Newbie needs help - Premium Financing/Life Settlements

sodaytongal · 10-03-2008, 12:15 PM

Hello - question. I recently reinstated my license but have little insurance sales experience. I'm looking around for different opportunities. I would like to stay independent. I answered an ad recently and got an email from a company that does premium financing and life settlements. They promise to help agents get started including marketing. They deal with major banks and their attorney handles most of the work. Each client receives an opinion letter.

What am I missing?

Mr. Bill · 10-03-2008, 03:14 PM

A lot. These cases can be very tricky. What company is it that is trying to reign you in? There were some a while back that were pushing wet paper sales with no financials required (other than signed statement from the client) and the insurance companies are getting smarter about fraud every day.

lifesettlementadvisor · 10-17-2008, 08:59 AM

These two markets are tricky right now. Premium financing took a bid hit and is slowly getting back on its feet. If you are going to do a prefi case, the majority of lenders that are still funding are doing recourse loans (100% collateral). As for marketing life settlements, each state has a specific law for this. For example, in TX each marketing piece has to be preapproved by TDI. Also if you are just getting back into the business, remember that with either prefi or life settlements, it will take you at least 4-6 months to complete a deal.