Couldn't take it

Nov 7, 2007

  1. gypsie
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    gypsie New Member

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    My life as an agent was brief. I learned alot- a whole lot! And, I'm thankful for all the knowledge on this great board.....

    But, I just couldn't take the rejection, and I absolutely hated my managing partner at NYL. However, my brief stint has made me an advocate for Life and LTC- which I continue to encourage others to obtain based on their needs.

    The Insurance industry needs great agents, too bad I couldn't cut it...So, it's back to healthcare for me!

    I wanted to make this post because of the PMs I've received regarding any personal success.

    Good luck to all the newbies!
     
    gypsie, Nov 7, 2007
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  2. MIBizInsurance
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    MIBizInsurance Guru

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    Can understand that.

    Selling Life as main product is a tuff go.

    Stay in health and cross sell. People will talk about Health. Bring up Life to start a sale and you get an instant "cringe" from people.

    Good luck.
     
  3. Survivor
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    I can't blame you. Life insurance is a tough go. My short stay on the health side of the house was with a crappy company. Looking back though, even if the company was crappy plenty of people were at least willing to talk about it. "Are you paying too much for your health insurance" seemed to open the door. "Are you paying too much for your life insurance" doesn't seem to do the same thing for some reason. I would just say in general, people are more willing to discuss their health insurance, but will quickly tell you "I already have life insurance." With that said, I'm still doing alright and getting better with it. I don't know if NYL has a worksite plan, but that is the angle I'm working. I've got life and a lot of good supplemental health, so it gets me in the door and I can get referrals of their friends that don't work there.

    J/W, how long did you spend with NYL? Was that the only company you were with?
     
  4. HomeService
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    I look at it the totally opposite way, I find it much easier to talk life, but I work in the lower to middle income market, the market that gets free health ins anyways, mostly. So, life ins is the primary thing they wish to buy.

    NYL is a great company, too bad it did not work out.
     
  5. Survivor
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    What is your one liner to open the door HomeService?

    I usually use something like, "Who takes care of your life insurance?" or "Would you like to be paying less for your life insurance?"
     
  6. LGilmore
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    LGilmore Guru

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    "NYL is a great company"

    Yes it is, however, your experiences as a captured agent don't reflect the name as much as the sales manager you end up with..

    Spent a decade with nyl, it's a great company. Unfortunately, it's not necessarily filled with great people. This is a truism of all carriers. Your experience will only be as good as the guy/gal you deal with on a daily/weekly basis. This is also true in dealing with things as an independent.

    By the time, I worked under a "good" manager, I was already too far gone in dealing with bad ones... I neither trusted or listened to the guy. The real reason? The two I dealt with ahead of him, always made you want to bathe after dealing with them... I might still be a nyl agent had the last manager been the first... but that's the luck of the draw. oh well.

    I been 10 and 10, I sometimes miss the team side of being captured, but I certainly don't miss having to answer to people whom I have no respect for because of their business ethics...
     
  7. MIBizInsurance
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    MIBizInsurance Guru

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    Agree.

    So much depends on manager.

    Interviewed with NYL here in MI and was leary of hiring manager and his "fuzzy" math. The whole - "mail out $2k worth of mailers make 4k -
    re-invest till your a memeber of the all mighty Round Table"

    Also his winking every time he mentioned that Life insurance can't be sold as an investment. As to say "sure we sell that way" and no not because he dug me.../eeks
     
  8. Consultant
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    And your business experience and contacts. I worked for them for quite some time but after the manager, awesome ex-cop, said I'm making more residually from group health every month than life (which was true except for the occasional large annuity) He urged me to go straight into health for myself. Took my NYL seminar clients to my practice. My manager followed his dream and started an Irish Bar in downtown.

    The only people that weren't hurting for money, (because you only can make money from NYL), were the top dogs.

    The pattern was this:

    * One guy owned all the hospital/doctors in Sacramento.

    * Another had all the law firms in SF.

    * One guy took the silicon valley corp people - he was a CPA for Nokia. All these people had large contacts.

    * There were the occasional hot agent - usually an Asian person selling to their whole extended family. Then after she was hot - NYL ripped her apart and she had an emotional breakdown.

    * Then there's the secret about NYL and all the other old life companies. They recruit new blood and say you need a mentor and the mentors - old agents hanging on for dear life taking 50 to 60% of your only contacts that will be fleeting.

    Seminars were the key in NYL and having access to a large industry - being number one in that category as a financial planner - was the only way to keep the NYL dogs off your back.

    Would I go through their training and all the PRP's through managers and tons of insurance drills? OF course! Purely for the experience and knowledge. The stress for an average of 30k a year working your arsse off isn't worth it - stress is never worth it.
     
  9. LGilmore
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    "stress is never worth it."

    When nyl and I parted ways I was a hypertensive diabetic. Couldn't continue to put myself through that. Different state same MO though.

    But to be fair there were some really great agents there too. I run into them occasionally and it's always good to see them.
     
  10. HomeService
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    To answer survivor's question: My one liner to open the door is: "Who do you have your life ins. with?"

    Horrible grammar. And, it sets me up for a 50-50 chance. Either they have none, or they have it with XYZ co and are happy, and I lose out.

    Oh, and, I would totally agree with the fact that a captive company manager makes or breaks the deal, totally agree.
     
    Last edited: Nov 10, 2007
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