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

[Tahoe Ray]

NY has its own rules. Check with Ray he can likely point you in the right direction.

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.

 

[SParker]

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.

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]

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.

Thanks FRJ, will check these out for sure.

 

[Tahoe Ray]

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.

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

NY is its own, weird world for insurance.

 

[Allen Trent]

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.

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