Insurance Agent Forum

[honestagent]

Adding to Midwest's questionaire, I would also ask:

1. How do I have to die to receive this?

2. How many beneficiaries can be named?

3. Does my beneificary/ies recieve the full death benefit or a % and the insurance company and/or other entity/ies receive the other %s?

4. How is it possible there are no chargebacks?

5. Age issuance?

6. Is there a graded benefit plan too? If so, what is entailed to receive and how does it work keeping the same questions above in mind to apply?

7. Confirm it's a simplified issue.

8. I won't assume, but be sure to ask: Whole life final?

9. And last but not least, what other benefits come with this besides the primary of 'free?'

More to come if I think of some based on what I can dig.

[somarco]

Simple underwriting perm life is readily available. Here is just one example.

https://www.globelifeaffiliateprogra...company=tkg635

Issue age is up to age 70. Just a few health questions + MIB. Accept/decline underwriting.

I believe GTL has a product that operates in similar fashion up to age 80 or 85.

[midwestbroker]

Great questions to ask them. I have requested info but am still waiting on a reply.

Here's the information I got emailed to me:

The zero premium life insurance is a universal life product available for ages 65 to 85. The premiums will be paid to the insurance carrier by a private institution. The carrier will insure the insured for $50,000. When the insured passes away, the beneficiary will receive $15,000 and the private institution will receive the remaining $35,000. The insured is getting a $15,000 life insurance policy at no cost to them.

Agent commission is $250 per application submitted and verified. Manager overrides are also available on this product. Commissions will be paid out about 2 weeks after application is submitted and verified.

[CHUMPS FROM OXFORD]

I see a lot of talk about this type of policy from CraigsList (Google).

As I said...sniff sniff...woof woof...This is a dog with fleas...as Gordon Gekko once said.

C'mon...You remember him, don't you???

"Ever wonder why fund managers can't beat the S&P 500? 'Cause they're sheep, and sheep get slaughtered."

"The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's BS. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own."

[somarco]

Doesn't sound like much of a deal for anyone except the "investors".

Still gotta wonder about all the shucking & jiving to get the plan put together.

[Superchief]

if you would like to know... and i am pretty sure you do -- if you are recruiting agents in order to get an override from an insurance company then you have to be licensed in their state... well lets ask a question here

Not all states. Actually in most states, you do not have to be appointed there to earn an override off of an agent selling in that state. There are only a handful of states that this rule exists.

[Superchief]

Think it's easy giving something away?

Next time you're at Starbucks waiting in line, try handing the stranger behind you a dollar and say, "Hi I'm giving away free dollars to complete strangers. Here's yours."

They'll very awkwardly tell you, "No thank you."

[healthagent]

Lol. Go on any city block and try to hand out leaflets.

[STIBROKER@AUSTIN.RR.COM]

Originally Posted by Superchief

Next time you're at Starbucks waiting in line, try handing the stranger behind you a dollar and say, "Hi I'm giving away free dollars to complete strangers. Here's yours."

dahmmm.....so now I am paying for the car's coffee behind me and giving away dollars.....

[johnrocks]

I don't know, there was a "good samaritarian" here in my hometown during Christmas that went to the mall and gave away $500 gift certificates from one of the local retailers there in the mall.

[Frank Stastny]

Superchief,

I really have actually tried that but not at Starbucks. I had a couple of guys get really upset over it.

The only way I could "sell" any of that would be to offer it to my long time clients who I have built a level of trust with. However, my name would be "mud" if anything went wrong. That is why I am staying away from it. The few hundred dollars I would get would not be worth putting my credibility on the line for.

I'm probably not one of the ones that would make thousands of millions. anyway. Besides, what would I do with all that money??????? I'd probably have to give most of it away, or turn my wife loose with a whole stack of credit cards.

[healthagent]

And we're back to that your clients shouldn't be guinea pigs.

[healthagent]

...Such programs pervert the very purpose of life insurance and improperly exploit an essential financial product.”

This spells more bad news for the insured since the terms of the premium financing transaction often require the insured to indemnify the lenders and investors for any losses. So, not only could the policy be challenged and terminated by the insurance company, but the insured could be on the hook for the loss of the death benefit!

Insurance agents and insured’s can also be in hot water with federal and state securities laws and the IRS. Instead of being classified as insurance, some
regulators believe that the transaction has all the properties of an ‘investment contract’ under the Securities Act of 1933 and 1934.

This could lead to criminal penalties for the illegal sale of unregistered securities and ultimately a claim of insurance fraud by the insurance company against all parties involved.

Moreover, the IRS has yet to make a ruling on the tax status of these transactions. Should the premiums paid by the lender be included as income because the insured received a
taxable benefit? Would the difference between the value of the policy and the outstanding loan amount be taxable? As more and more individuals are attracted to these transactions, the regulatory bodies are bound to issue laws and statutes that
will dramatically alter the landscape

[BKrocko]

So the "Financial Inst." gets 35K if I die......... they give Bruno 1K to see to it that I push up daisies.........No thank you, I don't want to be worth more $ dead than alive to an unknown "Financial Inst." I don't even like the idea of being worth more $ dead to people who know me!

If this product is not illegal, it should be. Lots of cause for concern.

[maryjd123]

This is supposed to roll out on Wednesday

So then everyone will know the name of the insurance company and the financial backer --- so there will be no secrets for anyone

From what i do know --- the insurance company is well known -- a brand name that everyone knows...

The state insurance people are approving this state by state -- so -- one question is -- if the state sees that it is legit -- why not me?
I called my state insurance department and as of yet they have not been contacted as far as they know... but they say its legal.

I asked them about the taxes etc etc,, i knew this one already -- the benefit is tax free -- there are no tax problems whatsever

They approved pa and vermont today -- so this is an addition to california, north and south carolina, texas and georgia

From what i was told today --- you can go to

www.halosalesteam.com -- fill out the part where the contact info is --- and hit submit -- then whether you are an agent or an agency fill out the appropriate form and fax a copy of your state license to the 800 number listed.

from what was told to me today is that this is exclusive with the halo group -- not with any other fmo -- so for now this is what i do know -- the $250 comes from the halo group as an advance and not the insurance company -- so you have to sign with them to do this

So whether or not you would want to do this is your option -- i am just the sharer of news

If you want any more information on this please email me at mdonaldson@insurer.com or call me at 307-256-7136 and i can give you the break down of how this works

Whether some agents think this is wrong or not is their opinion

My opinion i think this is a good opportunity

Mary
The Part D Lady

[The New Guy]

I couldn't find them here http://www.insurance.ca.gov/0100-con...file/index.cfm

Here http://www.michigan.gov/cis/0,1607,7...555---,00.html

Or here http://www.google.com/

No physical address anywhere on their website.

Seems rather odd to me, but just wanted to let you know that at least I did give it a look.

[CHUMPS FROM OXFORD]

A dog with fleas...

I'll bark up a tree if I'm wrong.

[Sam]

Some people really do make millions selling free life insurance Annuity and Life Insurance Arbitrage

[healthagent]

"Health and Life Organization" claims they are licensed and operating in all 50 states. Don't know - they are not filed in MD as a resident or non-resident firm or entity. Have no idea about other states. That they don't list an address on their site yet claim to be this huge company sends up tons of warning flares.