New York Life Competitive ?

[MIM]

Hey guys, just wanted to get some info on NY Life. Not too familiar with them. How are they on 20 year term ? How's their underwriting compared to the likes of American General, Prudential, Protective, ING, etc ? Your contribution is greatly appreciated. Thanks!


MIM

 

[Mattschmidt]

Term they are not competitive with the companies you listed. Underwriting tends to be a little tougher from what some nyl reps tell me.

Their bread and butter is their participating whole life....so if you were competing against them on price alone you shoyld have no problems

 

[MIM]

Term they are not competitive with the companies you listed. Underwriting tends to be a little tougher from what some nyl reps tell me.

Their bread and butter is their participating whole life....so if you were competing against them on price alone you shoyld have no problems

Sweet. That's what I thought but wanted to make sure. Thanks Matt!


MIM

 

[DeaconBlues]

Are they captive or can an independent agent license with them?

 

[Norwayguy]

Are they captive or can an independent agent license with them?

To broker with NYL requires a 5 figure premium.

 

[WinoBlues]

Sweet. That's what I thought but wanted to make sure. Thanks Matt!


MIM

Let me just add in a head to head you better bring your A game. They have some very good agents. Usually it is going to be more about the plan than the product with their cl ients.

 

[Mattschmidt]

Let me just add in a head to head you better bring your A game. They have some very good agents. Usually it is going to be more about the plan than the product with their cl ients.

They are. Know your term conversion options on each company you represent. Also let your prospects know you're independent compared to selling one company and getting paid bonus money on amount of product you sell like nyl does

 

[Tahoe Ray]

Let me just add in a head to head you better bring your A game. They have some very good agents. Usually it is going to be more about the plan than the product with their cl ients.

Not to mention that they will fight like hell on replacing their policies...even if those policies are several years old.

 

[MIM]

Let me just add in a head to head you better bring your A game. They have some very good agents. Usually it is going to be more about the plan than the product with their cl ients.

They are. Know your term conversion options on each company you represent. Also let your prospects know you're independent compared to selling one company and getting paid bonus money on amount of product you sell like nyl does

Not to mention that they will fight like hell on replacing their policies...even if those policies are several years old.

I understand. Thank you gentlemen. I will definitely keep all of this in mind. I think I still have a pretty good chance. If the client is tabled (which most likely he'd have to be because he's overweight) then I'll probably go in with either American General and if that's a no go then Prudential. But if New York Life is really strict and doesn't really allow for tabling, then either the client is misinformed or he's not telling me something.


MIM

 

[Tahoe Ray]

I understand. Thank you gentlemen. I will definitely keep all of this in mind. I think I still have a pretty good chance. If the client is tabled (which most likely he'd have to be because he's overweight) then I'll probably go in with either American General and if that's a no go then Prudential. But if New York Life is really strict and doesn't really allow for tabling, then either the client is misinformed or he's not telling me something.

MIM

If he's tabled, Banner or AG will destroy NY Life on price.