NYL Captive Worth It?

[mikedalton]

Hi, This is my first post! I 'm pretty new agent. Been in the biz 9 months. I've been focused on Med Advantage mainly and have written 60 deals. When Obamacare came out, I got in that boat and did 115 deals. Now, I have met with and filled out an app for New York Life and they want to talk to me about being a captive agent with them. It already sounds like some smoke and mirror game as they keep talking about the $36,000 worth of stuff they're gonna give me (training). I'd really prefer to stick with med advantage as its easy to give it away in south Georgia, but the way they've changed the way they pay makes it difficult for a new agent till renewals start coming in January. I'm contracted with Mutual of Omaha, Americo, Oxford, Foresters, and Monumental. But, I've not written any FE as of yet so I really don't have a clue what is what in that department. I really need something to go along with med advantage for my fellow poor folk down here and I'm not sure that NYL is my answer. They may let me do some kind of non captive agent thing if they feel I have enough experience. Does anybody have any thoughts on NYL or advice on the best product to offer besides med advantage in a disadvantaged area like south ga?

 

[RyanCO]

Well, the short answer is that if you look at a job like NYL as an add-on to other things, it just isn't going to work. They'll expect you to devote 50-60 hours a week to it, and that's perfectly reasonable. Plus, NYL will expect you to sell a lot of whole life, and if your area is low income that probably isn't going to work, either.

If you have doubts, and it's clear that you do, I'd suggest focusing on one area and one area alone. If you're comfortable with the middle to lower-income market, I'd recommend focusing on that and becoming an expert on MA, FE, Supps and life, at least for now.

NYL is a serious, full-time, higher-end career that has to occupy all your time and effort.

 

[LGilmore]

From reading your post I don't think you'd be a good fit. It isn't that you're selling other stuff, it's that your focus seems to be on products NYL doesn't really support. NYL is Life insurance first, second and third. That's their bread and butter.

When I was with them, they offered about 65 different products but still wanted you to sell life. Like you, I wanted to sell all sorts of stuff along with life. Well for a few years it worked great, then NYL began to whittle down their product list and/or changing the value those products counted towards production. Eventually, NYL stopped counting about half my production towards their standards. We parted ways a long while back.

So if your plan is to sell what you're currently selling now, not a good move for you. The sales manager that is recruiting you is blowing smoke up your backside. Why? He has numbers to hit too. From how you describe yourself, he should know this, but you count towards his head count. Sales managers are like guys at 2 am closing time.... Everybody looks good then.

 

[mikedalton]

Thanks so much on your responses. I told the NYL mgr I was gonna stick to what I was doing for now till I had done enough biz to contract with them without being captive.

 

[hongwfg]

I would suggest you stay with Med Advantage, and switch over to being an independent agent if you are not one already. It gives you a chance to be appointed with different providers which allows you to be able to bring the best for the clients as you are able to bring them the best of the best, not just in med advantage but in life, health, retirement planning, college planning, and final expense planning. All in all, you can entirely help your clients with the whole financial spectrum, and you sleep well at night knowing you services them correctly. However that is if you find yourself a good mentor that is diversify in all areas and able to train you.

 

[MichaelBurton]

Solid advice on this thread. And a willing listener, too!

Momentum is such a precious thing in this industry. In any industry. Any sales job.

Glad to see you are making a decision to maintain yours. At your stage, that is so rare. Good luck!

 

[insurance404]

I completely agree! Stick with an area you are great at and specialize in no more than 3 areas. You can do more than 3, yet found people listen to me more when I do this...then send them over to another agent for additional services. I get commissions from them and I pay other agents commissions as well for business passed.