Looking for Non-Captive Company for New York clients
- Thread starter devoe
- Start date
You are still limited to commissions at 55 to 60% FYC. The trick is finding an IMO that will split the ERA in the first year.
Look at these first:
1. Foresters
2. Lincoln Financial
3. Principal
4. American National
5. Prudential
6. Protective
7. Legal/General - William Penn
www.legacyagent.com is a good IMO for NY
Skipper
Look at these first:
1. Foresters
2. Lincoln Financial
3. Principal
4. American National
5. Prudential
6. Protective
7. Legal/General - William Penn
www.legacyagent.com is a good IMO for NY
Skipper
- Thread starter
- #3
Who is your market?
Easy term with permanent conversion options- Principal,Prudential, and Protective
Whole life - MassMutual indy contract and American National
Senior market (final expense) - Columbian or Trans ( preferably Columbian)
Trans has pulled out of NY.
ERA or Expense reimbursement account is a FYC allowance paid to the General Agent in NY.
The IMO structure in NY does not exist.. The GA is technically the top contract and will allow one supervisory level at a 5% override only on FYC.
Example: top whole life agent comp is 55% and the manager can receive a 5% override for a total comp of 60%. The agent and manager can be the same. The max ERA is 40% of FYC for a total comp of 100%. By NY law, WL comp FYC is 100%.
Also 2nd and 3rd year renwal comp is typically paid to the General Agent at a 20% to 25% rate. The Agent is typically paid 5% to 10% of that renewal rate.
Skipper
ERA or Expense reimbursement account is a FYC allowance paid to the General Agent in NY.
The IMO structure in NY does not exist.. The GA is technically the top contract and will allow one supervisory level at a 5% override only on FYC.
Example: top whole life agent comp is 55% and the manager can receive a 5% override for a total comp of 60%. The agent and manager can be the same. The max ERA is 40% of FYC for a total comp of 100%. By NY law, WL comp FYC is 100%.
Also 2nd and 3rd year renwal comp is typically paid to the General Agent at a 20% to 25% rate. The Agent is typically paid 5% to 10% of that renewal rate.
Skipper
- 11,066
American General has a NY arm.
There is also Mass, Guardian, & Penn who all have indy contracts available.
There is also Mass, Guardian, & Penn who all have indy contracts available.
