Looking for New Policy MM Va NYL

[Finlater]

Hi. I am not an agent. I live in NY. 45. No health problems. Looking for a WL/Term policy for me. I am considering NYL or MM. What is your recommendations. I am looking for a good company that will pay. I am not looking for the cheapest but also don't have a boat load of money. I have some with NYL but wanted to know if I should split up my accounts between two companies because I am not sure I can trust all my eggs in one basket?

 

[critter]

They are both great companies. As far as wanting to not put all of your eggs in one basket, think more about the relationship with your agent as the most important thing. If either of these companies go under, that means we are looking at a major economic catastrophe. You probably won't be worrying if your life insurance is still in force at that point.

 

[DHK]

One advantage of MassMutual is that your policy can be serviced by an independent agent, while New York Life policies are (generally) only serviced by NYL career agents.

Otherwise both are great companies and both are worth putting all your "eggs in one basket."

 

[Deepsea]

Not putting all your eggs in one basket is not necessarily a bad idea. I would recommend it.

 

[L5tc]

I agree with DHK. Make sure, if you do business with NY life you find an agent who has been there awhile. They tend to leave and then getting basic policy information down the line is a nightmare.

 

[scagnt83]

Mass has a much better policy if cash accumulation is one of your goals. Penn also has an excellent WL policy, so does Guardian.

If you want to split your premiums do it with Mass and either Penn or Guardian.

Not only are they better products and the carriers are just as strong financially. But on down the road any independent agent can help you service the policy. With NYL only a NYL agent (generally speaking) can service that policy.... and if you call the local office asking for an agent to review an existing policy with you... you will get the new guy right out of college...

 

[Finlater]

Thanks for all responses. I like that MM can be serviced by independent agent and accumulates CV better than NYL. I will be looking to obtain a policy for my kids as they age 18 and can be underwritten. No the harp part is finding a good agent in NYC.

 

[L5tc]

Thanks for all responses. I like that MM can be serviced by independent agent and accumulates CV better than NYL. I will be looking to obtain a policy for my kids as they age 18 and can be underwritten. No the harp part is finding a good agent in NYC.

It's hard to find a good Life broker in NY. I'm a broker here most of whom I see are the 6 month and out variety.

 

[Jack B]

Thanks for all responses. I like that MM can be serviced by independent agent and accumulates CV better than NYL. I will be looking to obtain a policy for my kids as they age 18 and can be underwritten. No the harp part is finding a good agent in NYC.

I'm independent broker, I live in NYC, contracted with MM, in insurance over 10 years, I can help you, if you are interested, private message me.

 

[L5tc]

I tried to avoid selling the product I'm independent as well, I figured you came on here for information not to be sold.