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He's a CFP... so he's got a handicap when it comes to the subject of insurance.
Yeah, but it could be worse. I could have been brain-washed by the American College.
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I ran term prices across companies and NY was not higher. I took the template male on Term4sale and ran is in NY, Florida, Vermont, exactly the same. Looking internally with one carrier doesn't tell the story.
What he said.^^^
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NY Term is 20% higher. Go run an illustration with LFG.
$1mm 20 year term. Age 45. Standard ns
NY- $2,660 per year
SC- $2,144 per year
Same product, same carrier, same client, only difference is the state.
Its not just pricing either. Product options are extremely limited when it comes to Annuities too.
And if you dont think that politics are involved in DOI regs then you are crazy. I rarely agree with Bob about life insurance issues, but there is truth to that statement. Look at what has been going on in CA over the past 5 years. NY is no different.
Instead of asking why NY has higher reserve requirements and restricts products.... ask which carriers/products are at risk in other states that require 100% reserves... show me a state that has major carriers at risk of not being able to pay claims.
NY regs would make sense if there was a significant amount of insolvencies in other states... but that is not the case.
Show me the evidence that warrants higher reserves than what the NAIC already recommends and I will consider changing my stance on NY regs.... but you will not find that evidence because it does not exist.
Plenty of cause to be concerned right now. It all depends on what one is willing to see.