Insurance Agent Forum

[maryjd123]

Hey you all

one of my hierachy just sent me this --- please email me at mdonaldson@insurer.com and i will send you info as soon as I get it -- i have talked to Jim already and this is going to be awesome -- right now its in 5 states and there will be a conference call on wednesday
i will be posting this here as soon as i know what time.... i am sure everyone is going to want to get in on this...
btw --- i apologize for not being able to post on the forums lately -- we spend about 3 to 4 days a week in denver at the hospital... just the normal life.... but everyone please check this out and pass the info on -- according to Jim this is going to be HUGE for anyone...


There is now a Zero Premium Universal Life Insurance product available to seniors ages 65 – 85. There are two main components of this program. The first being an A+ rated name brand insurance company that provides a $15,000 death benefit. Two, a Financial Institution that pays the monthly premiums.

This is a WIN, WIN, WIN, and WIN opportunity. The insurance carrier wins because they sell a lot of policies. The Financial Institution wins because they receive an above average return on their investment. The agent wins by being paid $250 commissions on each policy. Best of all, the client wins by getting $15,000 of Universal Life Insurance at zero premiums.




Here it is

I am pleased to introduce a new zero premium life insurance policy. Yes, a zero premium universal life insurance policy! Our company has secured an exclusive national contract with an A+ rated Insurance Company and is currently contracting for sale of this product. We would like to formally extend an invitation to you and any agents associated with you to become a part of the Management and/or sales force for this revolutionary product.

PRODUCT PROFILE:

♦No Signature Required

♦No Leads Necessary

♦Can Cold Call or Knock on Doors

♦Can be Sold by Telephone

♦All Enrollment Applications must be Verified by Insurance Company

♦All Enrollment Applications can be Submitted Online (Paperless Applications)

♦$250 Commission per Application for Agents

♦10 days from Submission to pay on approved applications

♦No CMS Regulation

♦A+ Rated Name Brand Company

♦Continuous Enrollment

This product will make thousands of millionaires in the next few months. No Hype! After all it's free to the client.

email me your address and i as soon as i get this info -- i will forward it on to you..

Mary
mdonaldson@insurer.com

[somarco]

This type of thing has been done before. Many of these marketers target churches in an attempt to set up a plan to fund future obligations of the church with "free" insurance.

Private investors fund the premium in exchange for a cut of the proceeds when the insured assumes room temperature. Cut can be 30 - 50% depending on how old the insured is, how much the death benefit is and how healthy the old fart is.

Churches (or other beneficiaries) rarely see the money as promised. Somehow the investors end up with the lions share of the money and everyone else gets screwed.

Tread softly on this one. You may end up with more troubles than you think. The AG has been in the thick of investigating some of these schemes.

[BKrocko]

Maryjd123, I don't do anything with senior products but - this product doesn't seem like it passes the "smell test". LOL - I bet the "Financial Institution" that pays the premiums requires you to name it as beneficiary. There is no free lunch in america.

Hope you and yours are doing better health wise. Hang in there and keep the faith.

[senior-advisor-indiana]

Can I go to a hospice facility and sell these products?

[LaffAgent]

By the way, I am a Nigerian prince looking to transfer money to the US and could use your help.

[maryjd123]

Originally Posted by LaffAgent

By the way, I am a Nigerian prince looking to transfer money to the US and could use your help.

Okay now.... this is getting stupid...

I am not a green agent --- been there done it...

The people that i work with are reputable and trustworthy so please dont think i am trying to scam anyone... its not going to happen -- and its not happening now..

This is an awesome opportunity for everyone here -- don't make it dirty

As soon as i have more information i will post it here

There will be a website to go to so you can sign up -- from what information i did get is that you sign up with the fmo and that is how you are paid -- it is their contract -- you cannot sign up directly with the insurance carrier...

The people have to be able to answer to no to 5 health questions and be able to pass underwriting.. from what he said the questions are the same as ones with baltimore life final expense...

This would be great to offer as an addon to your existing final expense clientel --

The only glitch i see so far is -- if you are talking to a person on the phone.. i do not like asking for their social security number.....

So let me ask you all.... or to the ones who are skeptical..

Say it is true what i say... what would you do as a salesperson to sell it?

SELL A FREE PRODUCT......

Mary

[midwestbroker]

Before we start throwing stones, since Mary is more of a regular poster, lets hear her out. If it was her first post on the forum, I would have STI post a spam pix up.

But since it isn't, lets see what she is talking about. I am green to this concept so I am curious.

[somarco]

The issue is not so much who you work with, or the carriers. The fly in the ointment is the "investors". They are the ones who usually make all the money & everyone else gets the short end.

So called "free" insurance has been around for years. Go back 30+ years ago and the big thing was premium financing (which I understand is coming back).

Then it was mini dip (minimum deposit).

The last 10 years or so the free insurance has almost always involved a life settlement company. That has been expanded and modified to go beyond just buying "old" insurance policies to encouraging old farts to take out new insurance at no cost.

The difference here is the small face amounts. Most of the schemes like this involve larger amounts. This approach, using $15k face amounts is more akin to the COLI that has taken a hit in the news and several DOI's and AG's.

http://en.wikipedia.org/wiki/Corpora...life_insurance

And this . . .

Why take a $250 commission on a policy that normally pays 100% of the premium which is almost always much greater than $250?

As I said, this has been done before and it always falls apart. This time may be different. Folks that put together these kind of things eventually learn from the mistakes made by earlier players in the game.

[honestagent]

Rather than down someone or someone's post, why not be logical and prudent about the topic's post and do some leg work?

You know, work....

Make a few calls and turn some stones. Then, and only then, you will know whether or not this something of legit; and if you want to throw it in your bag to sell. Okay.

Remember, you get what you pay for.

[healthagent]

Originally Posted by maryjd123

Hey you allThis product will make thousands of millionaires in the next few months. No Hype! After all it's free to the client.

1st of all, there's nothing harder to "sell" then something free because the client's radar will get going a thousand miles a minute.

Secondly, "thousands of millionaires in the next few months" ??? Off $250 commish?

Ok....saying a few months is three months that's 4,000 policies sold at $250 commish which is 333 per week or 66 a day. Survery say???

How 'bout in a year? 4,000 policies sold which is 76 policies per week or 15 a day.

Enough already.

[somarco]

Honest - do your own research. I cheated by giving you some links & topics to research.

Nuff sed

[Slick]

I hope it's legit
I can give away insurance.

[CHUMPS FROM OXFORD]

Sniff Sniff...Something smells.

[johnrocks]

Originally Posted by john_petrowski

1st of all, there's nothing harder to "sell" then something free because the client's radar will get going a thousand miles a minute.

Secondly, "thousands of millionaires in the next few months" ??? Off $250 commish?

Ok....saying a few months is three months that's 4,000 policies sold at $250 commish which is 333 per week or 66 a day. Survery say???

How 'bout in a year? 4,000 policies sold which is 76 policies per week or 15 a day.

Enough already.

I can't speak for Mary but I would thing you would "tie" that to say a med supp or a pffs plan that pays $300+ then your up to maybe $580-$600 if there is a spouse then you double that(as Festus said "don't ya see Doc") and then your talking more like over a thousand dollars a day, 25-30k a month and uh uh uh ...then take that to a casino and WA_LA be a millionaire in a few months!!!

[midwestbroker]

I am a little skeptical of anything that says I will be a millionaire in a matter of months. However, I am open to new opportunities.

Let's see how this is laid out and go from there.

If it is legit, that I know that it is not just a give away. Even with $0 premium MA plans, you still have to educate your client on how it is funded.

[midwestbroker]

Somarco -

Good link about COLI. Looks like in the past the employee was not aware of the policy on them, and the company would keep the DB.

But, if I am taking this in correctly, wouldn't the senior have to be an employee of the company taking out the policy on them?

[maryjd123]

I understand everyone's skepticism -- and believe me i am ---------------- BUT

Being on the groundfloor of this opportunity is what it is all about -- it rolls out this week on wednesday
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 -- and im not interested in hangin out like Martha S.
This is completely legal -- i have worked with these people for several years and do not doubt their word at all.

All i am saying is if you want in --- let me know -- because i have worked with these people in the past - i was called and emailed with this opportunity

I will be able to post the website where you can get more information hopefully by tomorrow or monday morning

And on the talk about millionaires -- thats what was emailed to me...

But think about it...

When ma's came out -- no cost to the enrollee --

Same concept different situation

I was thinking of packaging it like this.

Depending on their age -- they have the continental care plan at 24 dollars a month and it comes packaged with a 15k life policy -- who would turn that down???????????

I know its not available in wyoming but -- by the end of the year it will be in all 50 states -

- 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. -- you can sign them up over the phone -- it does get a double verification -- one from the manager and one from the company -- to make sure someone isnt signing up someone without their knowledge and consent.
Im thinking of the policies i have already sold that needed more -- but couldnt afford.....

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 -- this is simple ( at least to me it is.. ) my opinion

Yes just like an ma there will be things to explain -- as in all policies
But --- 15k goes to whoever as the beneficiary they want -- as long as they can answer the 5 health questions... its good

Mary

[Frank Stastny]

Maybe I'm just not getting it but why would it be considered "insider trading" to name the insurance company. There must be something I'm missing. Maybe you financial experts can help me understand that.

Isn't it a life policy issued by an insurance company? Would it been "insider trading" to know the companies who were going too offer Advantage plans before they were approved by CMS?

Mary, I would love to be able to make that kind of money "giving away life policies. I have a lot of clients who trust me and if I tell them it is a "good thing" they will sign up based on my recommendation.

My biggest concern, without knowing more since apparently it is all very hush, hush (If I find out will they have to shoot me?) is that if it is some sort of "scam" I'm going lose a lot of credibility with a whole bunch of my clients. I have spent years building that trust and I can't afford to lose that for a couple of hundred dollars.

Give me some concrete information, names, companies etc to check out and I will be the first to sign up. Another question, why are you the only one who knows about this. Are they leaving it up to you to "spread the word'?

Is it like a MLM where one signs up a bunch of agents under them?

What are the five health questions?

I rally want to know more.

[somarco]

The COLI is just another example of investor funded life insurance. Dont take the link literally. You can see that Winn Dixie and several others had some legal issues over this. COLI is also referred to as dead peasant insurance.

Similar schemes have cropped up from time to time with homeless people being insured by "investors". Shortly there after Homeless Harry showed up dead on a street corner and Big Mutual paid off. Eventually Big Mutual figured out there was something odd going on and the deal fell apart.

Even if most if not all the transaction is above board, there is still room for abuse, especially by investors & over-zealous agents.

In this case the insured may very well be aware of the purchase. The issue is that investors are paying the premium in exchange for a beneficial assignment of a portion of the death proceeds. The amounts are so nominal ($15k) that it may be a while before the DOI or AG figure out what is going on.

Funny stuff in the viatical & COLI market have led to new regs and in some cases severe penalties, loss of liscense, etc for the participants in the scheme.

Not trying to pop anyones bubble, but this kind of arrangment is not new. You guys can chase the dream if you like, but not me. Been down that road too many times and have dodged too many bullets.

[Frank Stastny]

Somarco,

I would like to thank you for kindly sharing your knowledge on the subject. I'm sure Mary believes everything she is saying. It is so easy for any of us to be sucked into such a great sounding deal.

Like an iceberg, there is usually a lot more hidden under the water than one can see. Unless one is an 'ole sailor who knows what to look for.

I don't think it would be worth putting my credibility on the line for a few extra bucks.

For her sake I hope I'm wrong, and if I am I will sign up immediately of not sooner.

Oh, your 5 cents is in the mail.