Have a prospect willing to quickly fund a whole life contract then borrow out to purchase land. Do not have a mass contract anymore and they don't pay brokers squat. Looked at Lafayette and their policy didn't look that great. Who would be comparable to Mass?
Best Competitor to MassMutual for Cash Value Growth and Borrowing Out of Policy Quickly
- Thread starter AOKING
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- 1,908
Your bigger problem is someone who wants to fully fund a life contract, then take money out to finance property.
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You sure he wants to buy "Land?"
- 11,266
Borrowing out available cash values in the first year is done, but certainly 'frowned' upon.
You'll have to complete an agent report for AML purposes regarding how you know this prospect, how you were introduced to them, and verifying the source of funds that is being used to fund the policy.
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And you have to be alert to whether they care about loan interest, repayment provisions, and other terms. Generally those who don't care about such things are either in an emergency situation... or may have other intentions.
You'll have to complete an agent report for AML purposes regarding how you know this prospect, how you were introduced to them, and verifying the source of funds that is being used to fund the policy.
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And you have to be alert to whether they care about loan interest, repayment provisions, and other terms. Generally those who don't care about such things are either in an emergency situation... or may have other intentions.
By quickly fund and quickly borrow, how quickly do you mean?
Certainly it can be done and is not a bad thing if done right and for the right reasons. I've had several clients over the years take policy loans early on, vs borrowing from a bank or other source. But yes, be careful if they came to you with that idea.
Certainly it can be done and is not a bad thing if done right and for the right reasons. I've had several clients over the years take policy loans early on, vs borrowing from a bank or other source. But yes, be careful if they came to you with that idea.
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Red Flags, Red Flares, Red Fireworks.... ummm sounds sketchy.
Regardless of the quality of this case, why do you say MassMutual doesn't pay squat? I know they're not going to win the comp game but there are contracts out there that are very competitive. It's just when you contract through local GA that I've seen agents get hosed on comp. It's sad but that's just the GA being greedy.
Agreed. There are solid Mass contracts out there...you just need to make a few phone calls.
It is one of the best products on the street so even with a haircut, it is worth writing.
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