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To get commissions from NYL you have to be licensed with NYL and in 99.9% of cases, they only use captive agents. They do some brokerage on very large face, but don't count on getting paid on the NYL business.
Question About Coverting a Ny Life Term Product.
- Thread starter peteybear
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- Thread starter
- #12
Metlife and Symetra both have one of these programs. Only Symetra has a true GUL (Met has one to 95). The problem is that both programs will only accept policies that are less than 5 years old.
- Thread starter
- #14
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You can broker NYL. It is a myth that you cant. They tell their captive agents that indies cant sell NYL and the captives just repeat the lie (as I used to). But IMOs offer NYL. Pinney and Gradiant are two that I know offer them... Crump too I think. You can also go direct with the brokerage side, but I think that is where the min premium limits come in.
Conversion credits can differ in how they work from carrier to carrier (of the ones that offer them). Generally speaking, the premiums the client has paid for the term are credited to the WL if converted within the time conversion credit time limit.
Some of the big mutuals do/did only allow conversions in the first half of the policy in an effort to encourage clients to convert sooner vs. later.
- 25,024
Why are they the best. I understand the table shave with LFG.
Don't be surprised if in a week or two that prospect gets a call from a NYL agent asking him to meet to "review that policy" :: cough convert it cough:: NYL's production year ends on the last day in June so now they are pushing all their agents around this time to sell sell sell and convert convert convert. They give all their best agents term leads with no agent, i.e. like your prospect, at this time of the year. NYL does not and does broker. Meaning they don't encourage it or do it anymore so to say with new bga's but there are some like Crump for example that have grandfathered broker relationships. But even with that said its still hard to get a contract because the case has to meet a certain amount of premium and insurance before they give you a contract to sell. Not only that, they may not keep you as the writing agent. They may make you split commissions with an In house agent and have them as the servicing agent if that individual requires any future needs. The fact that your not certain as to how their conversion process works or what product of theirs to convert to is the reason they don't do much brokering. they don't sell a lot of GUL product. More WL as that is their flagship product. Their top agents who sell UL for big cases are usually reg. reps and sell VUL instead. Your best bet if you can get a contract is to offer to split with one of their agents so that prospect can be sold their way and on their terms and you still get some dinero in your pocket.
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Just to safeguard the business as well, if you are cool eight the prospect, you can have write s letter to the company requesting your in on the case so that some agent doesn't just take the business from you and your left with nothing.
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Just to safeguard the business as well, if you are cool eight the prospect, you can have write s letter to the company requesting your in on the case so that some agent doesn't just take the business from you and your left with nothing.
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I've always heard a minimum of 10k in premium to get paid for brokerage business. Not sure, but I'd definitely double check if it were me.
- Thread starter
- #19
Much thanks to Tahoe Ray who really helped me.After he gave me several options after speaking to a nyl manager I called pinney. On many cases there's a $20k premium for a broker contract but not for a term conversion. Pinney has a direct link to a nyl brokerage manager who deals direct with pinney . Pinney says the brokerage manager is in direct competition with the career side and unless the case goes threw pinney he makes nothing. I'm proceeding with caution having been screwed by an IMO before. I'm going to get licensed with pinney . It appears this client has no nyl rep as the letter states to call nyl 1-800 direct to do a conversion. I'm not giving the name of the client nor the policy # till I'm licensed then I'll move lightning quick to convert. I'm confident the nyl rep will never get in touch with the client as he travels a ton. I will tell the client to tell the rep he has no interest if a rep happens to get in touch with him. Let's say the client who's an orphan now is assigned to an agent and the agent never got in touch with client.If I convert it will I still get the commission if it's assigned to an agent even though he never gets in touch with him?The premiums near $20k a yr. so I'm trying to cover all my bases.i already got some ul illustrations and even though nyl has no Gul there product looks strong.Again much thanks to Ray as he led me in the right direction.
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- 25,024
Had a very similar situation with Met. I was told initially to just convert it and I would be paid. Felt unsure of the answer and called commissions they said I was told wrong. Got an AOR changed, converted and got paid. Got burned on that before. Both Ray and Pinney are good resources.
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