by Omni » Tue Jan 22, 2008 04:00 pm
Hello and thank you for viewing this topic. After frequenting this messageboard for the past several months I have decided to start a topic related to the areas of business that I specialize in...premium finance, life settlements, and other advanced strategies for seniors.
The firm I work for has been in this industry for years and we truly are experts. If you have any questions or comments regarding premium finance, life settlements, how to leverage insurable capacity, etc...please post them here and I will answer all of your questions. Thanks again and I am looking forward to a great conversation.
The firm I work for has been in this industry for years and we truly are experts. If you have any questions or comments regarding premium finance, life settlements, how to leverage insurable capacity, etc...please post them here and I will answer all of your questions. Thanks again and I am looking forward to a great conversation.
Posted: Sun Jan 27, 2008 08:46 am Post Subject:
Hello Omni, welcome to the community.
So I take it you work for the Phillip Roy firm?
Phil Wasserman is a pretty good guy.
Posted: Mon Jan 28, 2008 07:34 am Post Subject: Whats so advanced up there?
Hi Omni,
Hello and thank you for viewing this topic. After frequenting this messageboard for the past several months I have decided to start a topic related to the areas of business that I specialize in...premium finance, life settlements, and other advanced strategies for seniors.
Its good to have someone like you with us. But would you mind explaining a bit of what you call these 'advanced strategies for seniors' ?
Do keep in touch,
DrBlake4mDerby
Posted: Mon Jan 28, 2008 07:39 am Post Subject: insuranble capacity
Hi, its interesting to know that you guys have such a vast area of operation (& more specifically when I see the core financial processes are speeding up these days). Thats why I feel its time that I keep a note of how to go about leveraging insurable capacity..do you guys follow any specific pattern(s)! Pls lemme know. Tornguymind
Posted: Tue Feb 19, 2008 02:25 pm Post Subject:
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Hello Omni, welcome to the community.
So I take it you work for the Phillip Roy firm?
Phil Wasserman is a pretty good guy.
No, we do not even know who that is. But thank you for welcoming us.
Posted: Tue Feb 19, 2008 02:28 pm Post Subject:
Hi, its interesting to know that you guys have such a vast area of operation (& more specifically when I see the core financial processes are speeding up these days). Thats why I feel its time that I keep a note of how to go about leveraging insurable capacity..do you guys follow any specific pattern(s)! Pls lemme know. Tornguymind
No specific pattern. However, because this is so involved please give us a call at 630 485 4182 and ask for peter. thank you.
Posted: Tue Feb 19, 2008 02:47 pm Post Subject:
Its good to have someone like you with us. But would you mind explaining a bit of what you call these 'advanced strategies for seniors' ?
Do keep in touch,
DrBlake4mDerby
We specialize in Life settlements, Life Insurance, premium finance and beneficial interest transfers. Life settlements are transferring ownership of a client's policy to a third party for more than the cash value, but less than the death benefit. The amount for the settlement will be contingent upon the premium that it takes to keep the policy in force through age 100 (usually) and the Life Expectancy of the client. With these key components a funder can make a bid on the policy, if the client accepts then you have a deal. With regards to Life Insurance we are an MGA which basically means that you can come to us for distribution of product from 50+ A rated carriers. We act as a union for life insurance agents. When an agent contracts with us (they are never captive) they get the highest payouts in the business paired with uncomparable service. We can do as much or as little as the agent wants us to do in order for them to issue their policies and get paid.
The premium finance side of our business is always changing. From full recourse loans to hybrid/non recourse to the client loans we cover the entire gamet of strategies available in the marketplace. We assist agents and/or clients in facilitating their insurance premium loans. We act almost as a mortgage broker would for someone getting a home loan, but it's just a different asset we are working with, someone's life insurance policy. We handle the entire deal from start to finish and because we are an MGA we can issue the policy through our distribution which makes the process faster and more efficient.
Lastly, we are one of the only firms in the country who actually get beneficial interest (BI) tranfers done on a regular basis. BI transfers are the sale of beneficial interest in an ILIT (Irrevocable life insurance trust) that holds a life insurance policy within it. The beneficiary of the ILIT sells their interest in the trust for a dollar amount. These types of transactions usually involve a policy that is within it's contestibilty period, which is 2 years from the issue date. We can work with policies that are very small to 30 million plus in death benefit. This is a very comprehensive transaction that takes someone who has done many in the past in order for it to work. We have been doing these transactions for over 5 years, pretty much since the strategy has been practiced.
To contact us about any further questions please feel free to call 630 485 4182. Thank you.
Posted: Fri Jul 04, 2008 11:09 pm Post Subject: Beneficial Interest
You might want to reconsider your involvement in Beneficial Interest transfers.
AXA Equitable Life Insurance Co. filed suit earlier this month in federal court in Florida alleging that several brokers, insureds and their trustees obtained $73 million in fraudulent, stranger-originated life insurance (STOLI) policies.
The suit was filed June 6 in U.S. District Court for the Southern District of Florida. Defendants named include Infinity Financial Group of Boynton Beach, Fla., and Steven Brasner, principal of the group; the Kevin Bechtel Broker General Agency; the Gary Richardson Broker General Agency; and trustees and insureds.
The defendants, who have 20 days to respond from receipt of the complaint, have not yet filed a response. No one from the broker general agencies returned calls from The Life Settlements Wire.
Tim Bodner, president of Infinity Financial Group, said Brasner was terminated from the company in May 2006, and that Infinity sued Brasner when he used the company's name and logo for his own business. Bodner said the case has since been settled.
The lawsuit seeks declaratory relief and rescission of five life insurance policies it says were "procured by improper and fraudulent means and procured for improper and undisclosed purposes."
AXA says the policies were issued between July 2006 and February 2007 for $73 million. One of the policies – for $5 million – has since lapsed, the suit says.
The New York insurance company says that almost immediately after the policies were issued, the ownership and beneficiary designations were changed and the policies were put into trusts.
AXA is seeking to retain the premiums to offset damages the company expects to incur. It also is asking for return of more than $2.8 million it paid in commissions.
By the way...what is the name of your MGA?
Posted: Wed Aug 13, 2008 01:13 pm Post Subject: Outstanding Invoice
We had a messenger personally deliver a very outstanding invoice to your offices yesterday. When may I send the messenger to pick up payment? You are our only delinquent account and you are very delinquent. THank you.
Posted: Wed Sep 10, 2008 04:07 pm Post Subject:
hey guys, check out lifesettlementcommunity.com for more active discussion of life settlements
system edited-link deactivated
Posted: Mon Oct 06, 2008 06:54 pm Post Subject:
premium financing with intent to settle or assign a beneficial interest through a trust is a dishonest way for for your MGA to take advantage of your clients. It is simply greed on your part that has motivated this disease to spread throughout the industry in massive amounts. The lies that I have seen over the past 4 years due to this sickness is saddening. It has led me to resign my position as I cannot stand the lying and greed any longer.
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