"I'm Going to Do an Annuity with My Bank"

[theinsuranceman]

Holy crap Harry. I'm not trying to pick on you, but you might want to work on your grammar if you are sending letters to clients.

That's SPELLING, not GRAMMAR.

 

[sman]

Considering he is using the incorrect word, I'd say it's grammar. But yes, it is misspelling as well. Better yet, grammatical errors.

That's SPELLING, not GRAMMAR.

 

[Freddie]

I wonder what type of deal the client is getting when they buy an annuity from a bank. I was in my local bank back around Jan or Feb.

I noticed the annoying manager had a NY Life annuity flyer on his desk and the rate was decent.

Good suggestions by Charpress and Mr. Burke. I would guess they offer a limited selection. Good point about how they are not FDIC insured.
- - - - - - - - - - - - - - - - - -

I use a client who is extremely unhappy with the annuity her bank stuck her with and is happy to tell anybody about it.

You can also go down this road. Ask the questions and see what the response is. Then provide the correct response.

Q "What are in banks in business for?"

A "To take your money and to give you the absolute lowest they can in return."

Q "Where does the bank get its annuity?"

A "From an insurance company. Insurance companies are the ONLY places that have annuities."

Q "How many different insurance companies do you suppose the bank deals with when a customer says they want an annuity."

A "Probably two. Maybe three."

Q "That being the case, why would you want to go THROUGH a bank to deal with an insurance company that the bank uses when I can offer you the best deal after looking at hundreds of companies -and you would be dealing directly with the insurance company?"

A "Ummm....."

Nice job.

 

[BNTRS]

I noticed the annoying manager had a NY Life annuity flyer on his desk and the rate was decent.

Your bank is either doing a lot of business with New York Life somewhat exclusively, or they are referring/working with a NY Life agent. NY Life has a semi proprietary approach to distribution.

They are pretty good at the annuity biz, though.

 

[Freddie]

Your bank is either doing a lot of business with New York Life somewhat exclusively, or they are referring/working with a NY Life agent. NY Life has a semi proprietary approach to distribution.

They are pretty good at the annuity biz, though.

It was SunTrust. I was suprised because I thought NY Life pretty much just sold products through their own sales force.

NY Life is pretty safe.

 

[VolAgent]

Actually, I've seen NYL annuity fliers hanging around my bank as well. It has been awhile since I've seen one, but it has also been awhile since I needed to deal with anyone besides a teller.

Perhaps they set up arrangements with larger regional banks?

 

[oicu812nbama]

ok, thanks everyone. that's how i handled the objection. i just gotta keep tryin. been successful in life and health and started incorporating annuities. must take more numbers to get a sale.

 

[bluemarlin08]

NY Life does lots of annuity business with banks. I know career agents that are upset about it, but business is business I guess, so much for exclusivity.

 

[VolAgent]

Considering their arrangement with AARP and the policies they peddle through it, I don't think NYL is anywhere near as exclusive as they'd like people to believe. They also appear to have the biggest tv ad budget of the big four mutuals.

 

[Charpress]

NYL tried to "recruit" me in the sense they wanted referrals from another business I am in. When I told them I was insurance licensed, which they did not know, they then told me that it was all the better because now they could legally split fees.

Then the conversation moved to whether I should also be a NYL agent, but I told them I didn't want to handle one company exclusively. They told me that was not a problem and they had a way to handle this situation.

Someone higher up was supposed to bet back to me, or maybe I was supposed to call them, but in any event -it never happened.

So, yeah, NYL can be very flexible if it wants to be, apparently.