New York Life Compensation

[f55c6]

Hello,

I have a question regarding NY Life and how they service their policies. I have a 20 year old VUL policy that I've recently started adding extra cash to since I neglected this policy for years. I've called the NYLIAC service center for certain requests (in force illustrations & policy specific questions) and have been referred back to the selling agent.

I feel like I am a burden to the agent after all these years. Does an agent still get compensated after all these years for old VUL policies they've sold? Believe it or not, as a consumer I feel they should be as I do not want to be a burden to the agent. The older I get the more I realize a person's time is valuable. If he's compensated I won't hesitate making requests for multiple in-force illustrations and related questions.

Unfortunately I was never contacted by the agent in past 20 years to follow-up on what I did or did not do with the policy. In retrospect I wish the agent had contacted me every couple of years and offered me advice on what to DO and what NOT to do with this policy. Even so, I must say the agent has been very responsive to my recent requests and I'm completely satisfied. However, I'm personally hesitant to contact him and feel I might be a burden because he may not be getting compensated after all these years for the current work performed.

 

[Tahoe Ray]

Hello,

I have a question regarding NY Life and how they service their policies. I have a 20 year old VUL policy that I've recently started adding extra cash to since I neglected this policy for years. I've called the NYLIAC service center for certain requests (in force illustrations & policy specific questions) and have been referred back to the selling agent.

I feel like I am a burden to the agent after all these years. Does an agent still get compensated after all these years for old VUL policies they've sold? Believe it or not, as a consumer I feel they should be as I do not want to be a burden to the agent. The older I get the more I realize a person's time is valuable. If he's compensated I won't hesitate making requests for multiple in-force illustrations and related questions.

Unfortunately I was never contacted by the agent in past 20 years to follow-up on what I did or did not do with the policy. In retrospect I wish the agent had contacted me every couple of years and offered me advice on what to DO and what NOT to do with this policy. Even so, I must say the agent has been very responsive to my recent requests and I'm completely satisfied. However, I'm personally hesitant to contact him and feel I might be a burden because he may not be getting compensated after all these years for the current work performed.

There will be a few guys who actually worked for NY Life in the past that will come along and comment here but I know for a fact that a lot of the big mutuals compensate their brokers on retention.

I moved my parents' NY Life policies to my local guy and he was more than happy to take them on...he's definitely improving some metric by doing so.

 

[f55c6]

Thank you. I guess I could just ask him, but I don't feel comfortable since I don't know him. The last time I saw him was 20 years ago.

 

[pfg1]

He made a commission on selling you the policy. The LEAST he can do is help you with service. I try and help all my clients on a regular basis. Perm Life policies are best if looked at and managed regularly. Especially the UL chassis, due to all the flexibility of premium possibilities.

If he won't help you, I would think you can call the company directly.

 

[f55c6]

He is helping me when asked. I just feel like a burden after 20 years if he's not compensated.

"Even so, I must say the agent has been very responsive to my recent requests and I'm completely satisfied."

 

[walthamny]

The compensation will depend on the agents contract. Assuming he is still a registered rep, There are N1 through N9 contracts, they all have different rules.
On a permanent policy such as yours, NY Life requires him to service you, he can't ignore your calls or he will get fired. The servicing center will also refer calls to the original agent until he leaves NY Life.

Most likely he is getting 2% of how much you are putting in as a premium but it all depends on the contract. Some of the earlier contracts pay based on original face value. Whether you pay or not does not matter.

 

[jboussea]

He is helping me when asked. I just feel like a burden after 20 years if he's not compensated.

"Even so, I must say the agent has been very responsive to my recent requests and I'm completely satisfied."

Seeing that he never bothered to contact you .. in the 20 years while he was getting compensated .. he shoudl make up for lost time.. you shouldn't feel like a burden to the agent...

The way I look at it.. the more I serve current clients.. the more referrals I get.

 

[f55c6]

The compensation will depend on the agents contract. Assuming he is still a registered rep, There are N1 through N9 contracts, they all have different rules.
On a permanent policy such as yours, NY Life requires him to service you, he can't ignore your calls or he will get fired. The servicing center will also refer calls to the original agent until he leaves NY Life.

Most likely he is getting 2% of how much you are putting in as a premium but it all depends on the contract. Some of the earlier contracts pay based on original face value. Whether you pay or not does not matter.

Thank you for the information. Since he is most likely still compensated for helping me I won't feel like I'm asking for a favor when I email him my requests. He's still registered and has a local office address. We have corresponded by email and he has supplied me with everything I've requested. I just personally felt as though my requests would be overly burdensome if he wasn't still being compensated for his work. I requested multiple in-force illustrations 6 months ago and I'm planning to ask for more on the upcoming anniversary and annually thereafter.

 

[f55c6]

The compensation will depend on the agents contract. Assuming he is still a registered rep, There are N1 through N9 contracts, they all have different rules.
On a permanent policy such as yours, NY Life requires him to service you, he can't ignore your calls or he will get fired. The servicing center will also refer calls to the original agent until he leaves NY Life.

Most likely he is getting 2% of how much you are putting in as a premium but it all depends on the contract. Some of the earlier contracts pay based on original face value. Whether you pay or not does not matter.

Seeing that he never bothered to contact you .. in the 20 years while he was getting compensated .. he shoudl make up for lost time.. you shouldn't feel like a burden to the agent...

The way I look at it.. the more I serve current clients.. the more referrals I get.

I tend to agree that it would benefit both the agent and client if the agent was to maintain a relationship over the years. I certainly could have used a periodic review and suggestions as to what to do and what not to do. I just threw the policy to the side and failed to properly fund the policy after taking a withdrawal. That's my fault, but had I had a relationship with the agent perhaps I would have felt comfortable giving him a call and asking for advice before making a move. It's ultimately my fault as I'm a big boy. However, as a consumer, I like many others when they're young don't understand how valuable these policies actually are. That's where a good agent can make an impact.

 

[MichaelBurton]

Hello,

I have a question regarding NY Life and how they service their policies. I have a 20 year old VUL policy that I've recently started adding extra cash to since I neglected this policy for years. I've called the NYLIAC service center for certain requests (in force illustrations & policy specific questions) and have been referred back to the selling agent.

I feel like I am a burden to the agent after all these years. Does an agent still get compensated after all these years for old VUL policies they've sold? Believe it or not, as a consumer I feel they should be as I do not want to be a burden to the agent. The older I get the more I realize a person's time is valuable. If he's compensated I won't hesitate making requests for multiple in-force illustrations and related questions.

Unfortunately I was never contacted by the agent in past 20 years to follow-up on what I did or did not do with the policy. In retrospect I wish the agent had contacted me every couple of years and offered me advice on what to DO and what NOT to do with this policy. Even so, I must say the agent has been very responsive to my recent requests and I'm completely satisfied. However, I'm personally hesitant to contact him and feel I might be a burden because he may not be getting compensated after all these years for the current work performed.

He has been getting paid as long as you've been paying premiums. Get your money's worth and ask for all the help you need. I'm speaking as a former NYL agent.