Can I use my life insurance license for two carriers in New York?

[Deleted member 87445]

So currently i'm a statefarm agent. I am thinking to join New York Life insurance Company and sell their life products too during the weekends.

My life license is already registered with Statefarm. Can I register with New York Life also ?

Thanks.

 

[DHK]

Regulations will let you - yes.

Both are either captive or employment... which means that you will have an employer conflict of interest with EITHER of them.

So the practical answer you're really looking for... is no.

 

[Allen Trent]

I'm addition to what DHK said about items in your agent agreement with SF, I am sure it would make no financial sense for you to do this as SF tends to have bonus incentives to your PC compensation grid if you sell the SF life products.

Seems like a lose-lose proposition

 

[rousemark]

I'm addition to what DHK said about items in your agent agreement with SF, I am sure it would make no financial sense for you to do this as SF tends to have bonus incentives to your PC compensation grid if you sell the SF life products.

Seems like a lose-lose proposition

Yeah, I have never understood why a career agent with one company would want to place the same business their career company offers "on the side" with another. If you are going to sell life insurance on the weekends , why not sell your career company on the weekends and increase your bonuses and perks with them. It is certainly not right to depend upon them for salary, draw, training, etc and then give another company the gravy.. If you want to broker, cut the ties and then sell whoever you want.

 

[fed up]

Many captive companies regularly pull your license status and will see that you are appointed with another carrier. You would have a cardboard box of your belongings waiting for you at your office if you do this. A better move would be to register as a broker and pick up some appointments selling Med Supps or Med Advantage plans. The conversation always turns to what else do you sell. Your brokerage will not show when your records are pulled

 

[rousemark]

Many captive companies regularly pull your license status and will see that you are appointed with another carrier. You would have a cardboard box of your belongings waiting for you at your office if you do this. A better move would be to register as a broker and pick up some appointments selling Med Supps or Med Advantage plans. The conversation always turns to what else do you sell. Your brokerage will not show when your records are pulled

Don't know about NY but there is no such licensing or registration in TN.. You have to be licensed as a producer and all your appointments will show..

 

[Allen Trent]

A better move would be to register as a broker and pick up some appointments selling Med Supps or Med Advantage plans

Yeah, that wont work. It will take about 3-10 days before another SF agent finds out this agent is either selling NYL or Med Supps & report to corporate. With SF large PC market share it would only be a matter of weeks before he spoke to another SF agents clients trying to sell them something & the client would inquire to their existing SF office relationship.

 

[rousemark]

Many captive companies regularly pull your license status and will see that you are appointed with another carrier. You would have a cardboard box of your belongings waiting for you at your office if you do this. A better move would be to register as a broker and pick up some appointments selling Med Supps or Med Advantage plans. The conversation always turns to what else do you sell. Your brokerage will not show when your records are pulled

That would create another conflict.. State Farm offers medicare supplement.. They wouldn't take kindly to tier captive agent placing that business with a competitor..