New York Life or State Farm???

[iniego]

I am very new to the insurance industry and have been rigorously pursued by both State Farm and NY Life. There seem to be pluses and minuses to both. I'm not really enamored with being independent as I have no experience in the industry. I acknowledge that the SF contract is not all that, but on the training end they seem to be squared away. The NY Life Office Manager calls daily and seems to have his "stuff in one sock" Any Advice?

 

[OregonNewbie]

Well, it kind of depends. What type of insurance are you wanting to sell? New York Life sells life and such whereas State Farm also sells p&c. I say to decide on what you want to sell and go from there.

I know if it were me personally I'd choose NY Life. I've heard good things about them and know they are a bit more selective with who they hire. That to me speaks volumes. Commissions are higher with life insurance as well.

Just my 02.

 

[jacobtn]

NOTA (None of the above)

 

[LGilmore]

While both are great companies, it's going to come down to your gut feel at the office level as to which is better for you. I had a decade with NYL and the training was great, but the office was horrible. So, I am basically sharing my mistake in judgment to you to help you avoid a mistake.

Things to look for is how many agents are 1,2,3,4 and 5 years in with the office? What is the office environment like? Can you speak to a few agents and get feedback privately?

An agent can make it just about anywhere, but it is easier if the fit is good from the start.

Remember sales managers are like pimps. They woo you to get you in, but very quickly it becomes " b itch! where's my apps?"

Everybody loves you when you're doing well. How do they treat you when you aren't?

 

[scagnt83]

The last time I checked state farms contract it was grossly in favor of the Agency, not the agent. NYL without a doubt.

 

[OregonNewbie]

Everybody loves you when you're doing well. How do they treat you when you aren't?

Great words of wisdom!

 

[xrac]

The last time I checked state farms contract it was grossly in favor of the Agency, not the agent. NYL without a doubt.

I vote with scagnt83 for the same reasons. However, check out MM, Guardian, and Metlife before you sign on. If SF and NYL want you so will they.

 

[blue_wynd]

Remember sales managers are like pimps. They woo you to get you in, but very quickly it becomes " b itch! where's my apps?"

I loled. Yes, I get amused easily.
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I am very new to the insurance industry and have been rigorously pursued by both State Farm and NY Life. There seem to be pluses and minuses to both. I'm not really enamored with being independent as I have no experience in the industry. I acknowledge that the SF contract is not all that, but on the training end they seem to be squared away. The NY Life Office Manager calls daily and seems to have his "stuff in one sock" Any Advice?

If you want to go captive for P & C, go with liberty mutual. Heard good things about them for training and whatnot. For life, I agreed that it depends on the office. NYL, Guardian, MM, NWL can work.

 

[indywithavision]

Oh, what an opportunity.

This is like comparing apples to oranges they are two completely different opportunities.

State Farm is great with training and if you're interviewing for agency and not to work in one then it can be a great way to go. Most of their new agents make it for the long term. You'll get your 6&63 and have a few mutual fund options and they'll push for life and mf production in addition to p&c. You'll be able to meet the needs of the average Joe and Betty client. Comparing State Farm to NYL doesn't work, compare it to Farmers or Allstate.

New York Life is the way to go if you want to be an advisor. If you're insurance only you'll need a great marketing plan but you can make it work. They pay 55% plus a complicated bonus structure on Whole Life and 50% on term. These numbers aren't great but in exchange for training they can be worth it. Before you sign on the dotted line call up Mass Mutual, Ohio National, Guardian, Penn Mutual, North Western Mutual, and Met Life. Some of them offer independent or broker contracts. Ask your NYL recruiter how many agents hired in 2012 are still succeeding. If being an advisor is more important than being a life agent you may want to consider applying to the big financial firms like the Principal, you'll still be able to do insurance but you will be more free to make your focus.

 

[iniego]

Great Advice Thanks!