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It seems like a "wonderful" existence for New York residents to buy life insurance.
"I don't know the real face of Mount Lu, I just live in this mountain." New Yorkers may not feel it themselves, but from the perspective of the overall life insurance market in the 50 states of the United States, the policyholders in New York seem to be living in a very different place. American parallel universe.
I generally complain that new life insurance products are approved for listing from the state insurance bureau, and California has been very slow in the 50 states; as a result, I did not expect New York State to refresh my three views on this matter.
For New Yorkers, apart from the savings and dividend insurance that has dominated the New York market for hundreds of years, there may be relatively few other options. What is even more puzzling is that the approved products that New Yorkers can purchase locally are compared with the United States. Similar products in 49 states, the performance has shrunk a lot.
Is this forcing New Yorkers to buy it?Savings Participating Insurance, or buySavings Participating InsuranceWhat, or to buy savings dividend insurance?Having said this, everyone may know it well - it has nothing to do with the product itself, but the practice, which is very inauthentic.
That's why we complained that when it comes to buying life insurance, New York is an alternative "market". This land is almost a parallel universe world independent of the 49 states in the United States. There is a system that I can't understand or know at present. run.
These systems are actually related to the real money of the New Yorker family.
(>>>Related reading:Evaluation｜New York policyholders' 14-year life insurance account with case sharing）
In real life, some New York residents went to the nearest neighbor, New Jersey, to buy life insurance in order not to buy insurance products issued in the New York State market. thing.
TheLifeTank: "Bridge Policy"? "Crossing the River Policy"?What is it?
Ben: Figure out the rules of the game. If you don't accept this institutional arrangement, you open your door in New York and look across the river to New Jersey -- two states across the river, connected by a bridge -- across the river. Cross the bridge and re-buy life insurance, maybe the same insurance company brand, the same insurance product name, the same premium, the same claim amount, but the difference in the cash value of the two on the policy plan, the down payment for a house may be are out.
What would you think?People are profit-seeking.After the flow of information, no one can withstand this temptation.
As a result, so-called "bridge policies" and "river policies" appeared in large numbers in the past.
The Life Tank: What's wrong with that?Sounds like an underground feeling.
Ben: Yeah, I was really confused when I first started.Policyholders bought what they wanted, and insurance companies sold products to increase performance.It's obviously a win-win situation, but why has it become a gray area?
Later I found out that we are still too young too simple, Naive.
Let's start by telling a story.
You originally encircled a piece of land, spent a hundred years building up the financial industry, and became a big landlord on this land, happily relying on powers such as selling franchises to make money.
Suddenly, you start to find that some people in the field climbed over the fence, went to other people's land and bought the same thing back, and stopped buying goods in the market in your field. Go over the wall to buy something.
At this time, the big brother who sold things in the field quit.
If you were a big landlord, what would you do in order to appease your elder brother and make money together?Will it be considered the first time, using the contacts and resources at hand, to build the wall as high as possible, and increase the difficulty of climbing the wall.Second, will you consider preventing the circulation and dissemination of information as much as possible, so that more people do not know what is next door?
For most persistent families, no matter how high the wall is, it cannot stop people from "voting with their feet".The popularization of science and technology has brought about the improvement of the efficiency of information circulation.Blocking the flow of information, this kind of arbitrary practice similar to a dictator, is obviously not in line with the laws of social development.
The better way for big landlords and big brothers is to increase education and tell the masses in their own land, "Why my things are the best", "Why are the things next door not good" - in short, "I am all for your good".How does this sound so familiar?
If at this stage, more and more people in the fields still don’t buy it, it can only be through lobbying, using personal connections, setting up new industry regulations and norms, and using these legal means to announce the things in other people’s fields. , is a product that does not conform to local regulations; if a foreigner wants to sell things locally, in addition to buying tickets, the product must conform to specific regulations and so on.
Does this series of dazzling operations by the big landlords have the same meaning as the "trade protection" in the textbook?
Going back, let's look at the question of life insurance and geography.
You are in the United States, but because of the address on your ID card, you have become a victim of the struggle for interests and the design of the corresponding system. This feels like China's "household registration system" restricts people.Honestly, it's simply too un-American.
The phrase "I'm doing it all for your own good" sounds like the opposite of "independent spirit". I started to scratch my head, wondering if the Statue of Liberty erected in New York Harbor was in the wrong place?
But from the perspective of capital interests and institutional design, this is too American.The New Yorkers have not been deprived of their corresponding rights on the surface, but at the more upstream design level of the insurance market system, all these rights options have been taken away by some groups.
Therefore, sometimes I joke with some of my colleagues. In some places and fields, China is very American, and the United States is also very Chinese. Everyone voted with their feet to run around, and as a result, they immigrated to a lonely place.Of course, this is a joke, not to be taken seriously.
Finally, back to the topic, todayTheLifeTank.com©️The invitation to chat so much is all subjective opinion.If you know more about the personnel arrangements and struggles between the New York insurance authorities and the New York insurance giants, please do not hesitate to share with us.
The world is different and the world is the same. No matter what insurance you configure, the point is that you are happy.
(>>>Recommended reading:How much money can American life insurance hide?Opened a scene of "Gongdou" historical drama...）
(The full text of this article only represents the author's personal views and has nothing to do with TheLifeTank.com)
