NYL, MassMutual or Guardian

Mar 29, 2016

  1. Charlie456
    Offline

    Charlie456 Expert

    Posts:
    87
    Likes Received:
    0
    State:
    Massachusetts
    Which company has the best benefits package for their agents?
     
  2. scagnt83
    Offline

    scagnt83 Worldwide Expert of Everything

    Posts:
    6,940
    Likes Received:
    460
    State:
    South Carolina
    They all are about the same generally speaking. But benefits dont mean jack if you do not succeed in the biz. The more important question is to ask which company/office is the best fit for you and will lead you to a successful career.

    You can be successful at any of the 3. Go with the one that you get the best vibe from. Ask lots of questions, especially about training. Ask to sit in on one of their training sessions. Ask about office expenses. Ask about expectations when it comes to getting your securities license.

    Generally speaking, I would go with Guardian or Mass over NYL. But NYL is known for more regimented training vs. the other two. I started at NYL and the training at my office was excellent. But it all depends on the management at that particular office. There are really excellent offices at all 3 of those companies, there are also really crappy offices at all 3 of those companies.

    Mass has the most comprehensive product line out of the 3. Followed by Guardian. So all things being equal I would probably go with MM over the other 2. But I would look at a career shop as a stepping stone to becoming an independent agent. jmo
     
    scagnt83, Mar 29, 2016
    #2
  3. LGilmore
    Offline

    LGilmore Guru

    Posts:
    4,101
    Likes Received:
    149
    State:
    Washington
    Very much in agreement with Scagent83 on this. All three are top notch companies. All three have great offices and pits from hell offices. While you will represent the company, you will live and work with the local office. Choose wisely as that local office can help you or hurt you in this business.

    I too spent a decade with NYL and their training is top notch. I also went through 3 sales managers during that time. The first two weren't good people and one was given the "you have 5 minutes to leave" thing.

    The first two made you want to shower off the slime after meetings. The last guy and I think he's still there 20 years later is a different guy. Had he been there from the start, I might still be a NYL guy.

    Listen very closely when agents tell you to check out the local office. We aren't saying that because we did, we're saying that because we really didn't look as hard as we should have. It's the main piece of advice I wish somebody had told me about 30 years ago now.

    Think of it as the cup in the Indiana Jones movie... choose wisely.
     
    LGilmore, Mar 29, 2016
    #3
  4. Charlie456
    Offline

    Charlie456 Expert

    Posts:
    87
    Likes Received:
    0
    State:
    Massachusetts
    I've done the other work. Comparing the companies is just one of many factors, but I've already investigated the other factors.
     
  5. DHK
    Offline

    DHK "YOU CAN'T HANDLE THE TRUTH!"

    Posts:
    7,848
    Likes Received:
    1,661
    State:
    California
    I don't know about Guardian on this, but with MassMutual purchasing the MetLife agent force and offering MetLife Indexed Annuities through MassMutual... that would be my vote.

    Actually, I take that back. Guardian has a new indexed interest option on their Whole Life... so that would be a decent product for consideration as well.

    I know NYL doesn't allow any indexed products of any kind for their salesforce.


    Now, as far as employee benefits, I had health insurance on day 1 at MassMutual - at 50% my cost, if I remember correctly. I think dental, vision, and group life (with the option to purchase additional units) was also part of the employee benefit package.
     
    DHK, Mar 29, 2016
    #5
  6. DWPCL
    Offline

    DWPCL Super Genius

    Posts:
    126
    Likes Received:
    4
    Guardian allows the sale of IUL through one of their subsidiaries. They have several index annuities that are "approved" but its not that great of a list.

    Mass has some fantastic products and their "illusions" are putting guardian to shame right now. Its funny how they are changing their tune about index annuities now. They have the best long term care product on the market.

    I think they are both the same as far as benefits go. Health, pension, 401k match etc are offered by both.

    Underwriting is much more lenient on the life side at Guardian which depending on your target market can be huge.
     
    DWPCL, Mar 29, 2016
    #6
  7. scagnt83
    Offline

    scagnt83 Worldwide Expert of Everything

    Posts:
    6,940
    Likes Received:
    460
    State:
    South Carolina
    Investigating other factors would mean you have interviewed at all 3 offices. If that is true, then you would have been given details on the benefits packages if the interview went well... which means you would not need to post this question.
     
    scagnt83, Mar 29, 2016
    #7
  8. Charlie456
    Offline

    Charlie456 Expert

    Posts:
    87
    Likes Received:
    0
    State:
    Massachusetts
    scagent,

    I just asked a simple question. While I appreciate you taking the time to respond, you instantly dismissed my question and told me what my question should be. The problem is you don't know anything about my situation, making tons of wrong assumptions. I'm not a new agent. I know the people and offices very well, as I've done business with them. Just don't know about all of the benefits yet because I wanted to be better informed before I had the conversations.
     
    Last edited: Mar 30, 2016
  9. scagnt83
    Offline

    scagnt83 Worldwide Expert of Everything

    Posts:
    6,940
    Likes Received:
    460
    State:
    South Carolina
    I dismissed your question because any agent who has worked in that environment before knows that it is a fairly irrelevant question in consideration of all the other things I mentioned.

    And technically I did give you an answer to your question... all 3 have a very similar benefits package. But the benefits and agent contracts change. NYL has had over 10 or 11 versions of agent contracts over the years, and they all had different retirement benefits. So the only way to know the exact specifics of what they are currently offering for their career contract is to interview and ask them. They all will offer Health/Dental/Vision/Life/401k/Pension. There will not be any huge differences between the 3 when it comes to benefits. They are each others competition so they all keep the benefits competitive with each other.

    But knowing people or even doing business with people at those offices is different from working there. I stand by my statement that if you have not sat down for a formal interview with all 3... then you have not "done the other work" yet. And doing that work will give you the answer your looking for. But good luck to you in the career channel.
     
    Last edited: Mar 30, 2016
    scagnt83, Mar 30, 2016
    #9
  10. walthamny
    Offline

    walthamny Guru

    Posts:
    456
    Likes Received:
    68
    State:
    Massachusetts
    I agree with scagnt83 here. If you have been in the industry for a long time, you should know the benefits package of these companies are almost line by line the same. His answer was also written for any newbie who may search this in the future. Since you are experienced, I will add that each company has discretion on what commission level they can start you at, you may be able to negotiate a better deal if you have solid numbers. If you are looking for something special with regards to benefits, then negotiate that with the hiring manager before you sign.
     
Loading...