Anybody out there work for New York Life?

[NHB_MMA]

I wish NYL had more to offer in its term line, but it's limited. Sometimes it's reasonably competitive and sometimes it's not. I talked to a guy on the phone a while back and his coverage was half the price of NYL term, which obviously disappointed me. Then, another agent ran quotes on 20 year-term at Reliaquote and 9 out of 10 came back higher than NYL. Seems like there is not always a clear indicator here, but like Winter said some companies are known to give decent rates to smokers, or whatever other class of individuals.

NYL offers better conversion features on their term products than some companies do. For example an agent I know well matched a $90 per month 20 year term quote with NYL against an identical face amount 20 year term with another major household name company. The other company was $84 per month, but the conversion privilege said the entire face amount had to be converted into whole life only. The policy was a 500K policy and it's safe to say that the premium for 500K whole life is tight on the monthly budget for many folks. NYL allowed for conversion in smaller amount to WL, UL, or VUL. What policy was best? That depends on what the person wanted, but the bottom line is if someone bought the $84 solely on price because "term is term and price is all that matters" then they were an *** getting advice from another ***. I'm not saying the $6 per month saying was not the right thing to do, cause maybe it was. I'm saying price isn't the only consideration to any insurance policy, the same advice most any DOI web site will give consumers.

The other thing NYL has going for it, when it comes to permanent coverage in whole life, is a pretty strong dividend history. An agent I'm very good friends with was comparing an illustration to a small stock company for WL. Their premium was $200 and NYL was $230. Their policy was paid up in just under 30 years. The NYL policy was paid up in 17 years. I would think the NYL policy was a better buy, but again that's up to the consumer and what he needs. I sold a WL policy to a husband and wife last month, after comparing it with "Snoopy". The NYL policy was like $1.00 per month cheaper for each of them and the dividend projection was only a small percentage better. So I'll give "Snoopy" props for a pretty good dividend projection. They were also considering a WL policy for their children and NYL was $1.25 more per month, but the cash value at maturity and the midpoint was double the competition.

There are other good companies out there and I don't make a living bashing companies. I've already told more than one person that it would be in their best interest to stay with their current company. But I do believe in the strength of the mutual company and its performance for WL products. One question I've posed before that no one has ever been able to answer: What is the advantage, for the consumer, of a stock company over a mutual company?

 

[Agent]

“Okay, well, generally those who are associated with a company now or in the past can articulate the competitive strengths and weaknesses of the company's product offerings.

Unless those products have changed, which I’m sure they have. Their WL will probably be redesigned this year in fact. What do you want to know that NYL software/materials cannot tell you? Why don’t you convince yourself whether you should market their product?

Apparently that is not the case here other than generic statements about New York Life agents not focusing on term.

How are these statements “generic”? NYL agents do not have a cheap term product; therefore they usually market to a segment of the populace where price is not the crux issue and the product desired is usually where NYL is competitive…permanent insurance.

There is no information about why an independant broker would want to offer New York Life products- only circular references as to why it is good for New York Life career agents and that one does not want to focus just on term, duh. There is no content there.”

This thread was started by LisaC who was looking for information about NYL as a career/captive situation. Sorry if you feel left out. I never said that an Indy agent should market their (NYL) products. I wouldn’t, but for different reasons then product strength. There are multiple sides to the issue of what companies to represent or not. There are also differing and sometimes opposing mythologies of how one runs a practice and whether or not the company in question would be conducive to your business platform etc...

When choosing a company one does not only look at the companies products exclusively but also how they deal with the agent from a support, new business handling and commissions standpoint.

In all things there tends to be a balance and NYL for the Indy, to me any way, is not conducive to my practice, though their products are, on a support, new business handling and commissions standpoint they are not. So, I don’t write them as an Indy, because there are products from other companies that are comparable in product performance but superior support/ commissions etc… for the Indy. From a captive/career standpoint, those shortfalls of NYL go away.

A financial planning practice, a term convenience store (we have all heard the radio ads for these agents) or an insurance only specialist, all run their practice differently and thereby attract different prospects/clientele. I don’t know where you fall, I could guess but I may be wrong, have to make these decisions accordingly for themselves. No one on this board can do it for you.

By the way, pick up a logic book and learn what a circular argument is before you make the accusation.

”Maybe NYL's whole life rates are good, maybe the cash accumulation is more competitive compared to Prudential, ING or Mutual of Omaha. Don't know. All we know from the replies is that New York Life is a solid company and does not just sell term.

They are competitive to what I remember and the comparisons I have recently seen from my company literature. However, I cannot comment to the exact figures…I don’t have their software and one cannot just go look up NYL on a quote engine. Again, order the materials for yourself.

As noted, GM will continue to sell to those who just look at a brand name. They also do not have clear responses to those who ask any questions below the 100,000 foot level as to why you would want a Chevy versus a Toyota. It works for a while.”

What, did you previously work in the car industry or something? Why are you so committed to a false analogy?

Seriously Winter, you’re not helping anyone make a decision for their potential career here…your just engaging in irrational nick picking and straw man argumentation.

To those who are considering a captive/career position with NYL they have great training, with great competitive core product line, with a great long term compensation schedule. If you work hard and write 10 apps a month, you’ll have a wonderful career at NYL.

Nak4Life

 

[MIBizInsurance]

" If you work hard and write 10 apps a month, you’ll have a wonderful career at NYL."


Nak how exactly did you go about selling 10 apps a month?


Mailers, seminars?

 

[Agent]

Some agents did mortgage mailers, some agents did direct mail with follow up and some agents did it by referral only. Not sure about seminars though.


I didn’t take the “10 a month to heart” so I didn’t achieve the 10 a month *every* month. Having learned from my mistakes I am working towards that now. Any of the above methods work, however referrals probably would be the least expensive and hold the highest quality and that’s how I am pursuing the goal. Of course, many agents are/can be successful with less then 10 apps a month…but for a new agent it’s a great work ethic to develop.

There was a senior agent at my office that had written 10 apps a month for 300+ months in a row. It came out to about 30 years or so in a row. He was the most successful agent in the GO.

Nak4Life

 

[CHUMPS FROM OXFORD]

"So I'll give "Snoopy" props for a pretty good dividend projection."

You are correct. Generally, the higher the face amount, the better the dividend matches the projection.

 

[NHB_MMA]

"So I'll give "Snoopy" props for a pretty good dividend projection."

You are correct. Generally, the higher the face amount, the better the dividend matches the projection.

Well, they were small 50K face amount policies I was comparing and the policies for the children were 25K face amount. Again, the adults were really comparable in premium and projected cash value, but NYL was far better for the kids. Snoopy looked worse than Charlie Brown after Lucy yanked the football. LOL

 

[CHUMPS FROM OXFORD]

Well, they were small 50K face amount policies I was comparing and the policies for the children were 25K face amount. Again, the adults were really comparable in premium and projected cash value, but NYL was far better for the kids. Snoopy looked worse than Charlie Brown after Lucy yanked the football. LOL

"Snoopy" doesn't care too much about lower face policies. Until recently, Texas Life, a subsidiary, handled a lot of those contracts.

 

[NHB_MMA]

"Snoopy" doesn't care too much about lower face policies. Until recently, Texas Life, a subsidiary, handled a lot of those contracts.

Well, I'll give them credit for the other policies looking very competitive with mine. I personally don't care for "Snoopy", but they've been around a long time and obviously they're doing some things right.

 

[Winter_123]

“Okay, well, generally those who are associated with a company now or in the past can articulate the competitive strengths and weaknesses of the company's product offerings.

. What do you want to know that NYL software/materials cannot tell you? Why don’t you convince yourself whether you should market their product?

=================================================

Very well then. I can only repeat that as a general rule that those who have been been or are captive with a particular company are able to offer greater insight into the competitive strengths and weaknesses of their company than is generally availablet just through reviewing software and brochures. One would hope anyway. However, we can agree that it makes no sense to pursue this line of inquiry where that theory does not prove true. If for example, I asked some John Hancock agents how their products compete, say for example long term care, then one of them might spin on and on about how great it is to work for John Hancock, another might look at me baffled like why am I asking him when I could get that from the software or the brochure, and another might simply answer the frigging question with some content. Gotta get you a No-Spin tee shirt.

Winter

 

[LisaC]

NYL info

Nak and everyone else, more great info, thank you! I went to the first interview/pre-screening (whatever you call it) and found that the managing partner whom I met with has been with NYL since 1997. Prior to that he was a school teacher. He stated to me that after three years on the job, only 44% of agents make it to their fourth year, and he based this on statistics from the company. It makes sense to me, I can see that some people may think they have the drive and then peeter out. At this point since I am new to this industry I am particularly interested in wheather or not NYL is a good place to start out. I have a pretty intense background in healthcare sales and marketing as well as management. I know that I can do the hard work and the job, but do not want to commit to something that I have to work an ungodly amount of hours for the first few years, as well as the training. If what Nak says is true and I can work 40 or so hours per week, do the training and write 10 apps per month - it sounds like I could make a commitment. If NYL is where I start out I want to make sure it is one of the best places for support and training, if not the best. The discussion about products makes little sense to me at this time. But I can tell you that NYL with its tenure in the industry, sets it apart from competition. As a consumer no matter what you are buying (speaking for myself), if you are not sure about the actual product, you go for name recognition. One other questions that comes to mind before my second meeting with NYL. Approximately how much savings should I have in place to make this career transition? In other words, how long until I start making some commissions approximately? It seems to me although the training is much needed to sell the products, with so much of it scheduled in your first year it leaves little time to sell. Any input? Thank you.