Insurance Agent Forum

[johnrocks]

I had a friend that bought a few of those phones, I would tend to stick with more traditional type mac. like bubble gum machines. I knew a guy that made over 10k a month with 25 cent machines.

[Slick]

I just discouraged some friends from investing their last $400 in a "Own your own travel website" MLM. They honestly didn't know what a MLM was.
Greed is blinding.

[policy doctor]

Gee Slick, would that be "your travel Biz" by any chance. I have a friend tryng to recruit me, and another just signed. They both think they will make tons of money because of the bonuses they heard at a meeting, and they want to get out of insurance.

[Slick]

Originally Posted by policy doctor

Gee Slick, would that be "your travel Biz" by any chance. I have a friend tryng to recruit me, and another just signed. They both think they will make tons of money because of the bonuses they heard at a meeting, and they want to get out of insurance.

Thats it!!!
I couldn't remember the name.
I asked my friends the obvious questions like;
Do you have a line of people asking to book travel?
Do you or have you ever ran a website?
Do you know what it takes to market on the web?

They showed me the company magazine, it had the president and vp etc. and plain as day under their bios it said things like "former Amway Diamond".

In all honesty my friends came to me for seeking my professional advice, I spent all of thirty seconds investigating this train wreck. I told them to get a part time job at the pet store, it's more fun petting puppies than licking your wounds.

[senior-advisor-indiana]

I need a get rich quick sceme.

[Slick]

Originally Posted by policy doctor

Gee Slick, would that be "your travel Biz" by any chance. I have a friend tryng to recruit me, and another just signed. They both think they will make tons of money because of the bonuses they heard at a meeting, and they want to get out of insurance.

Did I mention...Greed is blinding.

[somarco]

Greed is blinding

Gee, I thought greed was good . . . (Gordon Gekko, 1987)

[Frank Stastny]

Originally Posted by maryjd123

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...

Everyone has been "sharing", just not what you wanted to hear. For your own sake you might want to pay closer attention to what they are saying.

I hope everyone is wrong, but it sure doesn't sound like it. What was it someone said in another thread, if it walks like a duck, quacks like a duck then there is a strong possibility that is isn't a chicken.

[healthagent]

Quite honestly Mary, how do you think a board full of insurance professional would have reacted to this:

This product will make thousands of millionaires in the next few months. No Hype!


No how exactly would that math work where over the next several months anyone would be a millionaire? You can't come here with complete garbage like that and expect a postive response.

And if it really is that great then it'll sell itself. I'm trying to figure out if the post was simply a way to round up a bunch of agents for a pseudo-MLM scam.

[Melmunch3]

I sympathize with Mary, because I have gotten excited about various ventures over the years, and have been convinced that this next one would be "the one" but that millionaires comment really struck me too.

[James]

Originally Posted by STIBROKER@AUSTIN.RR.COM

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.

I just love this defense! We don't want to pay out on products we sell, in fact we study on not paying out on our products! Gotta love the morality of insurance companies.

[sman]

Originally Posted by john_petrowski

Quite honestly Mary, how do you think a board full of insurance professional would have reacted to this:

This product will make thousands of millionaires in the next few months. No Hype!


No how exactly would that math work where over the next several months anyone would be a millionaire? You can't come here with complete garbage like that and expect a postive response.

And if it really is that great then it'll sell itself. I'm trying to figure out if the post was simply a way to round up a bunch of agents for a pseudo-MLM scam.

Come on John. If 2,000 agents (wanted to make sure we get the thousands the email spoke of) can sell 4,000 people between the ages of 65-85 one of these "free" policies, that would make "thousands" of millionaires. That's only 8,000,000 people. Don't you know 4,000 people between the ages of 65-85? Of course, assuming 2% of those contacted (via phone or mail) actually responded and then 50% of those actually bought, you'd only have to reach 400,000 people yourself to sell 4,000. So if 2,000 agents needed to reach 400,000 people each, that's only 800 million people. Guess we need to get this approved in China if we want to accomodate thousands of millionaires.

[sman]

Originally Posted by James

I just love this defense! We don't want to pay out on products we sell, in fact we study on not paying out on our products! Gotta love the morality of insurance companies.

Insurance companies are neither moral or immoral. No company is for that matter. It's the people that run them that may have morality issues.

Secondly, pricing any product has to do with the overall cost and desired profit margin. How else would an insurance company determine their rates if they can't predict within a certain margin what their future expenses (i.e - claims) are on a specific product.

Do you begrudge any company for using the law of large numbers to determine their cost structure, be it life insurance, auto or homeowners insurance, toilet paper, toothpaste or "name any product you want"?

Probably not the best example to use, but airlines base part of their pricing and future profitability on oil prices. Some did a great job of hedging and were well protected from the increase in the cost of fuel. Others did not (i.e. - Delta Airlines). This doesn't make them immoral does it? Maybe not the best predictor of oil prices, but immoral? I think not. Neither should an insurance company be considered immoral when the market forces them to make changes because they want to remain financially stable so shareholders are happy and people get to keep their jobs.

Just my two cents.

[James]

Originally Posted by sman

Insurance companies are neither moral or immoral. No company is for that matter. It's the people that run them that may have morality issues.

Secondly, pricing any product has to do with the overall cost and desired profit margin. How else would an insurance company determine their rates if they can't predict within a certain margin what their future expenses (i.e - claims) are on a specific product.

Do you begrudge any company for using the law of large numbers to determine their cost structure, be it life insurance, auto or homeowners insurance, toilet paper, toothpaste or "name any product you want"?

Probably not the best example to use, but airlines base part of their pricing and future profitability on oil prices. Some did a great job of hedging and were well protected from the increase in the cost of fuel. Others did not (i.e. - Delta Airlines). This doesn't make them immoral does it? Maybe not the best predictor of oil prices, but immoral? I think not. Neither should an insurance company be considered immoral when the market forces them to make changes because they want to remain financially stable so shareholders are happy and people get to keep their jobs.

Just my two cents.

I fully understand what they are saying, I should of use a better word such as Mentallity, as in the mentallity of issueing such language even though the author used better words than I have heard in the past. Yet though, I really don't understand how a company doesn't expect viaticals/life settlements to occur when it is financially the best option for the client. Let's face it, if one couldn't resell their used cars the price of newer cars would likely go up now wouldn't they? Or just let us assume that Viaticals are not being estimated by Life Carriers in their number crunching, who is too blame? Whose job would that be if not the life carrier?

I have no doubt as a skeptic that these numbers of lapse policies (unlike some agents that claim they hold 100% retention) and the way Life Carriers calculate the future cost favors them not the Insured or Owner of these policies. That is of course my skeptic side showing thru. Just another reason why I like the shorter term and building on permanency over a period of time. I just don't see the need to sell what most will allow to lapse if it is preventable.

[midwestbroker]

Like it has been mentioned prior, there have been policies like this in the past, and maybe it is correct this time. We will just have to wait and see. We have proved that Mary is not the only one that has been solicted to offer these products. So, lets wait and see what is going on.

I hope tha that it is a legit deal, since I could offer this and sell a bunch of it. At least it is starting in a state I am not licensed in so I can watch from the sidelines.

[healthagent]

The question is who should be the guinea pig - your client?