NYL TAS Contract to Independent

[LGilmore]

"Can NYL look into carriers and see which products and how much I sell of it?"

They can ask, if they are concerned or have reason to be. They can ask why you've licensed with a certain carrier(s).
Read your contract, it is pretty one-sided. They can term with 30 days notice at anytime for any reason. Also keep in mind their position with agents selling away and lawsuits. If you f up selling away and a lawsuit is brought, NYL will also be brought into it as they have much deeper pockets and could be accused of lack of oversight.

As I posted earlier, they understand in some situations another product may have to be sold, but if you're selling someone else's WL and not theirs, I do think they'd be pissed.

You have to decide if what you get from NYL is more important than being independent. If it's not, then part ways. If it is, then figure out what is "ok" to do and maintain your status with NYL.

Just know, they've cut ties over the years with agents that have produced much much more than you. Not to knock what you've done for yourself, but they've let million dollar commission producers go in the past, and if they've done anything even remotely wrong they join in on the prosecution to give the agent the maximum possible sentence. They don't mess around all that much. IF being captive is not for you, then make plans to be an independent. If not, don't stray to far from "mother Nylic".

 

[lflashman]

The only way they will find out is if you out right tell them or your production drops greatly that they will check (this almost never happens) you could also partner up with an outside associate to handle the contracts if you fear NYL. Go indy, it will get you far more pay in the long run.

Not necessarily true about them finding out. Depends on the state you're in. Here in Florida, I was with a captive company. The Dept of Financial Services lists all companies that an agent is appointed with online. The branch managers have their administrators check every agent just about every month to make sure they aren't appointed with other companies.

 

[BatonRougeChicken]

I don't intend on selling another company's participating whole life unless the situation really calls for it (NYL denies them or rates them).

I'm mostly looking towards term companies and more competitively priced UL products.

Which carriers should I also look into for cheap convertible term? What about guaranteed UL products? Thank you!

 

[LGilmore]

Dixie Chicken, (one of my favorite little feat tunes)

I would advise you to wait until you're done with your TAS. No matter how productive you feel you are, NYL has cut more productive users loose for similar stuff. Read and re-read your contract.

As the old TV show KUNG FU line.. "have patience grasshopper."

If NYL cuts you loose, you keep all your securities business, but forgo renewals in your life business. Also replacing their business will bring them down on you. I think you'd be better served out from under your TAS contract to do what you're thinking. At least that was my experience with them.

Again good luck.

 

[cd904]

Baton Rouge Chicken,
I know that this is an old post but I am new to the forum which is why I am just coming across this post. I'm very interested in speaking with you. As of right now, I find myself in the same dilemma. I'm interested in what you have decided to do. I actually just asked my managing partner today to drop my TAS, and he told me that is was not possible. I'm pretty sure he's not telling me the truth. I'm told that at least one other person has done this in our GO. However, I believe that his salary will somehow be effected by my contract change. Anyway, to make a long story short, can you update me on what you decided to do? Did you drop you TAS? If so, how did you go about it? Is it working out for you? Like I said, I am new to the forum and at this moment cannot PM you. However, feel free to PM me. It would be great if I had another way to contact you to discuss this. I know time is precious and promise not to take to much of yours but any insight and/or advice you can give me with this matter would not only be helpful, but would be greatly appreciated.

Thanks in Advance.