NY IUL Plans and ECV rider questions

[Tomacatawata]

You can absolutely use a max funded policy like your own personal bank. I've done it numerous times personally, and have many clients that do it. I have a real estate investor client that does it all the time. Collateralizes a loan against his policy, cash in hand in a couple days. His bucket of money (cash value) is still compounding forward even while he's using the money...small amount of interest paid to the insurance company on the loan while its out.

You think it's a good idea using an IUL to do it rather than a WL? What;s your opinion on the drag for an ECV rider?

 

[Tahoe Ray]

I was hoping there was some way I could see a NA/Midland. Too bad. I do own a few houses out of state though, I guess theres no way I can somehow say one of those homes are a 2nd home and use that right?

Don't get overly wrapped up in illustrated values or a carrier's popularity.

NA/Midland is a fine company...but in 5-10 years, there will be another "hot dot".

Expenses, renewal histories, underwriting etc. All play a role as well.

Vacation homes or rentals? We write lot of snowbirds in FL (NY residents).

Those clients actually spend a lot of time there, though...

 

[Allen Trent]

Its not that simple my friend. As an agent in New York, been there, thought about all of that. You cant just cross over to NJ and sign an app and come back. The insured has to be living or working in that state. And some companies even if the insured is working in that state they still prefer you write in the insured's resident state.

thank you for that info. I knew NY was restrictive on both the carrier & agent, but had no idea they were essentially restricting the consumer from purchasing while they work. My experience has never involved a resident of NY. But have had experience with at least a dozen other states where residents return home to Michigan to see family, etc & can make purchases. some carriers require a signed document that the case was not solicited by the agent.

thanks again

 

[Tomacatawata]

I'm trying to decide to go with the Securian IUL vs the Penn Mutual WL for Retirement/banking. SIgh.

 

[Tahoe Ray]

I'm trying to decide to go with the Securian IUL vs the Penn Mutual WL for Retirement/banking. SIgh.

Just ask your agent. They should be able to write both of those carriers and give you an objective recommendation based on your situation/risk tolerance. No one here is going to be able to give you a specific answer of which one is "best".