New York Opting Out of AG 38!

New York Opting Out of AG 38:

Move to Force Life Insurers to Boost Reserves

Life insurers in New York state will have to increase reserves by as much as $4 billion statewide when the state allows the Sept. 13 expiration of National Association of Insurance Commissioners’ . . .

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If you or your clients are in the state of New York the possibility of GUL going away by the end of the year is probable. The state of New York is unhappy with the reserve requirements. Many firms have already flown this market and we only see the playing field shrinking to one or two companies if at all.

We are writing more whole life and whole life blended with term than ever! The dividends of cash accumulation and well structured insurance coverage is very appealing to clients.

Life insurance is still an asset, and life insurance with cash allows you to accumulate in a tax favored environment, borrow money in emergencies or for necessities, still accumulate money if you become disabled or are not working, and “oh and by the way”,pay your loved ones a death benefit if a tragedy occurs.

Your clients now have options on how they purchase insurance. The window of opportunity to purchase inexpensive guaranteed universal life is shrinking.  Now is the time to review your clients plans and guide them to the appropriate products that will work best in their plan.

-Neil Himmelstein

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