How's Your Experience with New York Life?

Aug 8, 2016

  1. insurance82
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    insurance82 New Member

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    Anyone can share their experience with NYL? Last week NYL agent called me for an interview, a short 30 minute info session. Currently I'm looking for a job, so at first didn't give much thought about it. I had nothing to loose so I went to meet him and interview go better than I expected. Now I have second round interview coming this week. I would like to hear from agents and/or know someone who worked with NYL. I never sold any type of financial products in my life. To build a career, selling financial products sound exciting but at the same time have heard some horrible stories how failing rate is high and it can take years to build a book of business. I would like to know the reality of selling Life Insurance and other financial products. This site has a huge database and it can take hours to navigate all the details so please excuse me for making this post.
    Few questions come up in my mind right now:

    How difficult is to make a first year living by selling Life Insurance? I have some entrepreneur experience in retail (convenience and liquor store) and hospitality (run a family owned hotel).

    How long did you stay with NYL or any other company before going out on your own? Did it work in your favor?

    Any suggestions/feedbacks would be greatly appreciated.
     
  2. insurance82
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    insurance82 New Member

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    I'm still part of family business. so some equity share and $12K per year salary.
    I do want to move on from family business and create my own path.
     
  3. BYSFG
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    BYSFG Super Genius

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    First year is going to be though.

    Personally, Id say if you work hard, you may break 15-30k the first year?
    Thats taking into consideration the learning curve and taking the time to get licensed.

    From NYL agents that Ive spoken with, it seems NYL has some sort of base salary until you make your first commission so theyve got that going for them, if thats true -or along those lines.
     
    BYSFG, Aug 8, 2016
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  4. pcbinsurance
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    pcbinsurance Guru

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    Hey Ho.....what kind of question is that? If you don't know about NYL, keep your pie hole shut.
     
  5. SuperWoman
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    SuperWoman Super Genius

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    I just left NYL after a year, to go independent.I knew from day one it would just be a teaching position, not a career job with them. Here are my high-lights:

    1. You got to do it full time. They will direct your training and require you to adhere to their schedule, attend all corporate meetings, and tow the company line. They rule you by your neck, especially if you are new to sales and have no self-driven/sales experience. If you are green, they will micro manage you. (Even if you are not, till you tell them to stop).

    2. If you do go with a big life company, NYL is the one to choose due to their training allowance called a TAS. They match your comission 80% your first FYC year.

    3. It's sales. Prepare your family and friends, they will be your first clients. After that, you gotta canvas A LOT!1

    4. They are behind the times with technology and there is a lot of inner-grumbling and high turn over at the upper local management level (MP's) so the rules change everytime a new boss comes in.

    Google this forum for "NYL" or New York Life and you will get more info. Good luck!
     
  6. FireDragon
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    FireDragon Expert

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    Good info! I would just add that their products are too expensive and their WL is pretty good but won't stand up against a company like Mass. I think the support they provide for agents is pretty good but if I didn't have a book when I started there I don't know how I would have found leads using their vague "use social media" push.
     
  7. moretrax
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    moretrax Super Genius

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    Shortly after I got my license, I interviewed with the office in my city. Two of their managers spoke with me: one was relaxed and we had an enjoyable conversation. The other was full of himself and had such a big chip on his shoulder he couldn't stand up straight.
     
    moretrax, Aug 13, 2016
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  8. Dan Win
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    Dan Win New Member

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    Remember folks, you’re going the Captive route which is something to consider.
     
    Dan Win, Jul 12, 2018
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  9. LGilmore
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    LGilmore Guru

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    Spent a decade with NYL. Depending on the office (true with all companies) it can be a great place or a hell hole, no matter whose logo is on the door.

    Right now, you're being groomed by a sales manager. You're wonderful, the best I've ever come across, I need you in my life.... by the way really good lines in a pick up bar too.
    Understand you're being courted, but you're a production number. If you make it great, if you don't, they don't care as you are a production number.

    So as they look at you, you'd better look them over really well too. Not at the company level, but at the office level where you'd be working. Does anybody smile there? Are there agents from every year working there for the last decade? Do they have a product trainer? Are they any good?

    Even though captive through NYL, it is your business. That is true with anybody. You either fail or succeed on your own. You use them to learn and to help you. You are not hourly or salary, you are production and the last to be paid. Can you deal with that?

    A lot of this advice I didn't follow myself, which is why I share it now. I should have looked better, trusted my gut. I didn't and basically over time I soured on my office. I still own NYL policies as they are great, they do what I expected them to. But I had 3 sales managers in 10 years, the first one was fired, the 2nd led out of his office by company security and the last one, who is pretty good, is still there over 20 years later. Maybe had he been there first, I would still be there too.

    You have to look around the office you're going to work from. The more wonderful they tell you things are and how you'll do, is a real indicator you're in a bad office.
     
    LGilmore, Jul 13, 2018
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  10. zwcoop
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    zwcoop Expert

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    Is it true that NYL will only consider cases for brokers that are >20K in annual premium?
     
    zwcoop, Jul 16, 2018
    #10
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