New York Life Competitive ?

[WinoBlues]

Not to mention that they will fight like hell on replacing their policies...even if those policies are several years old.

Very good point. Anytime I have replaced they they fight. I started at large Mutual during a time when the Coach was targeting us big time. I used to love doing the face to face conservation meetings.

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If he's tabled, Banner or AG will destroy NY Life on price.

Ditto, and If it is due to build Prudential has some pretty liberal build tables and carries a name to equal NYL

 

[lovin the job]

Has anyone left NYL and had problems replacing their client's policies with another company?

 

[Norwayguy]

Has anyone left NYL and had problems replacing their client's policies with another company?

You mean besides your contract saying you can't.

 

[lovin the job]

If it's in the best interest of the client then what can they do?

 

[LGilmore]

The risk you run isn't from NYL it's from your OIC. It's called churning. You'd be hard pressed to prove a better situation than one of the top companies in the business. There's nothing here anybody's going to post to change your mind, it's a risk you take, maybe you get in trouble maybe you don't.

 

[TheCaspian]

There is a reason we fight like hell. First year commission isn't great, but you are well rewarded on the back end if you keep the policy in force.

And yes our underwriting is quite strict, but I always use that as a selling point (with healthy clients obviously)

As for competing against us, I have found Transamerica or TIAA is usually cheaper, has decent conversion options, and a great comdex score

 

[LGilmore]

You know another reason to think about if you haven't yet in these situations is that you've already sat down with these clients and put them in the best situation they could "be". Now, you don't work there anymore and you have a "new better" place that was there before when you placed them the first time.

How creditable are you as an agent at that point? What happens a year after you placed them with this new company?

I left NYL over 15 years ago. Left a lot of clients behind as I had put them in the best place they could be, the first time. Still feel that way. Still do "new" business with a lot of them. Haven't replaced the old business. It's a matter of trust between agent and client. IF you're just replacing to get paid, at some point, they're going to figure it out.

How many times can you sell the "best place for them to be?"

 

[MIM]

You know another reason to think about if you haven't yet in these situations is that you've already sat down with these clients and put them in the best situation they could "be". Now, you don't work there anymore and you have a "new better" place that was there before when you placed them the first time.

How creditable are you as an agent at that point? What happens a year after you placed them with this new company?

I left NYL over 15 years ago. Left a lot of clients behind as I had put them in the best place they could be, the first time. Still feel that way. Still do "new" business with a lot of them. Haven't replaced the old business. It's a matter of trust between agent and client. IF you're just replacing to get paid, at some point, they're going to figure it out.

How many times can you sell the "best place for them to be?"

Very good point. I feel the same way.


MIM

 

[lovin the job]

I am replacing NYL policies for a couple of reasons. Any clients that had yearly convertible term are better off price wise moving to a 10 year term with new company. Another reason to switch is that they now have the ability to convert to an IUL that allows them to build a retirement income that lessens the fees and taxes later in life. NYL doesn't have a comparible product.
I loved NYL, the training was the best in the industry. What I hated was the volume of unqualified people that came through the door. They also nickel and dime you to death, over $450/month for office rent and copier WiFi, etc.

 

[bluemarlin08]

NYL clients with their term is as easy to replace as clients with State Farm or Primerica. They are never competitive.