Looking for opinions: I've been taking it upon myself to educate people on a money forum about different ways life insurance makes sense. Analytical types really want to see an illustration with all the pages and fine print. Are there any good reasons why an agent shouldn't post a completely fictional illustration online? I understand some companies may have an issue with employees doing this but what about redacting company information from the document? Any thoughts on the topic are appreciated in advance.
Posting a Finctional Illustration Online - Any Issues?
- Thread starter IamChange
- Start date
- 11,275
Just disclose that your posting is NOT a solicitation or an offer for coverage, and that the illustration is not valid without all the required pages.
If your objection is selling life insurance, posting on a forum is not likely to work. Insurance is sold in person, not on a forum. You will also deal with time wasting questions. There are better ways to sell to the analytical ones.
In my opinion, as a professional, we should not show an illustration until you have completed a fact find or at least you are half way through the initial meeting. If you post online something, and lets say it works, what if the person cancels their 30 year term first. Or take out home equity first and meets with you.
In my opinion, as a professional, we should not show an illustration until you have completed a fact find or at least you are half way through the initial meeting. If you post online something, and lets say it works, what if the person cancels their 30 year term first. Or take out home equity first and meets with you.
- 2,623
I'm not exactly clear on what kind of "document" you want to post but there is almost guaranteed to be copyright issues (for which you can be sued) if you didn't create the document yourself.
The best advice I can give you is GET WRITTEN CONSENT to use the document from whoever created it.
That's the only way you avoid potentially paying a lawyer umpteen thousands of dollars to defend you in a copyright infringement lawsuit.
- Thread starter
- #5
I would explicitly reject offers to place business. The purpose of posting is educating people, particularly those resistant to the message. Hopefully in the process I can learn some about how someone like that ticks. I would not expect a sale to result nor is that the intention. I would explicitly make up a completely fictional financial scenario for a fictional person and show how LI applies to their situation WITH supporting documents such as the illustration.
I didn't think about copyright issues with the issuing company - you think that would apply if I created the illustration? What about posting the illustration and completely removing info that would identify the issuing company?
I didn't think about copyright issues with the issuing company - you think that would apply if I created the illustration? What about posting the illustration and completely removing info that would identify the issuing company?
- 11,275
Why would there be "copyright issues" with a document that is all about DISCLOSURE? Unless you were charging for it or claiming that "it's yours" or something... there would be absolutely no issue with that.
If it were me, I'd do a side-by-side comparison of the numbers in an Excel worksheet. Remove company names and forget the actual illustration. (It's called a supplemental illustration and it isn't valid without the actual illustration.) Then compare life insurance to whatever - other policies, other strategies, whatever.
I did a comparison of "rent, lease, own" comparing term, base WL, and Max-Funded WL for a given premium, age, and underwriting status. It's here on this forum... somewhere. I didn't use any official illustration, except for the numbers to put into the spreadsheet.
The advantage of this was to show that yes, they're right (base WL isn't a 'great investment' for accumulating cash)... but I am also right (when a policy is structured properly).
If it were me, I'd do a side-by-side comparison of the numbers in an Excel worksheet. Remove company names and forget the actual illustration. (It's called a supplemental illustration and it isn't valid without the actual illustration.) Then compare life insurance to whatever - other policies, other strategies, whatever.
I did a comparison of "rent, lease, own" comparing term, base WL, and Max-Funded WL for a given premium, age, and underwriting status. It's here on this forum... somewhere. I didn't use any official illustration, except for the numbers to put into the spreadsheet.
The advantage of this was to show that yes, they're right (base WL isn't a 'great investment' for accumulating cash)... but I am also right (when a policy is structured properly).
- 15,041
You could also go pick up trash by the side of the road.
One of these activities would be of real value.
- 2,623
Maybe I'm not clear about exactly what kind of document IamChange is referring to or whence it is obtained.
If, by illustration, you mean creating a comparison of the financial differences between whole life and term (for example) there wouldn't likely be any copyright issues.
Even if you use copyrighted material that you include in the presentation, an argument can be made that you have the consent of the insurance company to use it since you are authorized to promote the insurance company's products.
Copyright itself isn't the issue because almost any document that you get from anywhere is likely to have copyright protection from the moment it's created.
The issue is whether you have express or implied consent to use the material or are using it under some sort of fair use interpretation.
- 11,275
AdjusterJack,
A life insurance illustration is what is being referred to here. It is a document that is regulated by the NAIC and state DOI in regards to permanent life insurance sales and is required before placing a permanent policy (in most cases). It is generated by the software that an insurance company provides to agents to generate such illustrations.
A life insurance illustration is what is being referred to here. It is a document that is regulated by the NAIC and state DOI in regards to permanent life insurance sales and is required before placing a permanent policy (in most cases). It is generated by the software that an insurance company provides to agents to generate such illustrations.
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