Had a Interview with NYL Yesterday...

Discussion in 'General Insurance Agent Discussions' started by Kris.R, Sep 1, 2017.

  1. walthamny
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    walthamny Guru

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    Kris

    If you read this forum, you will see that something like 95% are out of this business in 5 years. Some NYL offices do better only 94% are out or occasionally they may hit 93% out for a while.

    Now almost everyone I know who has joined this industry to make 6 billion is out already. If you join NYL and follow their system you should be able to make around 40 to 50k first year working full time. Some make more than 100k first year, but don't count on it. Your second year income depends on how you develop your prospecting skills.

    Motivation is nice but this business is hard because almost everyone I know who has made it here has quit so many times and climbed back. It is harder to climb back when you have a child. You could make 40k in 6 months only to have a charge back of 25K. And yes, NYL won't pay you anything until you clear your charge back.

    On the hand, you could make over 100K in 6 months, think you are all set for life, never develop any skills and still quit this in your 2nd year.

    NYL is a good company to start, just be realistic on your business plans.

    Also interview someone who has been at the office for 1 year and 5 years.
     
  2. eersfan
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    Spot-on advice walthamny.
     
  3. pfg1
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    pfg1 Guru

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    Agree!

    There is not much about this business that is easy, starting out. Personally, I wish I had gotten the training that companies like NYL and others provide when I started out. I think I'd have been much farther along faster. It aint easy learning it on your own that I can assure you.

    Whether or not NYL is right for you...well you have to decide. They are a solid company, and typically offer excellent training. LEARNING this business (how it works and how to make it work) is the key to having long term success.... however you decide to go about it.
     
  4. gordongekko513
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    gordongekko513 Expert

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    Ive got some perspective being in my 4th year in the life insurance game. I had several years of experience before at CitiSmithBarney and some time as a mortgage broker before that. Overall, nearly a decade in financial services...none of that matters in the life insurance game though. I initially got recruited by northwestern mutual, spent like 3 months there and had to peace out becuase that agency was too recruitment focused. It was obvious. There was however great training on how to develop a book of business (ie tracking activity). I joined MassMutual and found a good agency, plenty of guys who helped me build my book, a few let me call their clients and set annual reviews and let me ride out with them and even split any cases that we sold from that effort. Unfortunatly, my sales manager didnt like the idea of me going out with other agents and we butted heads several times. I eventually had enough of him, and decided to keep building my book elsewhere. I was there just over a year. My idea was that im building my book, i didnt care what life insurance company logo was on my business card, it was my business, therefore i didnt need a boss. I left to join NYL, they placed me into a TAS contract which is basically a bump in commissions with strings attached. Looking back, i shoulve stuck with mm, and heres why...if or when you leave nyl, your book is gone. Your clients get a nice letter right away that your gone, and other agents are calling them. Its insane how fast it happens. At mm, you can go from career agent to broker, keep your trails and still write business with them. At nyl, your trails stop. As far as training, it largely depends on the agency but my experience is that nyl treats its new agents on the TAS contract as 'captives', you cant write outside business unless nyl declines them, and there is no training on products they do not offer (disability, 30 year term, indexed life/annuity). You cant write LTC with outside carriers either until your TAS contract is over, so 3 years. All production goals are based on life insurance sales. And youre expected to sell like 100 policies your first year. Ive actually seen it done. And its not becuase the agent was so naturally gifted in sales. His immediate family included cpa's, p&c agents, and recently retired life agents. He couldnt fail if he tried. So, my take is that youre looking for a simple answer, there isnt one. Keep your head up, its a great biz when its good, its the worst biz when its bad. Spend every moment of every day trying to meet new people. The most important thing on your business card is your name.
     
  5. rousemark
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    rousemark Guru

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    Please use some paragraph breaks when you post a long message. Makes it easier for folks to read.
     
  6. Key2Success
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    Looks like you're the only one with an issue....try reading slower. ;)
     
  7. rousemark
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    rousemark Guru

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    At my age, if I get much slower they will bury me.
     
  8. regularAgent
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    Kris. I am a former NYL. Usually they do not hire many people a year and that is their maximum letter, actually 60% of the agents leave or make them leave NYL before the first six months, another 20% do it after their first year. so only 20% remain, they participate in the contest until their 3er year when they are almost free agents working internally with NYL, they make you participate as a registered representative and sponsor for the series 6 after the first year, which is excellent, if later you know how to use it, not knowing how to use it will be a problem more than a solution, it will open another world of opportunities for you...
    I do not know in person anyone who earns 6MM in NYL, but I would not question it is they built a agency. if he has developed a good portfolio of clients and has understood the game in the area of ​​financial services and has known a number of products that would take him to earn that amount. Usually those agents do not explain it to you when you are inside, they let you know the basics, waiting for to to get more mature in the life insurance business. (Sure there some)

    The partners will love you if you sell and they will hate you if you do not, you feel as if you are always in the casino bidding for a prize. At least I felt that way. You are a number with a little chance if you don't made the numbers (Quotes).
    They always offered mentors in all the meetings, but the mentors or the more experienced ones ask you to request an appointment that they never give you.

    I believe it is the best school you can get in terms of start up and even as a registered representative. If they choose you for working with them.

    NYL University is EXCELLENT, if you use it.

    It is an excellent company, you learn a lot about products.

    NYL use agents and put a substantial amount of money for their preparation as an REP and make you feel that after you, only the heaven.
    It was an excellent experience for me and I am very proud to have passed through that great school-Company.

    At the end I felt it was a time for me to strangle somewhere else and be completely independent.
     
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