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

Jan 3, 2019

  1. Tahoe Ray
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    Tahoe Ray Guru

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    I already mentioned it to OP via PM but for anyone else reading the thread, you should not contract with an IMO to get Penn Mutual in NY.

    They halted their "special marketer" arrangements in NY last year so you'll either be assigning commissions or taking a below street contract working through an IMO.

    Just call your local office direct.

    As for the annuities, you need a few carriers in NY that most IMOs will not have (restricted distribution) so while I'm partial to my shop, even if we are not a fit, one should still look for a NY based IMO.
     
  2. SParker
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    SParker New Member

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    THANKS for the heads up. So does this mean I will do a split commission with the agent who is writing the policy on my behalf? If so, what kind of split is typical for such an arrangement , assuming it is legal.
     
    SParker, Jan 5, 2019
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  3. SParker
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    SParker New Member

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    Thanks FRJ, will check these out for sure.
     
    SParker, Jan 5, 2019
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  4. Tahoe Ray
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    Tahoe Ray Guru

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    MTL is not in NY and Annuity Store won't have the most competitive NY products.

    NY is its own, weird world for insurance.
     
  5. Allen Trent
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    Allen Trent Guru

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    Many carriers have some parameters on split commission business. many require that if any compensation is going to be shared, both agents must be appointed with the carrier. so, while it is legal for 1 licensed & appointed agent to pay another licensed but not appointed agent, some carriers have rules against it as they want to know who is being paid by cases they are issuing.

    So, if you are already properly protected in terms of death benefit, I would first figure out getting appointed. then you can figure out how to write your own case.

    Lastly, make sure you fully study & understand infinite banking concepts. If you only understand the best case scenario positives that can work out long term, you might need to study it in more detail. Committing large premiums & deciding to stop after a few years can be really bad for you. I own lots of whole life & max funded policies, but I have seen a lot of new agents & consumers over commit & it doesn't bode well as the products & concepts punish heavily those that stop after a handful of years
     
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