Annuity outside of NY

[Joseph789]

will any companies that offer products outside of NY (fixed or fia) accept an application for a client who resides in NY.

 

[Tahoe Ray]

will any companies that offer products outside of NY (fixed or fia) accept an application for a client who resides in NY.

You have to have a nexus for the carriers that allow it (2nd house in FL, work in NJ, be an out of state rep and have the client in your office, etc.) AND the app has to be solicited, signed, and the policy delivered in that nexus state.

 

[Joseph789]

right , appreciate the response. thats what I was thinking. Do you know which carriers potentially follow those guidelines?

 

[Tahoe Ray]

right , appreciate the response. thats what I was thinking. Do you know which carriers potentially follow those guidelines?

Many will allow it...Global Atlantic, Lincoln, Great American, etc. Some are more strict than others. Great American won't even send mail to NY (for example) so you need a second (legit) address.

When I have one of these cases, I normally narrow down the carriers by client need first, then start working on who is going to be most friendly to the situation.

 

[Joseph789]

right TY. hav a client simply looking for a better return than what he presently has on fixed

 

[Joseph789]

if you know any others that might, please lmk.

equitrust? sentinel?

 

[Tahoe Ray]

if you know any others that might, please lmk.

equitrust? sentinel?

I don't believe Equitrust will allow it but I haven't tried in years.

I don't write Sentinel.

 

[Joseph789]

Thanks! maybe someone else would know or make suggestions

 

[ScottLFB]

What's the Fixed rate he is trying to beat? Rates just got smoked a couple weeks back and lowered again for a lot of the MYGA products. Bottom line from what you are saying above, does the client have a reason to be "outside NY" for anything other than writing an Annuity with you? You never answered the question. If the answer is no, then the only way the client is going to do it is by Lying on the app.. Is a 2% commisison on a MYGA worth an Insurance License?

 

[Joseph789]

of course not trying to lie- needed to know which carriers will entertain it. If anyone knows of any more, please let me know 3% is the rate - will consider fia