- 2,370
I am sure in 8 days this thread will light up again.
New zero premium life insurance policy/life settlements
- Thread starter maryjd123
- Start date
- Staff
- #772
- 14,809
Well when the NC DOI site posts on their main page that they have no earthly clue about this plan it sure as hell shuts up the shills doesn't it.
- 1,240
I thought this was an interesting article...especially concerning the "insurable interest"
http://insurancenewsnet.com/article.asp?a=top_lh&id=79030
http://insurancenewsnet.com/article.asp?a=top_lh&id=79030
- 109
Good morning all... I wanted to clarify some information for everyone.
There is nothing magical about May 15. That is just another rumor date floating out there. This may go in the next 2 days, it may take a month. It is in the hands of the underwriter. The product is already approved and being written for a premium in several states (even though some DOIs don't know which of the approved products it is - see below for details) With the change in terminology from "zero premium" to "no cost to the insured", all of the forms and marketing materials needed to be re-done, and the underwriter has to approve them all, so there is no timetable on when that might happen.
That leads to the NC/SC DOI questions on their website - they are just waiting on a Form # and carrier name. I talked with them yesterday morning. As a reminder, this is not a new product that needs to go through the "one year process" of being approved. When you hear that it is approved in X states, that indicates the product is already being written in those states with a premium today. The only thing that will be new or unique is what happens after the policy is issued (continue reading below).
The company name and financial institution name are being withheld to protect the work that has been done. If either name were released in advance of kickoff, the risk would be someone would approach those entities and try to work another deal. If you had pioneered this program and brought the parties together, you wouldn't want anyone else to know until the last possible moment either. It also very much is an insider trading issue as well. You can imagine the financials of the companies involved will be affected by the launch of this program, so for someone to have information about the companies involved in advance of the public, and to then make trades in advance would meet the definition the SEC assigns to insider trading.
The reason for the "rush" to sign up now is that there are a limited number of agents that will be appointed to market this product per state. This is to protect those agents who are in from the beginning and to prevent this from being completely overflooded with agents. Again, this is an exclusive deal with the way this was put together with the entities involved. So you have to be appointed through Miracle or an approved FMO (which eventually goes through Miracle) to be able to market this specific program with these specific entities. (Otherwise, you could continue to be able to write this product with a premium to the insured, but you would not be able to be a part of the program that provides it for no premium to the insured). According to Ali yesterday, they are very close to maxing out the number of agents needed in the kickoff states. And for those who think he is doing this to take the $10 from each of us, he went through the expenses this is costing him just to kick off - office rent, overhead, cost of developing/maintaining the website and servers and housing all the agent data and setting up to properly process payments when this kicks off, etc...) So in fact, I wouldn't be surprised if he has spent well in advance of the $10 per agent that he has collected thus far.
At the meeting yesterday, there was mention that the program may eventually get even bigger, by expanding to people younger than 65 (although some of the terms will likely change). I personally feel like the focus should be on getting Phase I completed before expanding, but that's just me.
Last, but certainly not least, as for insurable interest... As we all know, insurable interest must exist at time of application. 10 minutes to 10 years afterwards, it doesn't matter. So the way this will work is that the insured will complete the application for the entire face value (whether it be 30K, 50, 100, whatever). Then, after the application process is when the third party financial institution will assume payments of the premium in exchange for X-$15K of the face value. Bear in mind, the senior always has the "free look" period to cancel if this transfer did not go the way they hoped. Again, the key market I see really benefitting from this is those who could not otherwise afford to pay premiums for 2K, let alone 15K in final expense coverage.
I hope all of this helps explain some of the issues so that we can keep focusing on issues. I understand the questions about wanting to know the companies names (I do too!) and why it is people have to pay $10 without knowing details (again - limited number of agents per state, ability to recruit now, ALSO **since you pay with a credit card you have 6 months to contest the charge and will get your money back if you wish**) but since this is such a revolutionary concept that is the biggest thing to happen in this industry in some time, there is naturally going to be a lot of "noise" out there, so I wanted to make sure everyone knew they could get the straight information here.
Again, I don't work for Miracle, but I am appointed directly through them (not through an FMO), so I do get quite a bit of information straight from the source, and not 4th or 5th hand, like many people here and elsewhere tend to get. I'm with you guys - I just want to do my due diligence and if there is anything unethical or certainly illegal then I will be staying far away from this. But nothing that I have seen thus far indicates to me any of that. I am no longer recruiting or marketing or anything at this point - just waiting for the go.
Thank you all! Look forward to rational discussions in the future. If I am missing something based on the facts above, I hope to have it pointed out now. Again, we'll all know when all the details come out if there is something seriously wrong, and if so, then I'll go throught the credit card company to get my $10 back (and even if I don't get it, no big loss to me), and I'll move on to what I was doing before I ever heard of this program. I will not write, and would nope nobody else would write, a single app on a product they are not comfortable with.
- 462
Whew! What a relief! I was really happy to hear this! Alright boys... back to the issues!
- 109
Professionalism
Well, I'm glad the rest of the group will be able to see how unprofessional you guys are, especially John Petrowski. I'm trying to provide information and share information to learn, and you both react like 3 year olds.
Grow up.
Well, I'm glad the rest of the group will be able to see how unprofessional you guys are, especially John Petrowski. I'm trying to provide information and share information to learn, and you both react like 3 year olds.
Grow up.
- 14,809
Allow me to be blunt Insurancechick. You have zero information - you don't know the carrier nor the investor. You are just being fed info like everyone else.
That fact that you're gullible and naive is fine. Don't expect everyone else to be gullible and naive. I've also spoken with the DOI - got a slightly different story then the one you're protraying.
That fact that you're gullible and naive is fine. Don't expect everyone else to be gullible and naive. I've also spoken with the DOI - got a slightly different story then the one you're protraying.
- 1,240
Hey insurancechick, thanks for the post. I appreciate the info. I don't know why these guys have to attack everyone!
- 109
Name calling
If I'm gullible and naive then you are a moron. I wrote in my message exactly why the names are not being released, so the fact that for the 50th time you STILL can't understand that fact leads me to believe you must be a moron.
I tried to be professional and factual, and you come back with that. I don't have zero information - I guarantee I have better and more accurate information than anyone else on this board. Nice that a "moderator" won't allow for the open sharing of information.
If you aren't interested in this program, why don't you quit reading the forum? I don't go onto other programs that I don't have an interest in and bash their programs. The fact you spend so much time discussing something you obviously don't have an interest in selling is baffling.
All leads back to you being a moron.
Moron.
If I'm gullible and naive then you are a moron. I wrote in my message exactly why the names are not being released, so the fact that for the 50th time you STILL can't understand that fact leads me to believe you must be a moron.
I tried to be professional and factual, and you come back with that. I don't have zero information - I guarantee I have better and more accurate information than anyone else on this board. Nice that a "moderator" won't allow for the open sharing of information.
If you aren't interested in this program, why don't you quit reading the forum? I don't go onto other programs that I don't have an interest in and bash their programs. The fact you spend so much time discussing something you obviously don't have an interest in selling is baffling.
All leads back to you being a moron.
Moron.
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