haha weird...

no the life settlement industry is a ~$15 billion/year industry. It was the cover story for businessweek magazine recently and I'm sure you can find plenty of articles on google about it. Most life settlements are done on policies that people have owned for anywhere from 2-30 years. They sell them because either their original purpose for the policy changed or because they simply want to stop paying premiums and receive cash back instantly.

We specialize in deals in which we prequalify people between the ages of 70-85 who have the ability to take out a life insurance policy and sell it almost immediately. The purchase prices for new policies are much less than purchase prices for older policies since they are out of the contestability period etc. The funder who buys the policy is essentially betting that the client will die within a certain time period to return a certain IRR.

If anyone is interested, don't hesitate to contact me. It is definitely an industry worth looking into since it is likely going to explode in the next few years.

Will this industry still be around in 40 years? I wanna get in on that.

yeah i'm sure it will be. insurance companies aren't huge on it since they want people's policies to lapse but there isn't really anything they can do about it. an insurance policy is your property once you start paying premiums so they really can't tell you what you can or can't do with it.

OK so pretty much I take an insurance policy out on me, then you people pay me a sum of money to take over the premiums and become the beneficiaries? Would I even have to pay one premium?

armour248 Wrote:yeah i'm sure it will be. insurance companies aren't huge on it since they want people's policies to lapse but there isn't really anything they can do about it. an insurance policy is your property once you start paying premiums so they really can't tell you what you can or can't do with it.

That's not true that insurance companies want policies to lapse. For life insurance, we want people to live as long as possible so that we collect as much premium as we can. Life insurance companies have large first year expenses (underwriting, issuing, and other expenses) for policies written. Thus if an insured lapses quickly, we lose money.

For annuities it is the opposite...as bad as it sounds, we want people to die as soon as possible (from a profit standpoint). The sooner they die, the less money we have to pay out to them. Unfortunately, most people who buy annuities are in good health and won't be dieing any time soon.

Also, I wouldn't bet on the industry of life settlements being around for long. There will probably be legislation on this in the next 5 to 10 years.

of course insurance companies don't want the policy to lapse immediately, but they do want it to lapse after 20 years of premium payment.

I'm not an expert on the legality of it all but I don't see how they can regulate what you do (buy, sell, trade) with your own property (i.e. your life insurance policy).

For permanent life insurance (Whole Life, etc.) if a policy lapses we'd still have to pay a cash value. If we had to choose between people lapsing and people dieing, yes we'd choose lapsing, but more often than not the insured makes the choice between lapsing and living. We prefer them to stay on and live a long time.

For term products that last only 10 or 20 years, lapses definitely hurt the profitability of the product.

niusfactuary Wrote:For permanent life insurance (Whole Life, etc.) if a policy lapses we'd still have to pay a cash value. If we had to choose between people lapsing and people dieing, yes we'd choose lapsing, but more often than not the insured makes the choice between lapsing and living. We prefer them to stay on and live a long time.

For term products that last only 10 or 20 years, lapses definitely hurt the profitability of the product.

Since I am young and have no experience with life insurance, what is term life insurance and whole life insurance and what happens when a policy lapses?

Term Insurance only lasts for a period of time, like 10, 20, or 30 years. This is what younger people should buy when they're going to buy life insurance, because you can get a lot of coverage for not much money. It's useful when you have a mortgage or loan to pay off, you can buy a policy that lasts for the length of the loan.

Permanent Insurance like Whole Life insurance is much more expensive, but as long as you pay the premiums, it lasts until you die (or lapse).

Lapsing is when someone doesn't pay the premiums, for example if they don't want it anymore.

I have that life insurance from the alumni association. It's like 3 or 4 dollars a month for $10,000 life insurance. I actually thought for a second about making NIU the beneficiary, but only for a second. I don't really need life insurance (no wife or kids or dependants) so I guess I just have it to pay for my own funeral. It's kind of morbid to think that I pay money every month to pay for my own funeral.

Is anyone out there interested in interviewing a young NIU graduate in Poly-Sci without a whole lot of work experience but the ambition and drive to help an organzation be more successful?

Another good money maker is HR Block instant refund. They give you your refund minus a handling fee. This fee is very favorable to HR Block. They file your return electronically, and get there money is a few weeks and make a huge interest rate on the money. Good gig if you can get it.

I am a Bus Driver who takes rabid NIU Huskie Football fans across the country to support our team. I am also a part time IT developer for an Insurance company. I am always looking for a new part time job.

HMM:

Part-time? How do you pull that off?

BGSUalum1987 Wrote:HMM:

Part-time? How do you pull that off?

It's a joke.

HuskiemobileMan Wrote:

BGSUalum1987 Wrote:HMM:

Part-time? How do you pull that off?

It's a joke.

Part time is relative. I work between 40 to 45 hours a week, yet I'm classified as part time

Electrical Engineering Technology '04. I'm a design engineer for magnetic components (coils)

Finance grad '06; Transportation Analyst - Nestle (Logistics / Finance). Good company to work for benefits wise and lots of locations, much more relaxed then I expected out of a large company.

Had to go back pretty far to find this one, I thought we had a much more recent networking thread:

Anyways, my company is hiring some assistant carrier sales reps. Pretty much, you would work for one of the carrier reps here who calls trucking companies and tries to get them to haul our freight from point A to B. We are a broker so we don't own trucks, and we don't own the product being shipped.

You would start out tracking freight most likely, and eventually in that role start booking trucks yourself for your the rep you work for. I can give a much better description if you need one. Starting pay is probably pretty OK for a recent grad.