Described as the “nation’s strongest and most comprehensive Paid Family Leave policy,” the policy seeks to support our state’s working families. While past presidential administrations, both Republican and Democrat, have touted support for women and families, the fact is, the U.S. has failed when it comes to putting the legislation in place to support parents and other caregivers.
New York’s PFL policy, like those of California, Rhode Island, and New Jersey, creates a benchmark for other states to follow in providing families with the financial support they need when caring for children and the elderly, and to assist military families in their times of need.
What PFL Means to New York Insurance Brokers
PFL is mandated insurance coverage, just like NYS DBL. Employers will be turning to their DBL insurance providers for the information they need. Obviously, writing PFL policies represents another stream of revenue for brokers—and because it’s mandatory, it’s an easy sell. Your customers know and trust you. They will come to you with questions. It’s important to be prepared with the right answers.
That’s where The DBL Center comes in. We are your back-office for insurance sales and service, including DBL, ancillary benefits, and now, PFL coverage.
What We Know Right Now About PFL in New York
We know that the new insurance will be employee-funded and community rated, but we don’t yet know the rates. It will be up to carriers to set commissions, which will be dependent on the state-mandated rates in order to keep this employee-funded coverage affordable.
As always, the best way to make money on these policies is to bundle them with other coverage to maximize commissions. Rely on The DBL Center as your back office staff to do the legwork, so you can optimize your time and maximize your profits.
We urge our brokers to read through the regulations, think about them carefully, and propose suggested changes in writing, which will serve to benefit insurance brokers and their customers.
Most importantly, keep an eye on this site to read the latest news and developments about PFL in New York. The times they are a’changing, as they say.