Hoping to swing my first deal!!!

[somarco]

Non-participating could kind of be viewed as a permanent, level-premium term, in effect?

No.

The best yet was my recruiting manager telling me to look the other way on a potential forgery, but "don't say anything, because you'll be fired".

And thes are the kind of folks you trust to teach you the right way to sell life insurance?

Can you say E&O?

How long can your family go without an income while you are spending time in a 9 x 12 with some guy named Bubba?

 

[NHB_MMA]

No.

Well, I assume it has level premiums, no cash value, terminates if you don't pay the premium. If so, it would seem like it would have a "permanent term" effect, though I understand it's whole life. What am I missing?

And thes are the kind of folks you trust to teach you the right way to sell life insurance?

I'm not exactly happy about the situation I'm in. As Nak said on the old forum, you pretty much get one, maybe two, shots in the financial services industry with the big boys. So, I am squandering some resources if I walk away. Many of the other guys I've met seem awesome and I really wish they had found me instead of the guy that did.

 

[MIBizInsurance]

"you pretty much get one, maybe two, shots in the financial services industry with the big boys."


This is true on the financial planning side more so then insurance. No matter what they tell you a Life licence or a 6/66 does not make you a financial advisor.

You will find a "merry go round" like movement of insurance pro's.

They move from Mass-NYL-Guardian-NWM-Back to Mass....etc.

You get the point.

If you were speaking of Goldman Sach's or Merrill then I would say you were in a pickle as where the hell do you go from there?

Your only choice's would be to go Indy, second tier out fit (H&R Block..etc)or a Bank.

My point - Don't stay there if your not happy.

Edit: The main reason to go at an outfit like NYL is for the training. If it suck well...

At very least have an exit plan.

 

[somarco]

I assume it has level premiums, no cash value, terminates if you don't pay the premium

You assume incorrectly.

What am I missing?

Just all the rudiments of the plan.

Non-par plans pay no dividends. They do not participate in the company surplus. Other than that, they are just like par plans.

Of course if you want to get technical, UL, IAUL, ISL, VUL and all the other "new" products are also non-par.

 

[NHB_MMA]

This is true on the financial planning side more so then insurance. No matter what they tell you a Life licence or a 6/66 does not make you a financial advisor.

Yeah, we're actually not allowed to call ourselves financial advisors, planners, etc.

They move from Mass-NYL-Guardian-NWM-Back to Mass....etc.

Yeah, I know guys will bounce from one company to another, but usually after 3-5 years and there is no non-compete to worry about. I mean, I don't think if I walk away I will get any offers from other large life companies in my situation.

Your only choice's would be to go Indy, second tier out fit (H&R Block..etc)or a Bank.

Indy is just not an option with such little experience and knowledge. A second tier outfit might be.

My point - Don't stay there if your not happy.

I don't want to abandon it yet. The issue is only with one guy, not the company. NYL is a great company and the training in the insurance industry as a whole is awful. I don't think it's going to be any better anywhere else in terms of training and not much better in terms of product offering (among large companies). The reality is that if I get rolling and make this thing work, I won't go into the office much at all, and will minimize supervisory contact.

 

[STIBROKER]

Why and the hell do you want to try to make a living selling life insurance to begain with....but at any rate this thread reminds me of my first glass egg at met when I first started.......My wife was working for a design firm and the newly hired book keeper was talking with my wife and asked what does your husband do....(I was so green have not put ink on paper yet)...so she launch's into this story how she is the niece of Red Adair and she was willing to take out a million wl and said she could get me into her family that lives in houston.....ran rates followed up....followed up....followed up....was even told that she was trying to make plans to meet her family at thier beach house in galveston....man she strung me on for about 2 and a half mo's.......turns out she was crazy and was stealing money from the co. and got fired.....

 

[MIBizInsurance]

"Your only choice's would be to go Indy, second tier out fit (H&R Block..etc)or a Bank."


The above statement was geared towards the financial planning/securities field.

They frown on firm hopping. If you couldn't make it at AG Edwards how will you at Smith Barney?

Hell insurance companies will take pretty much any live body with a list of names to hound. Personally don't think much of NYL as they try to use life as an investment/ retirement vehicle.

Of course this is all done with a .../wink.

That my friend will get you in court and your manager will of course blame you.

Sure there are folks making 80k+ but they also spend tens of thousands on marketing and seminars so take that with a grain of salt.

Here is a good story for you-


http://registeredrep.com/mag/finance_scary_story/index.html

 

[MIBizInsurance]

To touch on what Scott wrote-

As I replied on the other board you will want to deal with high worth clients.

Those clients will take (probaly) your proposal to their CPA, lawyer or /gasp their Financial advisor. They do not take buying any financial product lightly.

When they do your sale is all but gone.

Be prepared. The best way to avoid this is to team up with those pro's. Easier said then done.

I do wish you best of luck as underestand its a ruff road.

Any field in insurance sales is tuff but some more so then others as STI hit on.

 

[NHB_MMA]

Personally don't think much of NYL as they try to use life as an investment/ retirement vehicle.

Of course this is all done with a .../wink.

That my friend will get you in court and your manager will of course blame you.

Well, I have my own beliefs and ethics and I will not cross them. In no way will I suggest to a person that they fund their retirement primarily through life insurance. There are some exceptions to this when some individuals should consider having a greater percentage of their retirement planning through whole life than the average person. For example, an agent I know presented the idea of putting $4,000 per month in a WL policy for a married couple where both are physicians, because they liked the fact that WL is shielded from creditors and one can see how it would apply for their situation. I'm sure that is not the only planning they have done, but their CPA gave the idea a green light.

The bottom line is whatever the client is comfortable with. When dealing with younger clients term costs roughly about 8-10 times what permanent insurance runs. Yet, if they qualify for insurance, there is about a 1%-2% chance that they'll die before age 65. At that point, you're at the age where term is going to cost you more than permanent would have and it becomes unaffordable for most. So, it boils down to would the client rather have a 3%-6% return on a permanent premium, or a 98% chance that his lower premium will end up paying out nothing? Different people have different ideas and it all comes down to when they tell you what they want, say "I can do that" with a smile. The first and foremost thing is to make sure that whatever amount of coverage is needed is taken care of. You're not a scumbag for selling somebody 250K WL and 750 term if they need 1M in coverage. You're a scumbag if you sell somebody 350K WL if they need 1M in coverage.

I personally don't understand the tight restrictions on calling WL or UL as an investment. The NAIC has more important things to worry about such as agents from that imfamous organization replacing major medical insurance with limited room & board plans. The reality is that these products provide a return on the money. It's a conservative, relatively low yield product, but it does provide a return. Not as much as mutual funds, on average, but nowhere near as far from mutual funds as some project either. Most of the WL bashers sit there and talk about 10%, 12%, and even 15% on mutual funds as if these returns are realistic over a lifetime, let alone in after-tax dollars. What is more/less ethical: to sit down with a client and show a WL project using a 4% illustration or to sit down and convince them you're going to get them 12% over the next 30 years? Comparing WL to market investments is not an apples to apples comparison, because there is not real risk in WL with a strong, solid company. Anyone that thinks WL/UL is worthless should certainly have no use for bank products such as CDs, but I doubt they would go so far as to call the sale of the products as sleazy.

VERDICT: Only an *** would plan on using permanent life insurance as the core element of his retirement planning and only a crook would sell permanent life as the core of a retirement plan. That being said permanent insurance is a conservative asset that can be one piece of the solution for future planning.

 

[NHB_MMA]

Those clients will take (probaly) your proposal to their CPA, lawyer or /gasp their Financial advisor. They do not take buying any financial product lightly.

Unfortunately, I do not have inroads to people with serious money. The best I can hope for is some annuity products sales to some seniors, in terms of large commissions. I'm not going to be like the one guy in the NYL office, a young kid that wrote a 40K per month premium :shock: WL policy on a corporate executive. That's just reality.

I know this will be tough, especially since I have some ethics and will not take every last disposable income dollar towards WL. I appreciate all the advice I get on this board and wish luck to you too, as well as STI and rest of you all.