Northern Mutual Vs Guardian Life Vs NY Life

[Full Throttle]

That is what I am looking for. Working for a company that allows to to source leads in my own way but also get help from the company when needed.

If you produce, they won't care how you do it. That being said, if you don't start producing immediately, they will want you doing it their way. And who can blame them, they are paying your overhead and have the experience of seeing thousands of reps start out.

You are responsible for finding your own prospects (90% of the job), builidng trust, finding problems, and getting them to take action to solve them. If you fail or succeed is all on you, no one else. My suggestion, be coachable and do as your told until you have enough experience to find a "better way".

 

[DRJCBPA]

Can anyone weigh in on the compensation with those three companies: NML, Guardian, and NY Life. Assuming an agent does $200,000 premium a year, I know NML offers and enhanced payout for the first three... but for the long haul who will take care of the agent best. Pension, renewals, expense allowance, etc.... More interested in NML and Guardian; not NY Life.

Thanks,

 

[CFP83]

Can anyone weigh in on the compensation with those three companies: NML, Guardian, and NY Life. Assuming an agent does $200,000 premium a year, I know NML offers and enhanced payout for the first three... but for the long haul who will take care of the agent best. Pension, renewals, expense allowance, etc.... More interested in NML and Guardian; not NY Life.

Thanks,

If you stay with the company for life, Guardian has the best contract of those mentioned....their renewal package makes their agents contract by far the best deal in the career agent world.

However, the best overall compensation package will be determined by who gives you the best "allowance" package. All the above companies will give you virtually the same base first year commission on a sale.....around 50-55%. However, each General Agent will negotiate your expense allowance on top of this. I can tell you from first hand experience that with Northwestern your base first year commission plus expense allowance will average out to be no greater than 65% regardless of whatever GA you contract through. However, with Guardian and Mass Mutual I've seen advisors get as high as 100% total first year compensation, with allowance. The more you produce the more over-rides a General Agent will be willing to give back to you.

Long story short, Guardian and Mass Mutual will blow away Northwestern Mutual and NYL in terms of total compensation to the agent.

 

[VolAgent]

Long story short, Guardian and Mass Mutual will blow away Northwestern Mutual and NYL in terms of total compensation to the agent.

With Mass you really don't have to negotiate anything. The allowance schedule is all spelled out by the company. The only things left to negotiate with the GA are office and rent expenses. If you are a really big producer, you might try talking the GA out of even more money, but no idea how that would work out.

 

[slammedC6]

Re: Northwestern Mutual Vs Guardian Life Vs NY Life

i would choose guardian

 

[xrac]

Re: Northwestern Mutual Vs Guardian Life Vs NY Life

i would choose guardian

Guardian or MM.

 

[BNTRS]

Guardian pays the longest renewals, life of policy. Mass has a nicer offer starting out. As CFP83 pointed out expense allowances will vary and can be the deal breaker depending on whom you talk to.

Neither one has an awesome broker/dealer (both will want you to be a member), but I think the edge goes to Mass.

If you produce DI at guardian you'll really love your renewals.

 

[DRJCBPA]

Is it true that NML limits own occ to 24 months on DI contracts even for specialty occs like surgeons or trial attorneys, while Guardian writes own occ to age 67.

 

[VolAgent]

Pretty much. MassMutual also does own occ on the base contract to age 65 or 67. Mass even lets you put a rider on that will let someone work in another field for income and still receive benefits. Not sure what if anything Guardian does in a similiar situation.

 

[BNTRS]

Is it true that NML limits own occ to 24 months on DI contracts even for specialty occs like surgeons or trial attorneys, while Guardian writes own occ to age 67.

Not entirely accurate depiction. Own occ is a rider at NML, and it's only allowed for 24 months for certain specialities, like surgeons.

Guardian's definition of disability is own occ from the base of the policy, so no rider, and no restriction.

Mass even lets you put a rider on that will let someone work in another field for income and still receive benefits.

That would be how own occ works. Guardian's contract will do the same. Guardian also does not limit for mental nervous disorders or substance abuse related disabilities.