New zero premium life insurance policy/life settlements

[Frank Stastny]

I know it's just not the same since Dave Garraway & J. Fred Muggs passed on, but let's try & deal with it,...

Who are they?

 

[senior-advisor-indiana]

If I can find a way to do this, I am going to purchase final expense policies on the elderly and make some profit. I am only going to do 80- 85 though. WOnder if I can get a loan for that?

 

[GreenSky]

New email - opportunity?

Hey! I just got an email about a new life insurance policy for seniors with zero premium. Anyone have any information on this?

Rick

Sorry, just needed to post something before this thread is closed.

 

[dallasa401]

i wish that we would consider that issue a values conflict and it will never be resolved, regardless of the outcome - when there are conflicts in value, the only solution is to listen to each other and try to understand, not change a person's values. Even if this product is approved and put on the market, there will be some who feels that it is wrong and chose not to sell it - that's okay. For those who feel that it is a good product and will help to ease the mind of many seniors and want to sell it - that's okay also. We should respect each agent's decision or feelings on this - that simple. You can't bully someone in believing what you believe - the word is respecting another persons views. that is how you maintain an open line of communication - i was looking for dialogue on this subject - not bashing from a few older (seasoned is not appropriate) agents who think they know it all and does not understand the concept of change. Things are not always the way it was back when. You seasoned agents may have the most knowledge of all the agents but you are lacking in respect for other agents just because they do not share your belief. I would expect seasoned agents to set the example to show new members how to work through times like this without bullying with unkind words and hurtful comments by people who are just sharing what they think. and on the tip of salesperson versus insurance professional, how many of you work for free or for a fee - so don't bash agents who may make more money than you do with a new product - i am sure the money in this business has been good enough for you to be in it for as long as you have - whether you make 10,000 year or 100,000 you still are selling a product and getting paid.

 

[djs]

Dallas - You missed the point.
You are discussing whether the product is morale or immorale, which is a values question. Most of the agents are discussing whether it is legal or a scam.

Case in point, the concept of a $50K policy paying the family $15K is a morale issue. If you truly get it for free, have fun selling it. I don't think anyone (some misplaced comments aside) is really even talking about this part, isolated solely by itself.

The part about this needing to have a LOT of small print to get through any type of smell test is what is being discussed. This is a perfectly legitimate conversation to have. It's easy to get caught up in the moment, think something is a great deal. It's another thing to get some feedback from people who have been through it before, and wonder how this can work. Apparently it's not a new scheme. Beyond learning it's loaded with fleas, I think a lot of people are waiting for details. Once some solid details are released (not the 'I could tell you, but then I would have to kill you' type details), people will make up their minds. People posting false facts, or off hand dismissing serious concerns, are providing the fodder in this thread.

In the meantime, you've got to enjoy the humor of some flippant comments. When there are true facts to ponder, the flippant comments will slow down, for a very short time.

Dan

 

[STIBROKER]

I appreciate your snarky comment... it was great

I guess it does look like I know "too much" because I do research things... but my goodness, how many times does someone have to post "What does DWLR mean?" I mean it has a statute next to it... I just googled it. Now we do not have to read that question again for the next 60 pages.

For that, you feel the need to attack me negatively... I am just accustomed to trying my best to find an answer that would help everyone... that comes from being a woman, which is probably the biggest pitfall I have with some on this board anyways

I have not attack you negatively.....and I know what DWLR means...I want to read the insurance law that supports this 0 perm. life plan.....

http://law.freeadvice.com/insurance_law/business_insurance/insurable_interests.htm

What is an ‘insurable interest’?

A person has an "insurable interest" in something when loss or damage to it would cause that person to suffer a financial loss or certain other kinds of losses. For example, if the house you own is damaged by fire, the value of your house has been reduced, and whether you pay to have the house rebuilt or sell it at a reduced price, you have suffered a financial loss resulting from the fire. By contrast, if your neighbor's house, which you do not own, is damaged by fire, you may feel sympathy for your neighbor and you may be emotionally upset, but you have not suffered a financial loss from the fire. You have an insurable interest in your own house, but in this example you do not have an insurable interest in your neighbor's house.

A basic requirement for all types of insurance is the person who buys a policy must have an insurable interest in the subject of the insurance. You have an insurable interest in any property you own or which is in your possession.

For purposes of life insurance, everyone is considered to have an insurable interest in their own lives as well as the lives of their spouses and dependents. For property and casualty insurance, the insurable interest must exist both at the time the insurance is purchased and at the time a loss occurs. For life insurance, the insurable interest only needs to exist at the time the policy is purchased.

 

[Crabcake Johnny]

This is an ethical slime pit. It bastardizes the very concept of life insurance. The bottom line is there will always be financial entities willing to bend and twist the rules to make a buck. Thankfully for them there are also slimeball agents willing to do the same.

 

[CHUMPS FROM OXFORD]

- i was looking for dialogue on this subject - not bashing from a few older (seasoned is not appropriate) agents who think they know it all and does not understand the concept of change.

I think the "concept of change" is very understood here. Quite clearly, in fact.

You're lucky that this is a "Forum" where you can get your self-serving views read.

Facts are facts. Oh...that's right. There are no facts.

WARNING: Do not give your license or any personal information to dallas. If the product ends up being the "real deal,"...then do your homework and you can throw dallas into the ring with some other experienced options.

 

[GreenSky]

Email Solicitation

I received an email from Dallas yesterday evening suggesting I sign up to sell the "product" along with an email link to do so. Obviously, the email told me who to list as my upline.

Whether this product is legit or not, I resent this email which is SPAM, plain and simple.

I did not expect anyone to use the information on this forum to directly solicit anyone.

While it's okay to post such information, it is not okay to SPAM forum members.

If this product does turn out to be viable, I can tell you who will not have my business.

Rick

 

[STIBROKER]

OBOYOBOYOBOY.....TODAY IS ROLL OUT DAY.......