Writing my own $20K premium policy in NY - advice pls

Jan 3, 2019

  1. SParker
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    SParker New Member

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    Hi All, am new here, in the process of getting my license in NY within a month or so.

    Are there independent brokers or firms out there in NY that allow me to work part time and write my own whole life policy?

    I am thinking of mostly writing policy for my immediate family and friends in the beginning.

    I am considering a $20K a year permanent whole life policy for myself, would like to earn the commission on my own policy if possible.

    Any advice would be appreciated.


    Thanks
    SParker
     
    SParker, Jan 3, 2019
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  2. FRJ
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    FRJ Super Genius

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    if u can afford that kind of premium, I'd keep whatever job you already have. You should look for IMO or FMO that specializes in life insurance. The part-time shouldn't be an issue.
     
    FRJ, Jan 3, 2019
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  3. Tahoe Ray
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    Tahoe Ray Guru

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    What carrier are you looking to write?
     
  4. WinoBlues
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    WinoBlues Guru

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    I would have a conversation with Ray Tahoo Ray ^^^^
     
  5. SParker
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    SParker New Member

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    Thanks for the feedback.

    This is becoming like a passion for me, am fascinated by the concept of infinite banking, permanent life insurance and retirement planning in general. Am planning to keep my day job as my day job allows me to network with a lot of people on a daily basis.

    I plan on purchasing a whole life policy for myself plus adding annuities for myself on a regular basis as well. Am hoping there is a way for me to earn the commissions on these policies or contracts that I write on myself even if I am doing this part time.

    Can you recommend some IMO or FMOs that are worth looking into? I have checked out a few but they all seem to have the same sales pitch, hard to distinguish one from the other. Right now I just go by the carriers they partner with but not sure if that is enough.

    Thanks
     
    SParker, Jan 4, 2019
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  6. SParker
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    SParker New Member

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    For permanent whole life policy, I have checked out Ameritas, Penn Mutual and Mass Mutual plus a couple others. At this point I am leaning toward Penn Mutual .

    I also plan to add fixed annuities as well as deferrend fixed income annuity , all under my name. But I have not started the process yet, so no idea which carrier at this point.

    I am hoping to partner with a firm that offers life and annuity products from as many carriers as possible, this way I can have more to choose from for myself and my immediate family members/friends once I have my license.

    I have looked at some IMOs but it is hard to distinguish one from the other as they all have more or less the same sales pitch.

    Any advice would be appreciated....

    Thanks.
     
    SParker, Jan 4, 2019
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  7. Chazm
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    Chazm Guru

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    I use premier senior marketing. FWIW I like them
     
    Chazm, Jan 4, 2019
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  8. Allen Trent
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    Allen Trent Guru

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    to make sure you don't violate any controlled business laws on the books that make it illegal for you to write more than 25% or so of commissions on yourself or immediate family, you better let one of us other agents write that for you. They can easily do an agent of record change after the new commissions have been paid to keep you out of trouble with the law.

    Just looking out for what's best for you.:fibs::yes:
     
  9. FRJ
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    FRJ Super Genius

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    I'm not a huge fan of how the insurance business is structured like a pyramid scheme but it is what it is...one of the intermediaries that I use is The Annuity Store, used to be LifeSales. They might be up your alley for what you are looking to do. I'd also look into Mutual Trust Life Insurance (carrier) that offers a lot of support for infinite banking and other strategies.
     
    FRJ, Jan 4, 2019
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  10. pfg1
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    pfg1 Guru

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    NY has its own rules. Check with Ray he can likely point you in the right direction.
     
    pfg1, Jan 4, 2019
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