- 10,276
"he is under investigation"
Ugh...if true...I think that seals the deal.
Ugh...if true...I think that seals the deal.
New zero premium life insurance policy/life settlements
- Thread starter maryjd123
- Start date
- 11,280
I think that is a trick question. It can't be sold because it doesn't cost anything. I am so funny.
I'm honest, trust me! Of course you can trust me, it says so on my website
Actually, my single issue is that there simply isn't an insurable interest for someone else to pay the premium in these types of policies. Buying an insurance policy to collect a portion of the death benefit later, by itself, isn't an insurable interest. This means it's probably a 'loan' of the premium for the policy, which establishes a legitimate insurable interest, but doesn't make it true 0 premium, just nothing out of pocket. The loan, at some 'modest' interest, will be paid off out of the death benefit.
Miracle isn't registered in California, so I doubt it's rolling out on May 1 here. We'll see. I'm interested in seeing how the insurable interest problem is overcome, and what the details are.
Dan
- 477
You know, Dan, you raise a valid point. In fact, several other members have all raised some valid points. Now as a member of this forum, where we come to 'share' and hopefully help others 'grow' I have an issue here.
Dan's post raises a critical component with insurability. Thank you Dan.
Now, onto something else that's been lurking within me to say.... after scavaging through some empty meaningless pages on this thread.
And no, I'm not trying to flame or bait but you know who you are so -
To those whom post to attack for a lack of a better word, why don't some of you do some research on your own. Now, just because we cannot glean all of the information at hand, immediately, and I know some of you have tried, or claim to have,... okay, well, guess what. That does not conclude this concept and product to be a negative. Okay.
We cannot gather the pieces of this puzzle, momentarily. So what. Okay, we have a waiting game to play, not like that should be a foreign concept to any of us, especially in this business, right?
Now just like all of you (and I should hope) ascertain and present the 'solutions' to your clients problems and or needs with various 'approved' products, I am hoping you have done so after fully ascertaining those problems and shopped product. You know, ,,, I am speaking to you, to those, whom are INDEPENDENT AGENTS whom have really shopped around for that best final, Med. Sup, Annuity, whatever... policy because we as indys have that capacity to do so, right? And with that comes some learning, right? After all, that is what makes us unique. And that is why many do business with us, wouldn't you agree? - At least, one of the reasons why some do business with us.
So I pose this question to those whom have 'attacked' or disqualified this zero premium gig: how can you possibly make a well informed decision how legit or non legit this really is without having had ascertained all of the information? Again, just because we do not have all of the data presently, does not mean it's a negative. Isn't this what you do with your own customers and clients or no?
And yes, anytime something is new, and this can be applied to any entity, we need to be cautious and proceed accordingly. Presently, we cannnot nor should not proceed because everything is not disclosed. Okay fine. But again, this is where time comes in and we must play the waiting game. And with time, other variables will surface. That is a fact. And those facts will tell greatly how legit or non legit this will be.
I am extremely disappinted and disgruntled by some of the members' behavior whom are quick to give their opinion (and that is it.. an opinion) without having had gleaned all of the necessitated data, which I do realize is not in full disclosure, yet. Be patient.
You want to sit back and not ride within the rodeo. Fine. Don't. You want to ride, cool. But PLEASE STOP with antagonizing certain members whom have taken much time, and yes it does take time, which takes time away from other things you know.. service work, prospecting, 'selling' etc. etc. because these folks come on to share their findings. If you cannot do the same, then don't give your unwarranted opinion. Or if you do so, do it with class and with no opinion of: "it's not legit, it's a scam' etc etc. and proceed to flame the poster. Not cool. What are we in middle school?!? Further, if you're so quick to judge, then stop reading and go sell what you know! Good. Leave this to others!
I appreciate certain members whom have done some leg work and come on here to share and I appreciate their findings. And I hope some of you can take a lesson from them. Calling out names I do not feel is necessary with respect to whom has done and not done some homework.
All I'm saying is let's try to be a bit more professional, do our due dilligence, work on our patience, and act accordingly.
Happy Selling!
Dan's post raises a critical component with insurability. Thank you Dan.
Now, onto something else that's been lurking within me to say.... after scavaging through some empty meaningless pages on this thread.
And no, I'm not trying to flame or bait but you know who you are so -
To those whom post to attack for a lack of a better word, why don't some of you do some research on your own. Now, just because we cannot glean all of the information at hand, immediately, and I know some of you have tried, or claim to have,... okay, well, guess what. That does not conclude this concept and product to be a negative. Okay.
We cannot gather the pieces of this puzzle, momentarily. So what. Okay, we have a waiting game to play, not like that should be a foreign concept to any of us, especially in this business, right?
Now just like all of you (and I should hope) ascertain and present the 'solutions' to your clients problems and or needs with various 'approved' products, I am hoping you have done so after fully ascertaining those problems and shopped product. You know, ,,, I am speaking to you, to those, whom are INDEPENDENT AGENTS whom have really shopped around for that best final, Med. Sup, Annuity, whatever... policy because we as indys have that capacity to do so, right? And with that comes some learning, right? After all, that is what makes us unique. And that is why many do business with us, wouldn't you agree? - At least, one of the reasons why some do business with us.
So I pose this question to those whom have 'attacked' or disqualified this zero premium gig: how can you possibly make a well informed decision how legit or non legit this really is without having had ascertained all of the information? Again, just because we do not have all of the data presently, does not mean it's a negative. Isn't this what you do with your own customers and clients or no?
And yes, anytime something is new, and this can be applied to any entity, we need to be cautious and proceed accordingly. Presently, we cannnot nor should not proceed because everything is not disclosed. Okay fine. But again, this is where time comes in and we must play the waiting game. And with time, other variables will surface. That is a fact. And those facts will tell greatly how legit or non legit this will be.
I am extremely disappinted and disgruntled by some of the members' behavior whom are quick to give their opinion (and that is it.. an opinion) without having had gleaned all of the necessitated data, which I do realize is not in full disclosure, yet. Be patient.
You want to sit back and not ride within the rodeo. Fine. Don't. You want to ride, cool. But PLEASE STOP with antagonizing certain members whom have taken much time, and yes it does take time, which takes time away from other things you know.. service work, prospecting, 'selling' etc. etc. because these folks come on to share their findings. If you cannot do the same, then don't give your unwarranted opinion. Or if you do so, do it with class and with no opinion of: "it's not legit, it's a scam' etc etc. and proceed to flame the poster. Not cool. What are we in middle school?!? Further, if you're so quick to judge, then stop reading and go sell what you know! Good. Leave this to others!
I appreciate certain members whom have done some leg work and come on here to share and I appreciate their findings. And I hope some of you can take a lesson from them. Calling out names I do not feel is necessary with respect to whom has done and not done some homework.
All I'm saying is let's try to be a bit more professional, do our due dilligence, work on our patience, and act accordingly.
Happy Selling!
Last edited:
- 2,152
Use ones common sense, grab ahold of your wallet when ever someone says:
1. Trust me...
2. Its Free...
3. Believe me...
4. I'm Honest...
Plus many other expressions, an honest person or a good deal doesn't come with qualifiers, they don't need them.
1. Trust me...
2. Its Free...
3. Believe me...
4. I'm Honest...
Plus many other expressions, an honest person or a good deal doesn't come with qualifiers, they don't need them.
standingtall
New Member
- 9
A Few Questions...because this makes no sense
1. Who is the carrier and why is it a seceret?
2. This can be done with any size policy and is not new
3. why would you only make $250 when you could make a normal life insurance commission?
(the premium is probably about $1200-$1500 yearly. that is a 20% contract with no renewals...lame)
here is what I mean...
any agent can get a senior a life policy of $100,000 (maybe more), keep the whole commission, and have them retain their interest 15% or $15000 as a death benefit. I dont understand why it has to be $30k and only $250??????
1. Who is the carrier and why is it a seceret?
2. This can be done with any size policy and is not new
3. why would you only make $250 when you could make a normal life insurance commission?
(the premium is probably about $1200-$1500 yearly. that is a 20% contract with no renewals...lame)
here is what I mean...
any agent can get a senior a life policy of $100,000 (maybe more), keep the whole commission, and have them retain their interest 15% or $15000 as a death benefit. I dont understand why it has to be $30k and only $250??????
- 10,276
honestagent-good post and you made some nice points. Personally, I was not offended by any of the comments in the entire thread. I still think this product will end up being a "dog with fleas." It has "bogus" written all over it. I wonder if E&O would cover it as an insurance product.
However...if it turns out to be legitimate, perhaps we'll all reap the benefits and everyone will be happy.
However...if it turns out to be legitimate, perhaps we'll all reap the benefits and everyone will be happy.
standingtall
New Member
- 9
rebating?
Why would that be rebating and how is what I said different from what the origional poster said? All I am saying is that the commish is low.
Why would that be rebating and how is what I said different from what the origional poster said? All I am saying is that the commish is low.
- 1,704
The carrier is a secret because upon launch of product it will affect the stock price. I understand there will be an IPO issued. So that tells us this is a publicly traded company. Been told this is an A -rated one too.
And from the beginning I haven't liked the set commish paid to agents. I see this (just like MA's) as slowly destroying the agency model for the agent. So they're forcing us to provide our own leads, mktg, etc, at a lower return than you would have earned in the traditional manner. But what agent wants to risk not having this product...as i'm sure news will spread like wildfire....and open up another income stream. Plus if successful, other companies will come on board.
The biggest puzzler: is truly the insurable interest. Why is a non-related party allowed to purchase a DEATH benefit on another?? If there is any one fact drilled into every insurance agent it is always 'INSURABLE INTEREST, INSURABLE INTEREST!!" Why are the DOI's permitting this?
Is there a plot underfoot to decimate our seniors, and we the unsuspecting agents are unwittingly feeding sensitive info to a large database? Are we all becoming the world's bullseye?
Before you laugh, or hurl tomatos at me, let's check those war clauses, and other exceptions. LOL
And from the beginning I haven't liked the set commish paid to agents. I see this (just like MA's) as slowly destroying the agency model for the agent. So they're forcing us to provide our own leads, mktg, etc, at a lower return than you would have earned in the traditional manner. But what agent wants to risk not having this product...as i'm sure news will spread like wildfire....and open up another income stream. Plus if successful, other companies will come on board.
The biggest puzzler: is truly the insurable interest. Why is a non-related party allowed to purchase a DEATH benefit on another?? If there is any one fact drilled into every insurance agent it is always 'INSURABLE INTEREST, INSURABLE INTEREST!!" Why are the DOI's permitting this?
Is there a plot underfoot to decimate our seniors, and we the unsuspecting agents are unwittingly feeding sensitive info to a large database? Are we all becoming the world's bullseye?
Before you laugh, or hurl tomatos at me, let's check those war clauses, and other exceptions. LOL
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