As we recently reported, Zero Premium Life is the latest something-for-nothing scheme making the rounds of agents' in-boxes. Today I received this from one of our sources:
The product was supposed to have been approved in six states (CA, GA, NC, SC, PA & VT), but the Departments of Insurance for these states have NOT approved it, and many have posted warnings on their websites:
The product's roll-out date was supposed to be May 1st, but has apparently been pushed back a month. FWIW, agents are being charged a $10 contracting fee, yet the names of the carier and the investment group are both being withheld.
NAIFA, ACLI and AALU have published a joint STOLI ALERT [ed: STOLI, or Stranger Owned Life Insurance, was supposed to be dead and buried. Guess not].
We'll keep you posted.