Term Product for NY??

[Robert Barney]

Might be old news but All companies which want to do business in New York MUST have a separate company registered with NY to do business. Probably why your carriers won't let you quote for NY address. They might have a NY arm which you would need to be appointed with.

Not ALL companies have a separate company to deal with NY.

Examples:

AXA
Foresters
Guardian
Massachusetts Mutual
National Life
New York Life
Northwestern Mutual
Penn Mutual
Security Mutual
TIAA-CREF

The problem for companies wanting to do business in NY, is that NY places restrictions upon them which affect ALL products sold by the company in ALL states, not just products sold in NY.

Therefore, if a company decides it wants to offload the NY restrictions for states outside NY, then they will have one company in NY and another company outside NY. The company outside NY does not sell in NY, meaning that NY's restrictions, regulations and obligations do not affect what it does.

Surprising, the most competitive New York term products often have the same premiums as for the sister company outside NY, but there are examples where that is not the case.

 

[Robert Barney]

I seriously cant find a product for ROP Term NY. Why is that??

It has been said before, but Pruco Life of NJ, sells ROP term in NY.

The question is, why would someone want to buy one.

Example, 40 year old male non-smoker, preferred Plus for $500K

30 Year Term - William Penn -$609.99 per year

30 Year ROP Term - Pruco Life - $1,470 per year

And if you die, kiss the extra $860 per year you were paying good bye.

 

[Colie06]

It has been said before, but Pruco Life of NJ, sells ROP term in NY.

The question is, why would someone want to buy one.

Example, 40 year old male non-smoker, preferred Plus for $500K

30 Year Term - William Penn -$609.99 per year

30 Year ROP Term - Pruco Life - $1,470 per year

And if you die, kiss the extra $860 per year you were paying good bye.

LOL, well the client feels Term is "waste of money" and felt good about ROP that can be converted into WL later. I had him sold on that, til i realized MOO wasn't avail in NY, and a lot of the others didn't have ROP. So looks like your suggesting I should convince him to just go with regular term?

 

[Robert Barney]

LOL, well the client feels Term is "waste of money" and felt good about ROP that can be converted into WL later. I had him sold on that, til i realized MOO wasn't avail in NY, and a lot of the others didn't have ROP. So looks like your suggesting I should convince him to just go with regular term?

Is car insurance a waste of money?

Is house insurance a waste of money?

Why do insurance agents not explain the reason why insurance costs money?

Term life insurance costs money because somewhere someone dies and a claim must be paid. Where does the money to pay a claim come from? From the premiums you pay for insurance. That's primarily what you buy when you buy term life insurance. Further, I don't care what kind of life insurance you buy, that cost is part of any life insurance product.

It's a silly misconception that an ROP term product permits the buyer to "get their money back". There is a time value to money.

At 4% $10,000 will grow to be $20,000 in 18 years. If you give $10,000 to a company, and they give you $10,000 back in 18 years, you are missing $10,000.

 

[yankee466]

If he wants something for his money...sell him a NLGUL policy.....as I guarantee he will die some day. Based on his ht/wt, it will be sooner rather than later.

 

[Colie06]

If he wants something for his money...sell him a NLGUL policy.....as I guarantee he will die some day. Based on his ht/wt, it will be sooner rather than later.

Oh no, I meant hes 240lbs..

 

[Lewis_FL]

if he's really 240 that's Preferred at Pru. $79.17/mo. for $300k 20yr ROP.

 

[Colie06]

257LBS, LOL MY BAD. And thanks for the quote. My brokers do not have Prudential for some reason. Any suggestions, trying to sign up with them.
can you quote pls him for 30 yrs ROP

 

[Lewis_FL]

At 257 I'd call him Std+ although there may be credits available to improve his offer. $300k 20 year is $95.25, 30 year is $86.15 (yes cheaper because it's ROP). I'm pretty sure our contract with Pru covers NY but let me check...

 

[Robert Barney]

If you use www.term4sale.com and run a comparison, there is a question in the second box to the left of comparison results. It says:

Can you qualify for these premiums?​

If you will tell us more about your health and lifestyle, we can tell you more about whether the products you see here are available to you.

Health Analyzer​

Clicking on the Health Analyzer will let you enter the height and weight (and/or other health factors) and the quote will be re-displayed indicating what products should be available, based upon the published health criteria for each company.