Premium Financed Life Insurance

[STIBROKER]

then if you are doing this legit you should be really pissed off that yahoos like this thinking they have found a loophole in the system and will eventually screw up your market......

Are you people kidding me?

IT'S NOT MY $78 FEE. I'VE NEVER MET OR TALKED TO THOSE PEOPLE. I KNOW NOTHING ABOUT WHAT THEY DO OR WHO THEY ARE, OR HOW THEY DO WHAT THEY DO.

I can only comment on our "core" business and what it entails. Again, I'm not trying to, and don't need to prove anything. I'm quite happy with the arrangement I have.

 

[Crabcake Johnny]

Well then let's be completely honest. Slap up some cheesy website and try to recruit agents with a PayPal button? And those agents are going to find "high net worth clients" Lol. These agents don't know where their next $25 a month term deal is coming from!

Anyone who has a high net worth also has an attorney and CPA who would advise him. I also don't want to be misunderstood - these deals do exist. But that the average agents is gonna make "$10,000" in commission? The average agents can't find 2 clients a week in a trailer park. Good luck on the hunt for millionaires.

 

[Vaughn Siller]

You're right. It doesn't make me happy. But one thing about yahoo's, they tend to fizzle out fast. I seriously doubt they will be around, conducting the same business in 6 months.


The high net worth clients we work with absolutely have their own Lawyers and CPA's, and we require them to be involved in the deal.

As far as the agents we have, you would be surprised how quickly you can get to a $2mm net worth. We have Annuity agents down in FL, out in CA and AZ that meet these people all the time. A 800 square foot house in CA is worth 600k alone.

 

[Crabcake Johnny]

I think what irritates most people on this board is the original post - that the average agent is supposed to pay this "fee", get contracted and "give away" life insurance policies with $10,000 commissions. I just cannot stand when things are not presented in the correct manner.

 

[Vaughn Siller]

I totally agree, but the heat was being directed at me. Had to defend myself.

 

[Crabcake Johnny]

My apologies.

 

[STIBROKER]

just got off the phone with a contact that says yes this is all possible....and very high commission when done....its basically taking a lump sum loan from a bank and dumping it in a UL and doing policy loans each month to pay back the loan and you get free insurance.......down side...if the policy gets a lousy rate of return and cost of insurance going up in the policy can result in a cash dry policy and a big chuck of a loan you still owe on......and to even pull a deal like this together the client has to be mega rich and qualify not only medically but financially......as a matter of fact if you are appointed with aig (they are big into this) they will send you a prem fin packet they have that will explain how all this works......so....you are not going to just walk off the street and start banging these out and when I asked him about the non~collateral aspect of this type of deal....he would walk away.....

 

[Dave020]

You're right. It doesn't make me happy. But one thing about yahoo's, they tend to fizzle out fast. I seriously doubt they will be around, conducting the same business in 6 months.

Absolutely correct, however yahoos can do a lot of damage in the short time they are active.

 

[Crabcake Johnny]

If you sold life insurance for 20 years you'd put two of these deals together during your tenure - if you're lucky. Nothing worth creating a website for:

"PREMIUM FINANCED LIFE - $10,000 COMMISSION."

 

[L5tc]

AIG has coordinated with a lender to do premium financing. The coordinated loan only works with the indexed UL product. They didn't say what happens when the indexed product doesn't deliver 8% gains. Indexed means the cash appreciatiates the same as an AIG indexed annuity.

I ain't kidding either. It was presented to GA's in NY a few weeks ago.