Wondering if anyone can point me in the right direction regarding Life Settlements.
A friend of mine, female age 69 has a UL policy with a face amount of $250,000. Because of life situations she has never really been able to prepare for retirement (kids "needing" money, etc...). She would like to be able to live out her remaining years in some sort of comfortable mode. I mentioned life settlement to her as a possible way to help in that area. Although I'm an agent I'm researching this as a friend only. I told her I have heard about it and read just a little about it but it was out of my area of expertise.
Are there reputable companies out there that I could help her get in touch with?
P.s. I don't think the policy has very much cash value so that really isn't an option to surrender the policy for the cash.
Generally speaking, life settlements have a horrible reputation for being less than legal, and corrupt, and generally something you should stay away from. I am not accusing anybody, nor slandering, I am just saying they have a bad reputation- in general. Maybe you can find some legit deal, I don't know, but research this thing really, really well.
The life settlement business is no different than any other American industry, full of greed.
There are good companies. One is Life Partners. However, they buy policies of those who are terminally ill.
If you friend has a paid for home or plenty of equity, she would do well with a reverse mortgage if it will work out. If she has a small mortgage, she can eliminate the payment.
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"People who think they know it all really annoy those of us who do"
Life Partners is not a reputable company. They are one of the only ls companies that have actually been banned from a handful of states.
If you friend can wait, have her wait till Feb or March to sell her policy, the market is pricing very low right now but is estimated to bounce back in Feb.
What area are you in and I'll refer you to a good broker close to you.
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Send me a PM to find out how life settlements can help your clients! [COLOR=red][/COLOR]
[COLOR=blue]"Do your duty in all things. You cannot do more, you should never wish to do less" ~~Robert E Lee[/COLOR]
[COLOR=black]I recommend using [COLOR=#800080]http://www.gwgadvantage.com/[/COLOR]. I just did my 1st life settlement ever. I had a client 72 years old, that was fixing to lapse his policy and pull out his $6,400 cash value on a $250,000 U.L. He was calling me to ask me if I could sell him another smaller policy with some of the money we were getting from the company, to surrender his policy.[/COLOR]
[COLOR=black]To make a long story short, they allowed him to take out most of his cash value and he also got paid around $42,000. The process took about 12 weeks. He had to prove that he could live another two years and did a paramed. GWG Advantage did most of the work for me. They have weekly training classes online and on the phone.[/COLOR]
[COLOR=black]First is that my policy that I first wrote him stayed in force and did not count against me as a lapse. He went from thinking he was getting $6,400 to getting almost $50,000. I also took some of his money and sold him a single premium paid up policy.[/COLOR]
[COLOR=black]This client approached me needing some help and I was able to give so much more then I would have been able to without doing a life settlement.[/COLOR]
[COLOR=black]I’m currently working on my 2nd case. GWG Advantage is giving me all the tools I need to help more of my clients.[/COLOR]
[COLOR=black]The end of the story is that my client, GWG Advantage and I were all happy in the end. I made two different sales on this client also. [/COLOR]
[COLOR=black]I’m still learning about life settlements, but so far I can see there is a need for using them.[/COLOR]
[COLOR=black]I have just added them to my list of companies that I will market and recruit for. You can go direct with them at [COLOR=#800080]http://www.gwgadvantage.com/[/COLOR]. or use me as your IMO with them. [/COLOR]
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Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
Email me for my Free Prospecting MP3 Tapes.
Last edited by Markingriffin : 11-12-2008 at 03:29 PM.
Gwg is a great provider. they have a number of different programs. they can even wipe the premium financing clean off of a policy to increase the value of it on the secondary market. If you are going to submit to them, you should also submit to a broker to make sure their offer is competitive.
Mark, just checked out your website. Now that you added life settlements to it, you have to have the website approved by different departments of insurances. TX is a stickler about this. You either need to get the approval number listed on your site or have a disclaimer box pop up saying the site is not approved for TX residences. Also you need a disclaimer line somewhere on your site saying the site is for agent use only and not the general public. All the DIs will come down on you for that one.
gwg is a great provider. they have a number of different programs. they can even wipe the premium financing clean off of a policy to increase the value of it on the secondary market. If you are going to submit to them, you should also submit to a broker to make sure their offer is competitive.
Mark, just checked out your website. Now that you added life settlements to it, you have to have the website approved by different departments of insurances. TX is a stickler about this. You either need to get the approval number listed on your site or have a disclaimer box pop up saying the site is not approved for TX residences. Also you need a disclaimer line somewhere on your site saying the site is for agent use only and not the general public. All the DIs will come down on you for that one.
Thanks for the advise. I have permission from GWG on my website. My page is not for clients, but for insurance agents only. But from your advise, I will add the disclaimer right now. Thanks for the advise.
Lifesettlementadvisor-
I will pass along your kind words about GWG, and agree with your statement regarding using a life settlement broker to get a competitive offer.
The entity Mark is referring to, however, is GWG Advantage, a full service life settlement broker, and sister company of GWG Life, the provider you speak of. GWG Advantage brings compliance, transparancy, support and training to agents and agencies like Mark and his company. Agents that want to present potential innovative options to their clients who may not have realized the asset they could have.
I know that this sounds the same among life many life settlement brokers, but l hear similar things to what Mark said from our clients all the time.
Check us out on the web or our newsnet!
Garrett Klein
Regional Sales Manager
GWG Advantage
Lifesettlementadvisor-
I will pass along your kind words about GWG, and agree with your statement regarding using a life settlement broker to get a competitive offer.
The entity Mark is referring to, however, is GWG Advantage, a full service life settlement broker, and sister company of GWG Life, the provider you speak of. GWG Advantage brings compliance, transparancy, support and training to agents and agencies like Mark and his company. Agents that want to present potential innovative options to their clients who may not have realized the asset they could have.
I know that this sounds the same among life many life settlement brokers, but l hear similar things to what Mark said from our clients all the time.
Check us out on the web or our newsnet!
Garrett Klein
Regional Sales Manager
GWG Advantage
Garrett
I am aware of the difference between the two different GWG, but didn't feel like bashing it on the forum.
I do think that GWG is a good provider, but it is ridiculous that yall spun off a separate brokerage company. It is just a way for GWG to take a commission on the policies that you are buying for yourself. I am sure you are going to come back and say that GWG does shop it out to other providers, but at the end of the day, you are still owned by the provider and your loyalties are to them. A good broker should be independent of all providers and have the best interest of the agent/senior in mind. While I am sure you have the best intentions, this is not the case with the GWG brokerage.
Lifesettlementadvisor-
I sincerely respect your experience and knowledge in this area. Your concern is a common one that we hear from many potential clients, and for good reason. Other companies have done what you are describing. GWG has not. Our philosophies (yours and ours) are aligned as we feel our fiduciary duty is to that senior client and advisor.
I think it is important to note that with our process GWG Advantage discloses the provider's offers to the client and agent, actually we disclose the highest 7 offers received. Our sister company has only purchased less than 10% of all the business we have brokered, due to our goal of finding the highest fair market value possible for the client.
I appreciate your expertise and valid questions, and thank you for the opportunity to answer them. For any more specifics, please contact me on a private message.
Thank you again-
Life Settlement
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