New Life Settlement operation AGAP

[Jackandhisbeanstalk]

These folks appear to be legitimate. I would like some other input from anyone who might know.
They offer a life settlement contract for small investors with a guaranteed payoff date. They buy a bond that pays the full face value of the life insurance policy to the new investor/owners if the insured does not actually die in the anticipated time period. This way the investors have a closed end to their investment and a payout amount that is stated up front. Only the date of the payout is uncertain. I read the articles about potential fraud with viaticals and it looks like the villians have been the ones who did not do what they were obligated to do per the contracts. If the contracts were followed, the investment appears to be legitimate and there are large money managers that take advantage of them. How does one find out if this outfit is doing what they say they are doing?

[bmielke]

These folks appear to be legitimate. I would like some other input from anyone who might know.
They offer a life settlement contract for small investors with a guaranteed payoff date. They buy a bond that pays the full face value of the life insurance policy to the new investor/owners if the insured does not actually die in the anticipated time period. This way the investors have a closed end to their investment and a payout amount that is stated up front. Only the date of the payout is uncertain. I read the articles about potential fraud with viaticals and it looks like the villians have been the ones who did not do what they were obligated to do per the contracts. If the contracts were followed, the investment appears to be legitimate and there are large money managers that take advantage of them. How does one find out if this outfit is doing what they say they are doing?

SEC

State Insurance/Securities Agency

State AG

State Consumer Affairs

Google there name, if it comes up with gripes and complaints then you know something is up.

[Pottapaug1938]

This reminds me of a MAD Magazine article, from around 1963/4, about gambling. The article mentioned, in its usual satirical way, many features of our lives which involve gambling, even though we don't realize it. One was life insurance; as MAD put it, the policyholder "is betting that he is going to die. The insurance company gives him odds that he won't", and goes on to observe that the policyholder loses if he wins, and wins if her loses.

At best, this sort of investment is essentially a form of gambling, although perhaps with better odds than you'll find at a casino. It might possibly be a part of your investment portfolio; but unless you are talking about a huge chunk of change you are far better investing in a mix of no-load mutual funds. The "Dummies" and "Complete Idiot's Guide" series each have excellent books which the average person can understand and which will allow you to construct the best portfolio for yourself. You'll need to be honest with yourself about your level of assets, your risk tolerance, and a bunch of other things; but in my opinion that's a far better way to go.

[Demosthenes]

These folks appear to be legitimate.

Based on what?

[Pottapaug1938]

Almost every financial scam out there looks legitimate, at first glance. Quite often, the promoters will go well out of their way to assure you of this.

[Judge Roy Bean]

...I read the articles about potential fraud with viaticals and it looks like the villians [sic] have been the ones who did not do what they were obligated to do per the contracts. ...

You could replace the word 'viaticals' with any financial product offering.

IMHO, you need to know the people behind it and running it and their track record before you step into something.

Demo would know more about anything involving insurance issues.

[Demosthenes]

I don't think that's right Capn. My guess is that it's this company:

http://agaplifeofferings.com/

The website is down, but google has cached the pages.

For example,

http://74.125.93.132/search?q=cache:spZ ... clnk&gl=us

[Demosthenes]

When you're right, you're right, Capn.

[AGAPGuy]

You are correct. AGAP Life Offerings and AGAP of Texas are owned and operated by the same principles. I am one of them. Our website is down but hsould be back up later this afternoon. Our IT people are making some updates and additions. I would be happy to answer any questions you have. If you google Life Settlement you will find plenty of negative information regarding the life settlement industry. I'm afraid, like most industries, a few greedy, seemingly consciousless folks can do that for an entire insudtry. We don't hide a thing. Again, I'd be happy to anser ANY questions you have.

[wserra]

AGAP Life Offerings and AGAP of Texas are owned and operated by the same principles. I am one of them.

You're a "principle"? Except that I don't know you, I might suggest that it's "There's a sucker born every minute".

a few greedy, seemingly consciousless folks can do that for an entire insudtry.

Yep, it really doesn't take that many folks in a PVS to mess up an insudtry.

[Doc Bunkum]

You are correct. AGAP Life Offerings and AGAP of Texas are owned and operated by the same principles. I am one of them.

I also see that you're "one of them" that gets "principle" and "principal" mixed up.

[notorial dissent]

Mr principle Madden, what is your registration and license number from the Texas Dept of Insurance? Surely you won't mind providing that, particularly since you are required by law to provide same upon request, since to be selling what you are doing you will need to be licensed and registered not only with the TX commission, but any other state where you do business.