Independent Agent Looking for a NYL Contract
- Thread starter victor247
- Start date
eersfan
Super Genius
- 200
1: Why didn't you copy your files before leaving?
2: NYL is a career shop...just as NML is. To my knowledge, NYL doesn't and
won't ever broker product.
2: NYL is a career shop...just as NML is. To my knowledge, NYL doesn't and
won't ever broker product.
- Thread starter
- #3
I copied the files before leaving, that's not the issue. I want access to up to date values in their WL policies which makes reviews easier. I was told before by an agent that there was a way of doing it. I lost her contact info. Thought maybe I would ask here.
- 15,041
Unless things have changed...
Yes, you can get a broker contract with NYL. They only pay commission on larger cases, I believe $10,000 in annual premium.
Now, just because you get a broker contract does not necessarily mean you will gain access to view your previous client's policies online. A lot will depend on how their system is set up and if they would allow you access even if they could.
I am also ex-NYL. You can get a broker contract but that won't let you get inforce illustrations for your old policies. The clients can not request them or see them online. If you have the client call NYL, they will have a NYL agent call back the client and set up an appointment. They will say that the client has to meet a NYL agent in person to make sure the inforce illustration request form is signed in person. LOL, it is a great way to save policies, at some point some one is going to sue them.
I found 2 ways around this so far. The client can request to be put on NYL do not email, call or mail list. And then have the client write a letter they don't want a NYL agent to enter their house and they need the inforce illustration immediately. They comply pretty quickly. You can only do this clients who are close to you.
The other way is to use linkedin and find new agents at NYL GO office and call them. If they are new and you call them on a phonathon day, they will talk to you and agree to be the servicing agent. I can always find 2 or 3 who are willing. Once they are servicing agent, they can request the inforce illustration and give it to you. I have also had new agents calling me trying to recruit me back and I end up adding them to my inforce policy request call list. You always need fresh agents, because 95% wont be there in a year or two. And when these agents quit, I would also try to take over their book of business. I usually find lots of rollovers and easy term insurance sales.
For whole life policies, you probably dont need a inforce illustration if you have one from 3 years ago. For UL and VUL, you would definetely need one.
I found 2 ways around this so far. The client can request to be put on NYL do not email, call or mail list. And then have the client write a letter they don't want a NYL agent to enter their house and they need the inforce illustration immediately. They comply pretty quickly. You can only do this clients who are close to you.
The other way is to use linkedin and find new agents at NYL GO office and call them. If they are new and you call them on a phonathon day, they will talk to you and agree to be the servicing agent. I can always find 2 or 3 who are willing. Once they are servicing agent, they can request the inforce illustration and give it to you. I have also had new agents calling me trying to recruit me back and I end up adding them to my inforce policy request call list. You always need fresh agents, because 95% wont be there in a year or two. And when these agents quit, I would also try to take over their book of business. I usually find lots of rollovers and easy term insurance sales.
For whole life policies, you probably dont need a inforce illustration if you have one from 3 years ago. For UL and VUL, you would definetely need one.
Last edited:
- 24,968
""I copied the files before leaving""
If Whole Life the illustration is only three years old it is going to pretty darn close to the current. Same with Term.
Do a three-way and ask for current values by phone. You want to accomplish two things. Solidify yourself in the home and wedge all future new guys out.
If NYL refuses to give the client any information on their own policy. So much the better, for you. The guy sitting there trying to help them.
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