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Life Insurance for People with Dementia
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I believe that the insured also has to consent. I think Newby has stated in the past that Preneed can be done without consent.
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With Preneed the insured does not have to even be aware of the policy. But I don't know of any Preneed companies that sell in New York.
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The company doesn't have to be based in New York but if they sell insurance in New York, they have to use NY's commission restrictions in all jurisdictions where the company does business in addition to abiding to other NY requirements. Rather than do that, companies charter a "sister" company to write business only in the state of NY.
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I have heard through agents who are appointed through NBL (a Primerica affiliate in NY) that they receive well above the capped commissions including expense reimbursement for NY state. Not sure how they do it, however his theory is that is has do do with the agency paying the commissions to NY state agents being separate from Primerica and domiciled outside of NY state. I know it sounds confusing but since these commissions are being paid out to NY agents for Primerica, there could be some truth to this, right? Maybe therein lays the loophole?
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