Newbie Seeking No Nonsense Answers.

[number_21]

I'm a SF Bay Area native and I've signed a contract with NYL. I just finished my Orientation and am supposed to begin training next week. Up until last night, I was very gung ho about the prospects of meeting the minimum 2 apps/ week $200 in premiums /week.

Between family and friends, I feel I have a pretty descent warm market, but I'm starting to wonder what I should realistically be expecting from this opportunity. My finances aren't the best and I'm a relatively new dad with 2 kids under 4. My leeway for not having a consistent income flow is minimal.

My plan was to stay at my full time gig for now and set up appointments after work and on weekends until I make a descent commission and then quit my full time job.

Is it realistic for me to think I can do this part time for now or do I need to do this full time in order to attempt make this work? I really can't afford a drop in my monthly income level.

Any and all advice is welcome.

Thanks.

 

[Frank Stastny]

Re: Newbie Seeking Non-nonsense Answers.

I think the first thing that is unrealistic is to expect that you are going to sell insurance to your family and friends.

You will end up with virtually no sales and no friends. Your family will look you differently also, or not. haha

This post has been brought to you by the "No Nonsense Answer Dept.".

 

[STIBROKER]

then what happens when you run out of family and friends whats New York Life going to expect .......see ya....thanks for the biz......

 

[Newby]

$200 in premiums per week is $800 per month and with NYL's commission that is $400 minus taxes you would make.

That is a low goal to live on.

 

[WinoBlues]

I'm a SF Bay Area native and I've signed a contract with NYL. I just finished my Orientation and am supposed to begin training next week. Up until last night, I was very gung ho about the prospects of meeting the minimum 2 apps/ week $200 in premiums /week.

Between family and friends, I feel I have a pretty descent warm market, but I'm starting to wonder what I should realistically be expecting from this opportunity. My finances aren't the best and I'm a relatively new dad with 2 kids under 4. My leeway for not having a consistent income flow is minimal.

My plan was to stay at my full time gig for now and set up appointments after work and on weekends until I make a descent commission and then quit my full time job.

Is it realistic for me to think I can do this part time for now or do I need to do this full time in order to attempt make this work? I really can't afford a drop in my monthly income level.

Any and all advice is welcome.

Thanks.

Based on your age and experience. No it is not realistic. $200 of annual premium should be pretty easy though. A couple NYL's 5 year term policies. The problem is you will not make any money at that rate.

As Frank said, Your friends and family will be less than thrilled. You need a plan past them.

You also need to work on your presentation style. Hope that is no nonsense enough.

Edit: "Based on your age and experience." OK, that was a bit of nonsense. Are you a 45 year old Engineer out of the Lab in Livermore? A 21 yr old high school drop out in Richmond? A few more details would help.

 

[LGilmore]

NYL tends to like full time agents. Have you signed a NYL contract or are you working for an agent? In the old NYL days as a newbie usually you were in weekly meetings and training just about every day. Unless NYL has changed I don't see you as part time till you get there.

As others have said, more detail please.

 

[number_21]

Thanks for the replies. More about me, I'm a 40 year old male with a background in the finance groups of several Bay Area software firms. I live in the Peninsula.

When I said $200, I meant $200 in premiums/week so that would be $800 in premiums/month or about $4800 commission.

I know NYLalso offers a monthly "training bonus" for your first 3 years to help along.


So if going at friends and family is so ineffective, why do most companies have you start off with a project 100 or 200 to begin with? Is it more that they will use that list once you end up leaving the business?

Another question is why don't they allow people to do this part time as a supplement for those who still have full time jobs? An extra $1k to $2K a month on top of one's salary would definitely help people get along until they could refine their skills and make more sales.

 

[xrac]

Metlife will offer a 19 week salary. They might be a better fit seeing your need for income. In 19 weeks you should know if you will sink or swim.

 

[magagent]

Yes, they know 98% will fail in the first year so they just want the production and money you can generate for them from your friends and family.

Thanks for the replies. More about me, I'm a 40 year old male with a background in the finance groups of several Bay Area software firms. I live in the Peninsula.

When I said $200, I meant $200 in premiums/week so that would be $800 in premiums/month or about $4800 commission.

I know NYLalso offers a monthly "training bonus" for your first 3 years to help along.


So if going at friends and family is so ineffective, why do most companies have you start off with a project 100 or 200 to begin with? Is it more that they will use that list once you end up leaving the business?

Another question is why don't they allow people to do this part time as a supplement for those who still have full time jobs? An extra $1k to $2K a month on top of one's salary would definitely help people get along until they could refine their skills and make more sales.

 

[VolAgent]

Thanks for the replies. More about me, I'm a 40 year old male with a background in the finance groups of several Bay Area software firms. I live in the Peninsula.

When I said $200, I meant $200 in premiums/week so that would be $800 in premiums/month or about $4800 commission.

I know NYLalso offers a monthly "training bonus" for your first 3 years to help along.


So if going at friends and family is so ineffective, why do most companies have you start off with a project 100 or 200 to begin with? Is it more that they will use that list once you end up leaving the business?

Another question is why don't they allow people to do this part time as a supplement for those who still have full time jobs? An extra $1k to $2K a month on top of one's salary would definitely help people get along until they could refine their skills and make more sales.

The problem is, NYL has a mentality from the 50s, but training from the 00s. They still believe in doing things the old fashioned way, but they have forgotten how to train people to succeed in that way. Done right, you can transition from Project 200 to success, but your manager probably didn't do it, his manager probably didn't do it, and the manager before him probably did a half-ass job of teaching to your manager's manager.

Your job is to talk to enough people a week that you can sit down with, at least 10, and ask them to buy life insurance. Nothing fancier than that. I don't care if you ask them to buy term or whole, just ask them to buy something. Although, I do recommend leading with term. Easier to get them to commit to 50/mo versus 200/mo. Also, if done right, you now have a book of business for conversions.

The hard part is finding at least 10 people a week that will sit down with you. That is where cold calling, cold walking, personal observations and leads come in. You need to find a prospecting source that will keep you busy. Brand new and strapped for cash, steer clear of buying leads.

If you can book 20 appointments a week and keep 10, you can't help but succeed. And these have to be appointments where you are asking someone to buy life insurance, and they have to know it coming into the appointment. No financial planning, insurance consulting, etc. bs. "I am a life insurance agent that works with successful people like you, I'd like to show you what I do." I'd be willing to bet you'd even be the case count leader in that office. There is probably an older timer or two that does more premium, but that should generate 2-4 lives a week for you on a consistent basis.

The hard part is, you've got to get out there and do it. It'll take some miles on the car, gas in the tank and plenty of shoe leather.