Has anyone been approached about this. I got an E-mail that looked like this:
What does everyone think about this. For real or scam and does it sound like it would be legal? It sounds too go to be true for me.
You will be enrolling people in premium financed life insurance. This
enables the client to attain at least $1,000,000 in life insurance
without a penny out of their pocket.
A bank or investment company pays the premiums. Why? - because it
profits them. They finance it with the expectation of earning a
return at some point in the future where there can be a profit gained
during the life of the insured by selling it as a "Life Settlement" -
or at the death of the insured where they are paid their interest and
the insider's beneficiary is paid the remaining.
The insured (your client) will benefit by having a policy that will
pay his/her beneficiary upon death less the financed premiums paid
back to the bank. There may be other options as they can sell their
policy after 2 to 5 years at a profit as a Life Settlement and profit
from this as well.
The financing is "non-recourse" financing which means that the only
security is the policy itself.
This is a total win-win-win-win scenario:
1. Your client wins since he/she gets a benefit that costs him nothing
out of pocket (we cannot ever say its "FREE").
2. The bank or investor wins since they get a great return on their
investment that is fully secured by major insurance carriers.
3. The insurance carriers win since they get premiums, which drives their
profits.
4. You win by earning huge (and I do mean huge) commissions.
Let's talk about commissions - this might be dangerous to your health
since you won't be able to sleep for the next few nights.
For ages 68 to 90, you will be paid $10,000 for each $1 million written.
For ages less than 68, you will be paid 60% of the first year's
premium less what the bank or investor may require which may be as
much as 50% of the first year's premium (this amount will depend on
the financing situation). So bottom line is you should expect 30% to
40% of the first year's premium.
Since these deals are taking up to 3 months to get done, we are
looking to pay an advance on the initial application of $100.
Here's the catch - you do need to be licensed to sell life insurance.
Licensing typically takes a few weeks or so. These deals take 2 to 3
months, so you can get your license before these deals get
paid out - perfect timing.
Yes, you can write your own policy and make money on that - and you
really need to - why not - it doesn't cost you anything.
Do the research - you will find that premium financing was only being
offered to the very wealthy and usually ages 70 and up. We have opened
it up to most everyone.
What does everyone think about this. For real or scam and does it sound like it would be legal? It sounds too go to be true for me.
You will be enrolling people in premium financed life insurance. This
enables the client to attain at least $1,000,000 in life insurance
without a penny out of their pocket.
A bank or investment company pays the premiums. Why? - because it
profits them. They finance it with the expectation of earning a
return at some point in the future where there can be a profit gained
during the life of the insured by selling it as a "Life Settlement" -
or at the death of the insured where they are paid their interest and
the insider's beneficiary is paid the remaining.
The insured (your client) will benefit by having a policy that will
pay his/her beneficiary upon death less the financed premiums paid
back to the bank. There may be other options as they can sell their
policy after 2 to 5 years at a profit as a Life Settlement and profit
from this as well.
The financing is "non-recourse" financing which means that the only
security is the policy itself.
This is a total win-win-win-win scenario:
1. Your client wins since he/she gets a benefit that costs him nothing
out of pocket (we cannot ever say its "FREE").
2. The bank or investor wins since they get a great return on their
investment that is fully secured by major insurance carriers.
3. The insurance carriers win since they get premiums, which drives their
profits.
4. You win by earning huge (and I do mean huge) commissions.
Let's talk about commissions - this might be dangerous to your health
since you won't be able to sleep for the next few nights.
For ages 68 to 90, you will be paid $10,000 for each $1 million written.
For ages less than 68, you will be paid 60% of the first year's
premium less what the bank or investor may require which may be as
much as 50% of the first year's premium (this amount will depend on
the financing situation). So bottom line is you should expect 30% to
40% of the first year's premium.
Since these deals are taking up to 3 months to get done, we are
looking to pay an advance on the initial application of $100.
Here's the catch - you do need to be licensed to sell life insurance.
Licensing typically takes a few weeks or so. These deals take 2 to 3
months, so you can get your license before these deals get
paid out - perfect timing.
Yes, you can write your own policy and make money on that - and you
really need to - why not - it doesn't cost you anything.
Do the research - you will find that premium financing was only being
offered to the very wealthy and usually ages 70 and up. We have opened
it up to most everyone.