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I know of multiple NY licensed veteran agents. Private message me if you would like the contact info for a couple of them.
Looking for New Policy MM Va NYL
- Thread starter Finlater
- Start date
I know of multiple NY licensed veteran agents. Private message me if you would like the contact info for a couple of them.
- 180
I'd guess you're going to pay a 20-50% premium to go with MM or NYL. Depending on the size of policy you are considering, you might consider opening up your options. I do not broker in NY; but I know that the state's Life & Health Insurance Guaranty Association (GA) provides protections per company per policy per insured of up to $500K of death benefit. The GAs are funded/backed by all of the participating insurors in a particular state. That means that no matter what company you buy, it's being backed (up to the previously stated levels), by all of the companies in the state.
All that being said, both MM and NYL do have fairly competitive WL contracts, from what I understand. I don't do any of that any more; but, if I were buying a WL policy, I would certainly include those companies on my spreadsheet. But I think, for most people, WL policies end poorly. And the term policies of the big mutuals reflects the reality that they really would rather have you in a permanent policy . . . because they really don't compete well for term . . . at all.
If you already own some NYL coverage that is WL or convertible term, then I say, let that be your "cash value" haven of sorts. It's not like you're going to convert it all to permanent, right? (Good god, please say, no.)
Then, go buy some solid, competitively priced term from a company that actually wants that business. Ohio National would be a great place to look, first. Very, very, very competitive. They don't fvck around on the underwriting (it's pretty tight), but in my view, that's probably a good thing.
If you're healthy, you'll pay 30-40% less. Or I guess you could look at it this way: you'll be able to nearly double your death benefit for the same price.
Good luck.
All that being said, both MM and NYL do have fairly competitive WL contracts, from what I understand. I don't do any of that any more; but, if I were buying a WL policy, I would certainly include those companies on my spreadsheet. But I think, for most people, WL policies end poorly. And the term policies of the big mutuals reflects the reality that they really would rather have you in a permanent policy . . . because they really don't compete well for term . . . at all.
If you already own some NYL coverage that is WL or convertible term, then I say, let that be your "cash value" haven of sorts. It's not like you're going to convert it all to permanent, right? (Good god, please say, no.)
Then, go buy some solid, competitively priced term from a company that actually wants that business. Ohio National would be a great place to look, first. Very, very, very competitive. They don't fvck around on the underwriting (it's pretty tight), but in my view, that's probably a good thing.
If you're healthy, you'll pay 30-40% less. Or I guess you could look at it this way: you'll be able to nearly double your death benefit for the same price.
Good luck.
omahainsurance
New Member
- 11
I agree you should use a company that can be serviced by an independent agent. I tend to think they are better educated, and will be around longer than most other agents but thats IMO. While we are on the topic of my opinion. I'd give a couple independent brokers your goals and see what they come up with for WL and Term options. I'd be willing to bet one of the recommend looking at an IUL and multiple companies and they will do all the shopping and pricing for you to find you the best deal. then just go with your favorite plan or favorite agent.
Michael Burton I hope that's not your real name. Either way you should take your post down.
OP just pick a company of those two and move on with life. Don't make buying insurance more complicated than it really is. Both are great, highly rated, strong mutual companies with great products.
The only thing I would disagree with that others have stated is go with MM because their product is performing better. When it comes to WL, especially among the top mutuals, the best performing company today may not be the best performing company (CV wise) tomorrow. Only time can tell and when I say time I mean 10-20 years from now. NYL has shown they perform well continuously.
Also going with an independent broker or captive agent means nothing. Yes an independent broker will likely be around because there are less production requirements so the company won't terminate their contract for poor numbers and they are free to sell more than one company so you won't have to worry about them leaving the company to pursue other companies.
But remember the jack of all trades is the master of none. A broker may not sell MM all the time. They may sell a policy here and there. Also they may not have a contract directly with MM. They may have their contract through an IMO that has access to MM. So simply put, if anything happens they will be calling 800 numbers just like you. With a captive they work in house and sell only that companies product so if something happens they know who to go to directly. I have met captive agents who know a lot about other companies because that's their competition and I have met brokers who know nothing about particular companies because they spread their business thin. Also idk scagent experience, but I know when you call a NYL office they give you either an experienced agent, because companies reward good agents by giving them leads, or they give you a rookie who shows potential so you are in good hands either way. Also so what if your agent leaves? You can always call the office with any company and get a replacement and like any company captive or independent, there is no guarantee you will like the next guy.
If you feel like making something as boring as buying insurance spicy lol, then go with MM. Otherwise if you are the conservative type, call your NYL agent and buy your policy through them.
OP just pick a company of those two and move on with life. Don't make buying insurance more complicated than it really is. Both are great, highly rated, strong mutual companies with great products.
The only thing I would disagree with that others have stated is go with MM because their product is performing better. When it comes to WL, especially among the top mutuals, the best performing company today may not be the best performing company (CV wise) tomorrow. Only time can tell and when I say time I mean 10-20 years from now. NYL has shown they perform well continuously.
Also going with an independent broker or captive agent means nothing. Yes an independent broker will likely be around because there are less production requirements so the company won't terminate their contract for poor numbers and they are free to sell more than one company so you won't have to worry about them leaving the company to pursue other companies.
But remember the jack of all trades is the master of none. A broker may not sell MM all the time. They may sell a policy here and there. Also they may not have a contract directly with MM. They may have their contract through an IMO that has access to MM. So simply put, if anything happens they will be calling 800 numbers just like you. With a captive they work in house and sell only that companies product so if something happens they know who to go to directly. I have met captive agents who know a lot about other companies because that's their competition and I have met brokers who know nothing about particular companies because they spread their business thin. Also idk scagent experience, but I know when you call a NYL office they give you either an experienced agent, because companies reward good agents by giving them leads, or they give you a rookie who shows potential so you are in good hands either way. Also so what if your agent leaves? You can always call the office with any company and get a replacement and like any company captive or independent, there is no guarantee you will like the next guy.
If you feel like making something as boring as buying insurance spicy lol, then go with MM. Otherwise if you are the conservative type, call your NYL agent and buy your policy through them.
That's nonsense go visit a NY Life office. Try the one in Meliville the bathroom smells like the subway.
But remember the jack of all trades is the master of none. A broker may not sell MM all the time. They may sell a policy here and there. Also they may not have a contract directly with MM. They may have their contract through an IMO that has access to MM. So simply put, if anything happens they will be calling 800 numbers just like you. With a captive they work in house and sell only that companies product so if something happens they know who to go to directly. I have met captive agents who know a lot about other companies because that's their competition and I have met brokers who know nothing about particular companies because they spread their business thin. Also idk scagent experience, but I know when you call a NYL office they give you either an experienced agent, because companies reward good agents by giving them leads, or they give you a rookie who shows potential so you are in good hands either way. Also so what if your agent leaves? You can always call the office with any company and get a replacement and like any company captive or independent, there is no guarantee you will like the next guy.
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NYL does not reward its good agents in the manner you described. First of all the company lets each office decide on its own what to do with leads like these. There is no uniform policy. Second, the office I belonged had a MP who did not like gays so you could not get leads if you were gay/lesbian regardless of your production or council status. I am not gay but their open discrimination factored into me leaving the company. Most of the time each Managing partner is trying to maximize their goals and they have specific bonuses for each council level. So they will most likely give these leads to people who are near the thresholds so that the Managing partner can boost their bonus. It will have nothing to do with rewarding good agents. You will most likely get an agent who is trying to make their numbers to qualify one of those annual trips. I am not saying all these agents are bad, but the cool aid you drank about rewarding good agent behavior is just not true. There are no bonuses in the NYL management bonus structure for developing or rewarding good agents. They recently started to address this by looking at agent retention numbers but they are still far away from addressing the issue fairly.
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NYL does not reward its good agents in the manner you described. First of all the company lets each office decide on its own what to do with leads like these. There is no uniform policy. Second, the office I belonged had a MP who did not like gays so you could not get leads if you were gay/lesbian regardless of your production or council status. I am not gay but their open discrimination factored into me leaving the company. Most of the time each Managing partner is trying to maximize their goals and they have specific bonuses for each council level. So they will most likely give these leads to people who are near the thresholds so that the Managing partner can boost their bonus. It will have nothing to do with rewarding good agents. You will most likely get an agent who is trying to make their numbers to qualify one of those annual trips. I am not saying all these agents are bad, but the cool aid you drank about rewarding good agent behavior is just not true. There are no bonuses in the NYL management bonus structure for developing or rewarding good agents. They recently started to address this by looking at agent retention numbers but they are still far away from addressing the issue fairly.
L5tc no offense but you sound like a bitter ex NYL agent who use to work at the Melville office. Relax.
Walthamny you are saying exactly what I'm saying. You misunderstood. I didn't mean good as in good behavior as in nice or loving or friendly or however you interpreted it. I said experienced agents first and then said because they reward good agents meaning agents who sell policies not the recruits straight out of college who are not as experienced as another member mentioned. If you are making council or near making council they will feed you leads but the only way you can do either is by selling policies which makes you an experienced agent not some wet behind the ears never sold a policy individual. I never stated there was a uniform policy about rewarding so I'm not sure why you stated that. Also the gay/lesbian comment is unfortunate if true comment but it is he said she said and reflects one individual out of thousands that work there. Even though mentioned it to develop your point, I guarantee you can find one bad worker at practically every company.
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By the way what do you think happens to leads when they come shortly after council qualifications? Or in the middle of the year? What you said is isolated to one time of the year.
Walthamny you are saying exactly what I'm saying. You misunderstood. I didn't mean good as in good behavior as in nice or loving or friendly or however you interpreted it. I said experienced agents first and then said because they reward good agents meaning agents who sell policies not the recruits straight out of college who are not as experienced as another member mentioned. If you are making council or near making council they will feed you leads but the only way you can do either is by selling policies which makes you an experienced agent not some wet behind the ears never sold a policy individual. I never stated there was a uniform policy about rewarding so I'm not sure why you stated that. Also the gay/lesbian comment is unfortunate if true comment but it is he said she said and reflects one individual out of thousands that work there. Even though mentioned it to develop your point, I guarantee you can find one bad worker at practically every company.
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By the way what do you think happens to leads when they come shortly after council qualifications? Or in the middle of the year? What you said is isolated to one time of the year.
