Life Settlement Broker Agent
Found this information about becoming a Life Settlement Broker, from an online forum.
I'm considering a job at a Life Insurance Settlement agency.
They gave me an offer and I'm not sure if I want to do this. They were telling me a typical person would make 150K their first year. Is this reasonable? And offered me a commission of.0375 of new surrender value. Typical?
But I also have questions on what you do every day... The difficulty, hours, and anything else that could be useful in my decision making process.
I thank you so much. I can't find anything online.
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I'll give you a few places to look but thats not a business I know all that well, other then one of my son's being offered a position at a west coast firm a few months back, an offer he eventually declined.
The life settlement industry was recently in the news for some sales and marketing practices, and I believe there are a couple of state AG's that are looking at their practices. I also know my own broker dealer in securities forbids it's rep's from contracting with or engaging in life settlement sales due to these same concerns.
It's a largely unregulated industry but what i'd suggest you do is put the same post up at the factoring channel blog, the guys over there might be able to fill you in to a greater degree, and tread carefully. I know the firms doing this are making huge money, so the numbers you mention aren't out of line, but I'd just check out the marketing and legal practices of the firms your talking with prior to taking the plunge.
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I'm assuming you are taking a job a at a Life Settlement BROKERAGE and not a Life Settlement PROVIDER. Life settlement brokers typically get 4% - 6% of the face value of the policy settled as their commission. This commission is split (according to each companies preferences) between the brokerage house and the referring agent. So how much would someone in your position recieve?
I'm considering a job at a Life Insurance Settlement agency.
They gave me an offer and I'm not sure if I want to do this. They were telling me a typical person would make 150K their first year. Is this reasonable? And offered me a commission of.0375 of new surrender value. Typical?
But I also have questions on what you do every day... The difficulty, hours, and anything else that could be useful in my decision making process.
I thank you so much. I can't find anything online.
--
I'll give you a few places to look but thats not a business I know all that well, other then one of my son's being offered a position at a west coast firm a few months back, an offer he eventually declined.
The life settlement industry was recently in the news for some sales and marketing practices, and I believe there are a couple of state AG's that are looking at their practices. I also know my own broker dealer in securities forbids it's rep's from contracting with or engaging in life settlement sales due to these same concerns.
It's a largely unregulated industry but what i'd suggest you do is put the same post up at the factoring channel blog, the guys over there might be able to fill you in to a greater degree, and tread carefully. I know the firms doing this are making huge money, so the numbers you mention aren't out of line, but I'd just check out the marketing and legal practices of the firms your talking with prior to taking the plunge.
--
I'm assuming you are taking a job a at a Life Settlement BROKERAGE and not a Life Settlement PROVIDER. Life settlement brokers typically get 4% - 6% of the face value of the policy settled as their commission. This commission is split (according to each companies preferences) between the brokerage house and the referring agent. So how much would someone in your position recieve?
posted by Life Settlement Pro at 8:19 AM
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