1. 03-02-09 06:51 PM #1
    purecarnagge
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    Life insurance money making 101

    -find person above age 55 that's still insurable
    -find person above age 60 is better
    - sell life insurance policy to them.
    - finance there premiums
    - sell life insurance policy to viatical company (life settlement company).

    why would you do this?
    - as a agent you will make commissions on the premium and the loan.
    - You will get a referral bonus for the life settlement company.

    Why would the insured do this?
    - they can get 1/4 to 1/3rd of the face value of the coverage paid out to them in advance no questions asked.

    Legalized insurance fraud
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  2. 03-02-09 06:59 PM #2
    JBC77
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    Problem may be you need to have an insurable interest. For example, business partner, relative, etc. I guess you could fudge that on the paperwork but seems risky. I'm not totally sure but I don't think you can take polices out on random people. Maybe I don't understand how your explaining it. Have you pulled it off?
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  3. 03-02-09 09:40 PM #3
    purecarnagge
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    Quote Originally Posted by JBC77 View Post
    Problem may be you need to have an insurable interest. For example, business partner, relative, etc. I guess you could fudge that on the paperwork but seems risky. I'm not totally sure but I don't think you can take polices out on random people. Maybe I don't understand how your explaining it. Have you pulled it off?
    wrong

    The insured takes the policy out on themselves. They just have to pay the premiums. Then they simply change ownership of the policy after the policy is issued. They change it to the viatical or life settlement company. This whole process is 100% legal. The life settlement company or viatical company pays for the ownership change and continues to make the premium payments after the change is made.

    I deal with this on a every day basis . This started in the 1980's as part of the aids crisis. People would find some guy with HIV take out a policy on them and give them part of the policy in advance or they would buy an exisiting policy so the person would have some of there death benefit in advance. Most policy now come with "termainally ill 1 year or less to live provisions".
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  4. 01-18-12 11:52 PM #4
    excel
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    bump... is this still legal??
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  5. 01-18-12 11:59 PM #5
    sickler
    Facade 101
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    Quote Originally Posted by excel View Post
    bump... is this still legal??
    Perhaps but bumping old threads isn't.
    Nomination(s):
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  6. 01-19-12 12:01 AM #6
    bswagos
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    Legal and sleazy.
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  7. 01-19-12 08:16 AM #7
    Chi_archie
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    who has a nice life insurance policy?
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  8. 02-12-12 07:39 PM #8
    Chi_archie
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    JJ, you got life insurance?
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  9. 02-12-12 08:17 PM #9
    Monitor-Tan
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    Quote Originally Posted by Chi_archie View Post
    JJ, you got life insurance?
    You need to have one to have a life insurance..

    He's home jerking off all day or on SBR, what do you think.
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  10. 02-13-12 01:16 PM #10
    Sledge187
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    Fat chicks cause me to have ED problems.
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