I'm going lose a lot of credibility with a whole bunch of my clients. I have spent years building that trust and I can't afford to lose that for a couple of hundred dollars.

    Give me some concrete information, names, companies etc to check out and I will be the first to sign up. Another question, why are you the only one who knows about this. Are they leaving it up to you to "spread the word'?

    Is it like a MLM where one signs up a bunch of agents under them?

    What are the five health questions?

    I rally want to know more.
     
  9. somarco
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    somarco Well-Known Member

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    The COLI is just another example of investor funded life insurance. Dont take the link literally. You can see that Winn Dixie and several others had some legal issues over this. COLI is also referred to as dead peasant insurance.

    Similar schemes have cropped up from time to time with homeless people being insured by "investors". Shortly there after Homeless Harry showed up dead on a street corner and Big Mutual paid off. Eventually Big Mutual figured out there was something odd going on and the deal fell apart.

    Even if most if not all the transaction is above board, there is still room for abuse, especially by investors & over-zealous agents.

    In this case the insured may very well be aware of the purchase. The issue is that investors are paying the premium in exchange for a beneficial assignment of a portion of the death proceeds. The amounts are so nominal ($15k) that it may be a while before the DOI or AG figure out what is going on.

    Funny stuff in the viatical & COLI market have led to new regs and in some cases severe penalties, loss of liscense, etc for the participants in the scheme.

    Not trying to pop anyones bubble, but this kind of arrangment is not new. You guys can chase the dream if you like, but not me. Been down that road too many times and have dodged too many bullets.
     
  10. Frank Stastny
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    Frank Stastny Well-Known Member

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    Somarco,

    I would like to thank you for kindly sharing your knowledge on the subject. I'm sure Mary believes everything she is saying. It is so easy for any of us to be sucked into such a great sounding deal.

    Like an iceberg, there is usually a lot more hidden under the water than one can see. Unless one is an 'ole sailor who knows what to look for.

    I don't think it would be worth putting my credibility on the line for a few extra bucks.

    For her sake I hope I'm wrong, and if I am I will sign up immediately of not sooner.

    Oh, your 5 cents is in the mail.
     
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