New zero premium life insurance policy/life settlements

[senior-advisor-indiana]

So insurancechick, do you really know who the company is or were you just backing up your own dreams. If it had been in the making for 3 yrs someone would know something about it b4 now and they would definetly have more info. I feel sorry for the reputable people that are being duped into backing this up. It is very unethical to push agents into selling a product with no info by scaring them into thinking there won't be any prospects left. What a joke. None of my clients will buy it with out asking me first.

I wish people would quit comparing this to MA plans. Its not even close to the same thing. May 1 is gone, and it definetly won't be here by may 15. I have not seen anything in insurance magazines about it and not mailers to recruit. But that could be because I am in IN. Has anyone else got any normal recruiting ads other than emails?

 

[insurancechick]

I checked with them as well... several times...

Who knows... I know what Miracle is saying to FMO's at this point

Nothing needs filed because nothing is new! Once again, it is a product that already exists. Say for example it was Lincoln Heritage, a final expense company. They are already approved through the DOI. The only difference is how the policy will be paid, which does not need to go through DOI. Again, all indications are for an early next week launch.

 

[senior-advisor-indiana]

Ok we have seen the explanation of an already approved product. Move on.

 

[senior-advisor-indiana]

Why don't you answer why you said you know who the company is.

 

[Crabcake Johnny]

Nothing needs filed because nothing is new! Once again, it is a product that already exists. Say for example it was Lincoln Heritage, a final expense company. They are already approved through the DOI. The only difference is how the policy will be paid, which does not need to go through DOI. Again, all indications are for an early next week launch.

Poppycock. If this was already filed and they were using an existing filed plan they would have long ago been able to disclose the name of the insurance company.

 

[senior-advisor-indiana]

I hope you john calls the NCDOI to put Ali under further investigation. Will they tell you why he is under investigation now?

 

[Dave020]

Poppycock. If this was already filed and they were using an existing filed plan they would have long ago been able to disclose the name of the insurance company.

Especially considering that anyone appointed with the carrier could not sell the program separately since they would not be contracted to sell for the premium payor in this case.

Earlier on a poster stated that there is no way her or her husband could possibly be contracted with the carrier, which indicates that it could not be any existing carrier. They were not told they were not contracted with the premium funder, but the actual insurance carrier.

So how can it be an existing carrier in the FE market that no agent can possibly be contracted with? This makes zero sense unless someone is lying.

Dave

 

[Crabcake Johnny]

I get a dead page.

 

[Dave020]

I get a dead page.

Interesting, it came up for me the first time i clicked on it and second time after reading John's post it is a dead link. Maybe too many people viewing it right now?

 

[Crabcake Johnny]

I might be wrong about this and if I am I'll be more than happy to post it. But this is just my gut reaction to this:

1) No one can disclose the carrier because there isn't one.
2) No one can disclose the investor becasue there isn't one.
3) Ali is already under DOI investigation and driving around on a revoked license, now asking thousands of agents to cough up $10
4) $10 does not cover the appointment fee in most states.

To me this is a perfect scam. It's perfect because you collect $10 from thousands of agents and no one agent will get really pissed if they lose the $10. Weeks turn into months and you stall and stall until you finally annouce "sorry everyone, the investor backed out."

I do stand by my earlier post. Either we get solid info by Friday or I'm contacting the DOI.