Interviewed with New York Life

[cursedbyapollo]

It's real. Whether or not they exercise these "agreements" in the contract depends on whether or not they can make money from enforcing them. By not selling their product and not receiving payment I am not at much risk, although, it turns out they made me an active agent even after leaving the company, so I have to be careful about trying to do business with anyone who has NYL policy in force. The whole thing is a joke. The management just wants to get people signed up so they can collect their bonus, probably. They are working the NYL home office, just like they are working potential agents. It feels great to be independent, that's all I can say. It's not for everyone, but for me I like the freedom.

Assuming you don't have any experience, where did you go to be an independent agent and get good training in sales, products, etc?

 

[cursedbyapollo]

PM me for elaboration on the below. I was an agent for 2 years 10 months.

1. Education was priceless.
2. There's a certain type of person that will make $ at NYL.
3. Over 90% leave within the year.
4. I received a class action lawsuit settlement check.
5. Two people made it big in Norcal offices combined. One was a Nokia executive selling his colleagues. The other was an Asian woman with the largest family known to man, with the need and ability to buy. NYL after 2nd year made her cry at functions after selling her entire family because of the pressure. She now says it is the worst experience in her life.
6. You are given no leads. They are lying to you.
7. If you make money elsewhere they will not pursue you until you get a big client. i.e. I almost made it to year 3. They told me to stop receiving health renewals of a substantial amount when I had 3 private schools totally locked in.

Would I do it again? Yes, because I was so young at the time. If I had a family, no way in hell. You should have seen the eyes of these people when they finally refied their homes so many times to stay in it and then finally left.

The class action lawsuit was because they did not let us have income when in training. In fact I spent thousands in training, going to far away seminars constantly. Then there's the lost opportunity cost of having a real income. They only pay you 50%!

So yes if:

1. You have a huge drive to learn.
2. Have no children or family looking at you with puppy eyes.
3. Have a huge warm market. You need at least 50 solid names. I mean so very solid. You have to have power of authority with this group as well and this group must have a huge ability to buy.
4. Understand that they will force you to have someone next to you your first 5-10. TIP: so you should make those smaller cases first so they don't take all your money.

If you do decide to go: Tips:

1. The education there is endless. It really is. Do not wait for education to do a certain type of app. Just do it like the nike commercial. The more you learn the more you feel you don't know.
2. Do not follow what the other newbies are doing in that call center/ lab rat office they stick you. They chatter and whine and talk about no clients blah blah... Just keep calling and studying.. get your 10 minute and high networth 40 minute appointment scripts down where you can do it with your eyes closed. NYL is huge on procedure.
3. You have to think out of the box. Right away put yourself in a seminar with one of the top dogs in the area. Go to your local business guides of top ceo's. usually have to pay for this. Start calling with a script to get a financial wellness or what have you education for their employees.
4.And finally, if they NYL, push you to get a certain number and your close and they ask you to buy a product to make the numbers or find yourelf buying a product for the 1 year annualized income. It is time to leave.

Hope this helps!

Best in Health,

-S

Hi Consultant,

Do you know anything about the San Jose NYL office. I'm looking to going there but given what's been said in this thread about the quality and types of management at various branches.

I cannot PM you because I'm to new (less than 20 posts), could you please PM me?

A lot say go independent but I have no experience in this area.

Another problem is that I would like to sell B2B & B2C health insurance. Also, general business insurance to small businesses because of a "natural market" I may have. I don't know if NYL will let you or if they do then your commission on these "outside sales" maybe substantially reduced.

Posters are suggesting MassMutual but I've heard the NYL has very good training. Don't know about MassMutual training and they are called Meceli Financial Partners around the South Bay.

Maybe I just need to make an appointment and have a look around.

-C

 

[BNTRS]

Hi Consultant,

Do you know anything about the San Jose NYL office. I'm looking to going there but given what's been said in this thread about the quality and types of management at various branches.

I cannot PM you because I'm to new (less than 20 posts), could you please PM me?

A lot say go independent but I have no experience in this area.

Another problem is that I would like to sell B2B & B2C health insurance. Also, general business insurance to small businesses because of a "natural market" I may have. I don't know if NYL will let you or if they do then your commission on these "outside sales" maybe substantially reduced.

Posters are suggesting MassMutual but I've heard the NYL has very good training. Don't know about MassMutual training and they are called Meceli Financial Partners around the South Bay.

Maybe I just need to make an appointment and have a look around.

-C

I can't really see NYlife being you company of choice if you are looking for a lot of business owner business. NYLife likes to talk about this segment of the market a lot, but there actually focus on it is small in my experience.

NYLife does seem to have a healthy amount of training available and I know agents who started there who had their LUTCF classes paid completely by NYLife.

But...

Based on what you are talking about I'd look at Massmutual and the Guardian if you want a major mutual who has a strong focus on business products. These companies will also care the least about you participation in the health insurance market.

Since both are General Agency style companies rather than management style companies there's is no continuity among offices owned by different GA's. Mass has in recent years pulled back from the GA style and might be a tad different.

As you've stated, schedule some interviews with several and see which one you like.

 

[grandmaagent]

Greeting all,

Fairly new to the industry, spent less than a year with Farmers and now looking to jump back in. I interviewed with NYL yesterday and was pleasantly surprised at how excited I was when I left the office. I am just looking for any opinions of current and/or former agents of them. Here is what I think:

- I was happy that they didn't come across with the "your going to make six figures the first year." He was very up front and truthful about this not being easy, it would require a lot of work and determination (which I know) and that this could be a lucrative and rewarding career for the right person.

- I believe that having the NYL name on your business card could only help in the sales process. As Herb Brooks once said, "The name on the front of the jersey is a hell of a lot more important than the one on the back." Oh, come on, we gotta have some hockey fans here.

- The training program seemed to be set up to get you out selling as quickly as possible, not going to make any money sitting in a classroom. and the incentive based training pay is a nice feature, as long as you're prodicing.

- I geuss the only negative that I can think of right now, but I'm sure I'll come up with more is if selling strictly life insurance at the current time can get me off my feet.

Well, that's the short list. I'm looking at this opportunity with eyes wide open and looking for any feedback, good or bad.

Thanks
Craig

I worked 18 months at NYL loved it. Training is top notch, and yes handing out your card with the name New York Life is confident building because NYL is known by everyone. It's like apple pie.
Now for the negative; and I don't blame NYL for my not being able to live up to expectations, but yes they demand production and being new in the business I couldn't meet production expectations. Every 3 months your under the gun no matter how well you might have done the previous quarter. You certainly can't rest on your laurels there. I didn't want to leave but I fekt it best to leave before they asked me to.

I think you will like it. For sure you're gonna learn what the insurance industry is all about. Oh yea, one more negative great products but a little pricey.

 

[Norwayguy]

I worked 18 months at NYL loved it. Training is top notch, and yes handing out your card with the name New York Life is confident building because NYL is known by everyone. It's like apple pie.
Now for the negative; and I don't blame NYL for my not being able to live up to expectations, but yes they demand production and being new in the business I couldn't meet production expectations. Every 3 months your under the gun no matter how well you might have done the previous quarter. You certainly can't rest on your laurels there. I didn't want to leave but I fekt it best to leave before they asked me to.

I think you will like it. For sure you're gonna learn what the insurance industry is all about. Oh yea, one more negative great products but a little pricey.

I think he made his decision 3 years ago. Its funny everyone that walked by the NYL office I worked at asked if NYL was like LIFE magazine.....not everyone knows NYL.

 

[BNTRS]

I think he made his decision 3 years ago. Its funny everyone that walked by the NYL office I worked at asked if NYL was like LIFE magazine.....not everyone knows NYL.

Hahaha, when I mentioned I once worked for the Guardian to someone, they thought I was talking about the British media company.

 

[WinoBlues]

What kinda guy picks on a Grandma. Better watch out. Watch your Toodles.

I think he made his decision 3 years ago. Its funny everyone that walked by the NYL office I worked at asked if NYL was like LIFE magazine.....not everyone knows NYL.

 

[Norwayguy]

Hahaha, when I mentioned I once worked for the Guardian to someone, they thought I was talking about the British media company.

Or in todays worls they might say "Like the Movie" and you could say that yes you do save peoples families but in a different way.

 

[tlmarketing]

 

[Mark]

Image:

I want to see like 5th year or something.