Putting Your Best Interest First!

As a life insurance brokerage, we take our responsibility to act in the best interest of our clients very seriously. New York's Regulation 187 sets forth guidelines that ensure clients receive tailored and suitable insurance recommendations based on their unique financial situation, goals, and risk tolerance.

What is Regulation 187?

Regulation 187 is a New York State law designed to protect consumers seeking life insurance and annuities. It requires that all recommendations made by insurance agents and brokers must:

Be in the client’s best interest.
Be based on a thorough understanding of the client’s financial circumstances, objectives, and needs.
Ensure that no conflicts of interest or financial incentives compromise the quality of the recommendation.
Regulation 187 is crucial because it sets a high standard for the insurance industry, focusing on protecting consumers from potentially misleading or unsuitable recommendations. It prevents conflicts of interest by ensuring that all actions taken by insurance producers are aligned with the best interests of the client, fostering trust and transparency in every insurance transaction.

How We Ensure Compliance for Your Benefit

Comprehensive Needs Analysis:

We begin with an in-depth Needs Analysis, collecting information about your financial goals, income, expenses, assets, liabilities, and future objectives.

Product Suitability Assessment:

Our Suitability Form considers your unique requirements to make sure that every recommendation aligns with your financial stability and future plans.

Transparency and Disclosure:

We disclose all product features, fees, and potential risks to help you make informed decisions.

Acknowledgment and Review:

Before finalizing any recommendations, we ask you to review the proposed plan, giving you the opportunity to ask questions and seek clarification.

Frequently Asked Questions

What information do you need for the needs analysis?

We gather details such as your income, expenses, assets, debts, financial goals, and existing insurance policies to ensure we provide the most suitable recommendations for your needs.

How does Regulation 187 protect me?

Regulation 187 requires that all insurance recommendations be made in your best interest, ensuring that you receive personalized advice free from conflicts of interest.

What is the process if I decide to replace an existing policy?

If you are considering replacing an existing policy, Regulation 187 requires us to conduct a detailed analysis to determine if this change is in your best interest. We will review the benefits, costs, and risks of both your current policy and the new option to ensure that any replacement adds value to your financial plan.

How often should my life insurance needs be reviewed?

It's a good practice to review your life insurance needs annually or whenever you experience major life events, such as getting married, having a child, or buying a home. As part of our commitment to your best interest, we are here to help you reassess your coverage and make adjustments as needed.

Est. 2023

Putting Your Best Interest First!

What is Regulation 187?

How We Ensure Compliance for Your Benefit

Frequently Asked Questions

Privacy Settings

Select all services

Website Translator