Famed NBA Champion, John Salley, to Head INSCOR Inc.'s Sports Division Providing Insurance Solutions for Professional Athletes and High Net Worth Individuals
LAS VEGAS, NV--(Marketwired - Oct 14, 2013) - INSCOR, Inc. (PINKSHEETS: IOGA) announced today that Four-time NBA Champion, Actor, and Humanitarian, John Salley, has been named President of the company's newly formed sports division. John Salley's role at Inscor will be to present the company's Financed Insurance Trust (FIT) plans to professional athletes and high net worth individuals. He will also be charged with promoting Inscor and its products.
INSCOR has designed a FIT plan to act as a vehicle in the defense of an individual's ability to maintain his/her high net worth. A FIT plan is life insurance strategy that finances the cost of a permanent life insurance policy through major lending institutions. Policy cash values provide collateral and are later used, in part, to retire the loan including principal and interest.
Under INSCOR's plan the policy holder's assets remain in place and are not used to pay insurance premiums. High net worth individuals and companies have used premium financing for purchasing life insurance for about 20 years, and the strategy has developed over the years to become the preferred vehicle for large purchases of life insurance among qualifying affluent individuals and companies. FIT plans can be modeled to not only provide significant volumes of life insurance, but also create substantial cash values that can be accessed to provide a tax-free income stream during retirement.
In many cases, depending on age and insurability, FIT plans can be designed with little or no out-of-pocket expense. The plans provide assurance that an individual's wealth has been protected without the need to liquidate assets to pay insurance premiums. Financing costs are minimized through secured lending sources backed primarily by policy cash values.
According to Sports Illustrated magazine, almost 80 percent of National Football League players flirt with bankruptcy only two years after retiring, and 60 percent of National Basketball Association (NBA) players are broke within five years of retirement. Inscor will turn to the 15-year NBA veteran to market its FIT plan to these athletes and other high net worth individuals like entertainers.
John Salley will use his many years in the spotlight to introduce the company's products. Salley played college basketball at Georgia Tech under legendary head coach Bobby Cremins. From there Salley went on to become the first NBA player to win four championships with three different teams. During the 1980s, Salley was a member of the Detroit Piston "Bad Boys" squad. Salley went on to play alongside Michael Jordan as part of the Chicago Bulls 1996 championship team. In 1999, well-known NBA coach Phil Jackson invited Salley to come to Los Angeles to provide experience and leadership to the 1999-2000 Lakers' championship team.
Salley has been busy since retiring from the NBA. He's acted in several Hollywood hits including Bad Boys 1 & 2 with Will Smith and Martin Lawrence, he's worked in television and radio, and he owns his own production company. John is actively involved with Operation Smile, PETA and the fight against Diabetes. In addition, John is involved with PCRM and visited Washington in Nov '09 and May '10, speaking to Congress about the Child Nutrition Act, asking Members to support legislation that would increase vegetarian options in meals served in public schools.
About INSCOR, Inc.
INSCOR, Inc. specializes in the creation and implementation of flexible and effective insurance solutions for organizations serving as many as tens of millions of members across the globe. In the U.S., the Company markets its FIT OPEB plan to municipalities and corporations as a low-cost solution to funding retiree and other employee benefits. A FIT plan variation also works for affluent individuals, entertainers and professional athletes -- whether for estate planning or funding cash flow needs. INSCOR's "FIT" strategy uses a combination of favorable financing terms, innovative uses of specific life insurance products and trusts -- all of which result in minimum levels of out-of-pocket costs for producing significant future funding and revenue stream opportunities. For more information, please visit www.ins-cor.com.