Question About Coverting a Ny Life Term Product.

Wino the conversion is 6 weeks away.I just started my licensing with nyl. I talked to pinney today and the guys almost certain if the letter says to call the home office it's an orphan and the company will not give it to the agent because they don't want to pay commissions to an agent they give a lead too.Wino here's what my plan is and poke holes and tell me what I should do differently. 1.Getting licensed now 2.Showed client the illustration and I think they want it. 3.Pinney wants policy # to verify threw nyl brokerage manager it's an orphan even though based on what I told him he's almost 100% certain it is. I've told him till I'm licensed not giving any policy #'s. Here's my question. Even though there's a tiny chance there's an agent assigned here's my question. Before I write it since I'll be licensed with Nyl can I get an agent of record change then convert it? Poke holes in my strategy and please tell me anything else you'd do.
 
peteybear said:
Wino the conversion is 6 weeks away.I just started my licensing with nyl. I talked to pinney today and the guys almost certain if the letter says to call the home office it's an orphan and the company will not give it to the agent because they don't want to pay commissions to an agent they give a lead too.Wino here's what my plan is and poke holes and tell me what I should do differently. 1.Getting licensed now 2.Showed client the illustration and I think they want it. 3.Pinney wants policy # to verify threw nyl brokerage manager it's an orphan even though based on what I told him he's almost 100% certain it is. I've told him till I'm licensed not giving any policy #'s. Here's my question. Even though there's a tiny chance there's an agent assigned here's my question. Before I write it since I'll be licensed with Nyl can I get an agent of record change then convert it? Poke holes in my strategy and please tell me anything else you'd do.
Click to expand...

I trust Pinney. But I do not trust anyone $20,000.00 worth. Personally I would get contracted, Get an AOR then convert. If it is assigned to an in house agent there is also a chance they would need to sign off on it. :err: Everything will probably go through with out a hitch, but......
 
wino a little confused. Pinney told me once I give them the nyl policy # they'll know 100% if an agent is assigned. If theres no assigned agent then why would I do an AOR change?I' 99.9% sure theres no other agent.If theres an agent i'll do an agent of tecord change and offer him 10-15%.
 
peteybear said:
wino a little confused. Pinney told me once I give them the nyl policy # they'll know 100% if an agent is assigned. If theres no assigned agent then why would I do an AOR change?I' 99.9% sure theres no other agent.If theres an agent i'll do an agent of tecord change and offer him 10-15%.
Click to expand...

I am sure they will be able to find out and you are probably correct that it is a home office deal. And probably a non agent of record can get paid the first year comp.

If there is an active agent he may offer you 10-15%. You may control the client but if he is a captive NYL agent he controls the policy. I think. I have never worked with them. But I have been burned on a deal like this.

If I were the active agent I would compliment the outside salesman on recommending he (client) stay with the great NYL company with our great history and strong financials. Which are just a couple reasons I have chosen to represent them primarily since 19xx. As a NYL rep (CLU, CFP, BFD) I can handle this policy for all they years going forward (where as said salesman will be terminated for non production) and you will have access to all our financial products. Then I would really sell the incontestability of a conversion.

Again, I trust Pinney knows what they are talking about. I am just very cautious or is it paranoid?

Edit: Pinney has a vested interest in getting this deal done for you. They are very agent friendly.
 
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scagnt83 said:
Agreed. Pinney wont be paid on this unless the agent gets paid. They have every reason to make it happen in Petey's best interest.
Click to expand...

That and the bigger money for them is earning more of his business.

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WinoBlues said:
I am sure they will be able to find out and you are probably correct that it is a home office deal. And probably a non agent of record can get paid the first year comp.

If there is an active agent he may offer you 10-15%. You may control the client but if he is a captive NYL agent he controls the policy. I think. I have never worked with them. But I have been burned on a deal like this.

If I were the active agent I would compliment the outside salesman on recommending he (client) stay with the great NYL company with our great history and strong financials. Which are just a couple reasons I have chosen to represent them primarily since 19xx. As a NYL rep (CLU, CFP, BFD) I can handle this policy for all they years going forward (where as said salesman will be terminated for non production) and you will have access to all our financial products. Then I would really sell the incontestability of a conversion.

Again, I trust Pinney knows what they are talking about. I am just very cautious or is it paranoid?

Edit: Pinney has a vested interest in getting this deal done for you. They are very agent friendly.
Click to expand...

In rereading my post I come across a little negative. I do not mean to be.
 
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