being on the groundfloor of this opportunity is what it is all about
Sounds like an MLM (network marekting) deal to me. When I hear 'ground floor' I usually run for higher ground!
noone in the management knows what insurance company it is, nor the financial institution that is backing it -- if we knew beforehand then it would be insider trading
So the financial institution is publically traded? I sort of doubt that, but we'll find out. And I would think this would have to have various state approvals, filings, etc. I don't think I've ever heard of an insurance product kept 'secret' before.
This is completely legal
How could you possibliy know that, given what you've posted earlier?
i have worked with these people for several years and do not doubt their word at all.
I voted for Nixon ("I'am not a crook") and Bush "Read my lips, no new taxes" so please don't tell me about "their word."
all i am saying is if you want in --- let me know
Sounds like you are looking to form a down-line? Mary, if this IS some kind of MLM, pyramid thing, and you didn't say so right here and now, your reputation, which is pretty strong (here and now) is going to be crap. So if you have something to say, I suggest it is better to say it now instead of beating the drums and trying to use suspense to caputre our attention.
-- because i have worked with these people in the past - i was called and emailed with this opportunity
And why you... and not me... or anyone else on this board? Perhaps because you are in someone's MLM downline?
i will be able to post the website where you can get more information hopefully by tomorrow or monday morning
What exactly prohibits you from posting it right now? Did you sign an NDA?
and on the talk about millionaires -- thats what was emailed to me...
That is standard MLM hype. Done all the time. When was the last time you got a call from a reputable insurance company saying "Pssst, Mary! We have a secret deal that we only want to let you in on at first, and then bring on others later. Here's the deal... but don't tell anyone." Would you hear that from a Pyaramid, or a West Coast Life, or a Met, or any Cross/Shield?
but think about it...
when ma's came out -- no cost to the enrollee --
same concept different situation
MA was backed by the full faith and credit of the Federal government. They were under discussion for years, everyone knew they were coming, there was no surprise.... little hype... and little interest (at first.)
depending on their age -- they have the continental care plan
A what care plan?
at 24 dollars a month and it comes packaged with a 15k life policy -- who would turn that down???????????
Lots of people who might not want someone else to profit off of their death as is done in (e.)COLI plans.
i know its not available in wyoming but -- by the end of the year it will be in all 50 states -
And you know this how?
- if it were in wyoming --- i would be on the phone from 8 am till 8 pm calling all of my clients and telling them about it.
Hmmm. So you've seen the actual policy and the details? But you can't tell us who or where they are from? Does anyone smell day-old fish here?
think of how many people this will help -- and if you are a new agent selling life insurance -- or wants to start out in NAA
So are you saying (without really saying) that this is from National Agents Aliance? And their reputation is what?
yes just like an ma there will be things to explain
I have this feeling that the operative word here is not 'explain' but 'hide.'
but --- 15k goes to whoever as the beneficiary they want
And what does the insurance company/finance company/investors, etc. get out of it? Who funds it? You've obviously seen the details. So tell us what they are.
as long as they can answer the 5 health questions...
What questions are those?
its good
Compared to what? NASE?
Mary, please. Stand up and give us full-disclosure or stop with the MLM-like teasers. OK?
I think we can all agree, some entity has to be paying for this type plan. I have to be honest here I have not been in the biz that many years but I have never heard of this type plan before even though I have been aware of corporate funded plans;again someone is paying.
Unlike the no cost MA plans which is funded by CMA, these plans certainly won't be funded by the Fed. Govt. unless I missed something in the Congressional Quarterly.
I am going to bebut since I have always valued and trusted Mary's judgement I am going to check it out. Can't hurt to keep an open mind, just don't sign up a hundred people before you do your homework!
Well it looks like word is spreading as one of my friends' FMO sent her this yesterday.
* * * * * ****
Date: Thu, 12 Apr 2007 22:37:24 +0000
INCREDIBLE NEW PRODUCT
$15,000 Life Insurance For $ 0 PREMIUM.
The premiums are paid by an investment company. This new concept is an
Opportunity of a lifetime. The name of the carrier and investment company
Will be announced in the next few days.
- $250 First Year Commission
- 100% Advanced - No Chargebacks
- Issue Ages 65 to 85 - STATES THAT THIS PRODUCT IS APPROVED TO MARKET PRESENTLY ARE: TX, NC, SC, GA, AND CA. OTHER STATES ARE BEING APPROVED AS WE SPEAK.
IN ORDER TO START SELLING AS SOON AS POSSIBLE, REPLY TO THIS E-MAIL WITH CONTACT INFORMATION, NAME, PHONE NUMBER AND ADDRESS TO
INITIATE YOUR CONTRACTING.
So basically an investment firm pays the premium and then when you die your heirs supposely get 15k and the investment firm gets a like amount? Don't you have to have an insurable interest in someone;such as hubby insuring wife or son insuring momma? Am I being too simple, am I missing something?
The investors have the insurable interest and can be named the beneficiary in much the same way as you name a bank as beneficiary for a loan. That is usually handled via collateral assignment up to the outstanding loan balance. I have never seen a situation where the bank was entitled to a profit over and above the loan balance at time of death.
Aren't life settlements also called vatical policies? It works when a person has a WL policy with cash value. For example a person aged 75 with some health issues with a life expectancey of 5 years has a million dollar policy that has $450000 cash value and the vatical or life settlement co. will purchase it for $500000 so when he died they get a million dollars or a $500000 profit less the premiums. Is that how it works?
Unlike the no cost MA plans which is funded by CMA, these plans certainly won't be funded by the Fed. Govt. unless I missed something in the Congressional Quarterly.
Uh, two slight corrections. First, I'm sure you meant CMS. And second, MA's are actually funded by taxpayers as is anything considered funded by the government.
Well it looks like word is spreading as one of my friends' FMO sent her this yesterday.
* * * * * ****
Date: Thu, 12 Apr 2007 22:37:24 +0000
INCREDIBLE NEW PRODUCT
$15,000 Life Insurance For $ 0 PREMIUM.
The premiums are paid by an investment company. This new concept is an
Opportunity of a lifetime. The name of the carrier and investment company
Will be announced in the next few days.
- $250 First Year Commission
- 100% Advanced - No Chargebacks
- Issue Ages 65 to 85 - STATES THAT THIS PRODUCT IS APPROVED TO MARKET PRESENTLY ARE: TX, NC, SC, GA, AND CA. OTHER STATES ARE BEING APPROVED AS WE SPEAK.
IN ORDER TO START SELLING AS SOON AS POSSIBLE, REPLY TO THIS E-MAIL WITH CONTACT INFORMATION, NAME, PHONE NUMBER AND ADDRESS TO
INITIATE YOUR CONTRACTING.
Have your friend forward the email with the contact information to me. I'm in Georgia and I'd like to see how "legit" this is. I'll be happy to report my findings to the forum.
Aren't life settlements also called vatical policies
Yes, same thing.
It works when a person has a WL policy with cash value.
Can be term.
Perm life is usually stripped of the net cash value before being viaticized.
Is that how it works?
Kind of.
The insured is made an offer on the policy. The offer is made once the insured submits medical records (if they are terminal) or submits to a physical (if they are old but in good health). An actuary, medical professional, or someone skilled in reading medical history makes an assessment of the life expectancy of the insured. The life settlement company then reviews the policy and makes an offer.
The offer can vary depending on life expectancy. Rarely is an offer made where the life expectancy exceeds 5 years. A life expectancy of 1 year or less may have an offer up to 70% or so of the face. A life expectancy of 5 years may generate an offer of 20% of the face.
Other things that can affect the desirability of the policy include the type of policy (term or perm) and whether or not the policy is beyond the contestable period.
There may be tax ramifications to the insured and there are potential tax issues for the investors. Any profit is earned income, not capital gains. The transaction needs to be structured in such a way to (if possible) avoid the transfer for value rules.
This is a very complicated transaction.
For more info, particularly from an investor standpoint, follow this link.
The information that i have posted on this forum is to the best of my knowledge. I am not trying to recruit a pyramid scheme etc etc....
I have posted this to let you guys know about something that is going to happen here on Wednesday -- you know I could of not posted -- but you can guarantee that once it was announced that someone else would of.. so if you feel like flaming me -- well hell go ahead
As soon as my manager sends me the link to the website i plan on posting it here so we can all have the info that is needed ---
I have already sent in my paperwork for nonresident licensing in north and south carolina --
I just see this as a huge opportunity for myself and for you as well -- if you feel that it is not for you -- well fine then --
And Scott -- dont send me any spam -- im not and i havent been spamming...
And for the idea with the continental care policy thru cont. life with this -- hey i thought it was pretty good ----
But i was soliciting ideas -- i was hoping i would get some more from you guys as how to promote this... but apparently i was wrong...i thought this was a forum where we all share together...
------------------------------------
You won't know unless you ask!!!!
email me at mdonaldson@insurer.com
Mary D.
I think a lot of the backlash involves the way things like this are presented - which is not in a professional manner. These people obviously know little about marketing. Ad like the ones they post only attract pikers. "Real" agents just get their radar up.
Don't you tend to scrutinize this:
HOLY C RAP!!!!!!INSANE NEW OPPORTUNITY THAT WILL MAKE YOU RICHRICH RICH!MAKE $200, $2,000, $10,000 A DAY!!!! WHAT IN THE HELL ARE YOU WAITING FOR!
For the love of the Lord - why can't people just advertise in a professional manner where legitimate agents will respond.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
This is 1 of 3 of the messages that I got in my yahoo group. Seems like a lot of IMO's are looking into this.
------------------------------------
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
[COLOR=blue] [COLOR=red][COLOR=royalblue]www.mymidwestbroker.com[/COLOR][/COLOR]
[/COLOR]
Make $150,000 first year. Free leads, no experience necessary. Work out of your home. Must like people. Don't pass this opportunity up. Call today and start tomorrow. Call...
Same concept. I loved the "must like people".
------------------------------------
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
Seniors entering these insurance arrangements could get stuck with significant tax or legal bills if the deals don't work out as advertised. "Nowhere in the hype will you learn of the potential tax liabilities or the fact that anticipated profits may not materialize," says Jensen. There are other risks, too. For example, if you sell a policy and then decide later that you need additional insurance, you could find you've used up all of the coverage an insurance company will sell you.
Lawmakers and insurance regulators have started to examine these deals. In recent months insurance commissioners in New York, Utah, Idaho, and Louisiana have concluded that some of them violate state laws designed to protect consumers from strangers who want to bet on their lives. Lawmakers in at least five states are backing bills that would regulate or outlaw many insurance deals initiated and financed by investors. Insurance commissioners are also pushing states to enact laws requiring policyholders who participate to wait five years before selling policies to investors vs. today's two-year delay.
Insurance companies are cracking down, too—in part because they fear these arrangements will depress profits. When insurers set premiums, they often assume a certain number of policyholders will drop their coverage as financial or personal circumstances change. But as investors intent on collecting death benefits amass policies, insurers worry they'll have to pay benefits on a greater number of policies than their actuarial models anticipated. To make these deals less appealing, American International Group (AIG ) recently hiked the cost of a universal life policy—the variety typically used—by 15% for those over age 70, says spokesman Chris Winans. Other insurers have rescinded policies. MetLife Inc. (MET ) has gone after policyholders for allegedly violating signed statements in their applications. "It clearly asks them to attest that they are not purchasing with the intent to resell," says spokeswoman Holly Sheffer.
No one is out to beat you up Mary. This may be very real but too many other, similar schemes, have failed to pan out.
If this is going to blow up, would you rather know up front what to watch out for or find out after you have invested time in the game and put countless clients into this, only to have it blow up and possibly ruin your career?
I have a friend who promoted pay phones a few years ago to seniors. The guy made well over $1M in less than 2 years selling phones from a local company that guaranteed a 14% return on your money over 5 years plus a full return of your investment at the end of 5 years.
I attended more than one seminar on the opportunity and watched as, with each seminar, the entry point became higher & higher. Initially the phones sold for $2500. Then they went for $3500 then over $5000. All within a 2 year time frame.
At the same time cell phones were becoming more popular, dropping in price, and becoming more portable than the early "brick" phones.
The firm that owned the phones and leased them to investors was local. I visited their headquarters and met the owner. A neighbor invested all of his liquid retirement cash ($800,000) in the phones and kept buying as the price continued to rise. This guy was no dummy. He had retired several years earlier as an exec in the Playtex corporation.
Eventually the SEC & FBI got involved as did the AG. The SEC came crashing down on those who sold the product as they considered it an unregistered security. (Those who sell these life policies could very well be caught up in the same trap). As the legal issues began to make the local papers, I got a call from the FBI. They wanted to interview me about my dealings with the company. (I was appointed to sell but never sold a single phone. However, I was in the company's database which was seized by the FBI). They wanted my client list and details of all commissions paid on the sale of the product.
Eventually the guy who started and owned the company was arrested and charged with running a Ponzi scheme. Quite a few people lost money in the deal, including my neighbor who lost his entire investment. My friend lost his insurance license. I have lost track of him but I suspect, assuming he is still in the country, he is behind bars somewhere.
This being said, let me repeat. Would you rather have a heads up as to what can happen or go forward blindly and lose more than you can ever make in this deal at $250 a pop.
By the way, the commission to those selling the pay phones was 15%. Most folks bought at least 5 phones making it a $4000 commission deal on average.
15% commission to the agent, 14% return to the investor and tax breaks to boot. A win-win situation where eventually everyone lost.
but since I have always valued and trusted Mary's judgement I am going to check it out. Can't hurt to keep an open mind, just don't sign up a hundred people before you do your homework!
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